eunbil · GU0N2736 · 2007-07-06 00:00:00 — Portuguese Presidency of Union for the Economic and The Portuguese Presidency of the will pursue the three key objectives that were defined together with the German Presidency and the future Slovenian Presidency: To ensure the efficient and effective management of economic policy To improve the quality of public finances in the EU To take further steps towards completing the Internal European Market, in particular with respect to financial services and taxation In order to achieve the referred strategic objectives, the Portuguese Presidency has defined the following main priorities for the second half of 2007: Economic Policy oriented towards Growth and Stability Quality of : The quality of public finances is essential to guarantee the sustainability of economic and social policies and sustainable economic growth. In this context, the enhancement of the fiscal framework in the Member States and the efficiency and effectiveness of expenditures and revenues are the most relevant issues. The Portuguese Presidency will focus primarily on the quality of public finance in its institutional dimension, giving priority to the role that modern and efficient public administrations play in improving the business environment and, hence, their contribution to enhancing competitiveness, economic growth and the citizens welfare. Strategy: The current favourable economic climate should contribute to accelerate the implementation of structural reforms in line with the Strategy. In this area, the Portuguese Presidency will devote particular attention to the multilateral surveillance process to be conducted by the EPC, embodied in the evaluation of National Reform Programmes. To this end, we will identify progress in the reorientation of policies with the aim to increase productivity and growth. At the same time the debate on the new three-year cycle of the Strategy will be launched in close cooperation with the Slovenian Presidency. Stability and Growth Pact and the enlargement of the Euro area: The Presidency will also promote the strict application of the Stability and Growth Pact, as well as the necessary procedures to the enlargement of the Euro area, according to the criteria set out in the Treaty. In line with this these guidelines, the will approve the legislative acts that will enable and to adopt the euro beginning on January 1, 2008. Better Regulation to improve competitiveness A legislative and regulatory environment which enhances economic activity through improvements in productivity, competitiveness, competition and innovation is a key vector in achieving the goals of the Strategy. The reduction of the administrative burden for companies, especially for SMEs, is perceived as particularly important, either through the simplification of rules, the modernization of current legislation and the screening of new legislative initiatives through the use of cost-benefit analysis. Following on the work of previous Presidencies, will also dedicate its best efforts to this important issue. Stepping forward towards completing the Internal Market The Portuguese Presidency will promote the definition of an EU strategy to fight against tax fraud, which jeopardizes competition at and national levels, deteriorates the quality of public finances and endangers the achievement of the Strategy goals. The Presidency attaches particular importance to the contribution of tax policies to tackle climate change and to achieve the EU targets on the reduction of greenhouse-gases emission. In this regard, car taxation will receive special attention. The Presidency will also pursue the work aiming to the adoption of the VAT package and on the application of reduced VAT rates. Financial Markets Integration: The Portuguese Presidency aims to accomplish significant progress in strategy for financial services, as integrated and efficient financial markets are essential to strengthen the EUs economic competitiveness. Therefore, the Presidency will work towards an agreement concerning the revision of the EU solvency regime in the insurance sector (Solvency II), and it will also promote the deepening of the financial stability framework and the efficiency of the regulatory and supervisory structures (Lamfalussy Process). Moreover, the Council will devote attention to the enhancement of market integration in securities transactions and retail financial services, and in the development of the venture capital industry. Furthermore, the Presidency will support the development of a regulatory dialogue with the main partners at the global level. Concerning the EU Budget the priority of the Portuguese Presidency will be to assure the agreement and subsequent approval of the 2008 Budget by Parliament. This will allow the financing of European policies and priorities, within the framework of the Inter-Institutional agreement on budgetary discipline and sound management. PROVISIONAL AGENDA ECONOMIC AND FINANCIAL AFFAIRS COUNCIL 10 2007 - Presidency Work Programme = Presentation - Implementation of the Stability and Growth Pact (restricted session) - (poss.) Adoption of the Euro = Adoption of legal acts - in EMU 2007 Improving the effectiveness of the preventive arm of the Stability and Growth Pact = Council Conclusions - Relations with Third Countries a) Follow up to the EU-US Summit = Debriefing by the Presidency and the Commission b) Dialogues with Other Third Countries: Economic, financial and regulatory aspects = Information by the Commission and exchange of views - : governance and financing = Council Conclusions - (poss.) System (): Financing aspects = Exchange of views Monday 9 2007 17h00: Eurogroup Tuesday 10 2007 09h30: Breakfast on Economic Situation PROVISIONAL AGENDA ECONOMIC AND FINANCIAL AFFAIRS (BUDGET) COUNCIL 13 2007 - Preparation of the conciliation meeting with Parliament - by budget of Union for 2008 Comment: This is the customary "first reading" by the Council, preceded by a conciliation meeting with the EP. PROVISIONAL AGENDA ECONOMIC AND FINANCIAL AFFAIRS COUNCIL 9 OCTOBER 2007 - (poss.) Implementation of the Stability and Growth Pact (restricted session) - Better Regulation: Improving competitiveness = Council conclusions - Flexicurity: Economic Aspects = Exchange of Views a) Clearing and Settlement = Council conclusions b) EU arrangements for financial stability = Council conclusions - Eurogroup (8 October 2007) - Macroeconomic Dialogue (8 October 2007 or ) PROVISIONAL AGENDA ECONOMIC AND FINANCIAL AFFAIRS COUNCIL 13 NOVEMBER 2007 - (poss.) Implementation of the Stability and Growth Pact (restricted session) - Strategy: The new three year cycle = Exchange of views - European Growth Initiative: = Council conclusions - Quality of = Council conclusions - Globalisation: capital and labour flows - Report by the Commission on migration = Exchange of views - = Council conclusions a) Statistical Governance = Political agreement b) 2007 Status Report = Council conclusions c) Reduction of the statistical burden = Council conclusions d) Proposal by , Financial and Balance of Payments Statistics on public communication of major statistical revisions = Council conclusions a) Reduced VAT rates = Political agreement/Council conclusions b) VAT Package = Adoption c) Excise Duties: car taxation = Political agreement/Adoption - Presentation of the Annual Report Concerning the Financial Year 2006 by the Court of Auditors - Eurogroup () - Ministerial Meeting with the EFTA Countries (13 Novembro 2007) - Macro-Economic Dialogue (8 October 2007 or ) - Meeting of the with Representatives of Parliament () PROVISIONAL AGENDA ECONOMIC AND FINANCIAL AFFAIRS (BUDGET) COUNCIL 23 NOVEMBER 2007 - Preparation of the conciliation meeting with Parliament - Letter of amendment to the preliminary draft budget for 2008 - Draft EU Budget for 2008 as amended and accompanied by proposals for modifications by Parliament: second reading Comment: This is the customary "second reading" by the Council, preceded by a conciliation meeting with the EP. PROVISIONAL AGENDA ECONOMIC AND FINANCIAL AFFAIRS COUNCIL 4 DECEMBER 2007 - (poss.) Implementation of the Stability and Growth Pact (restricted session) - The multilateral surveillance = Council Conclusions a) Directive on the solvency of insurance companies (Solvency II) = General approach b) Lamfalussy review = Council Conclusions c) Risk Capital = Council Conclusions a) Fight against tax fraud = Council Conclusions b) Code of Conduct = Report to the Council - Eurogroup ()