Agenda Eurogroep en Ecofin (en)
EUROGROUP
Eurogroup ministers will meet at 10:30 hrs on Friday 9 September. Joaquín Almunia i, Commissioner responsible for Economic and Monetary Affairs, and European Central Bank Governor Jean-Claude Trichet i will attend.
Eurogroup ministers will examine the economic situation and developments since their last meeting in July. They will particularly discuss the policy responses to the significant increase in oil prices since the beginning of the year which has been aggravated by hurricane Katrina.
Ministers will also discuss the key messages to be conveyed by the euro zone to the G7 meeting, which will take place in Washington on 23-24 September.
Finally, ministers will debate the Commission's opinion and recommendations of July 20 on the Portuguese public accounts. The Commission's opinion concluded that Portugal, in 2005, would have a deficit well in excess of the 3% limit set in the Maastricht Treaty and recommended a deadline of 2008 for its correction (see IP/05/974). The Informal Ecofin Council, the following day, is also set to debate the issue, but formal adoption of the recommendations is expected to take place at an upcoming Council.
As part of the discussions on the application of the Stability and Growth Pact rules to Portugal and given the recent notification by all Member States of their debt and deficit figures (so-called `September notification'), Commissioner Almunia will give an overview of the current budgetary situations.
A press conference is expected to take place at the end of the Eurogroup meeting.
ECOFIN COUNCIL
The European Union's Council of Economics and Finance Ministers will start at 15.00 hrs (end scheduled around 18:30 hrs) on Friday 9 Sept. and will continue the day after, Saturday 10 Sept. at 9:00 hrs. The European Commission will be represented by Economic and Monetary Affairs Commissioner Joaquín Almunia.
A press conference on the Informal Ecofin meeting is also expected to take place on Saturday 10 September at the end of the morning.
The challenges of globalisation (Friday 9 Sept)
The Informal Ecofin will kick start a discussion on how Europe can meet the challenges of globalisation and, by the same token, increase Europe's economic growth potential and reduce unemployment. Amid other contributions and interventions, ministers will hear from the experience of European business leaders as well as André Sapir from the Université Libre de Bruxelles and the Bruegel think-tank.
Development financing (Friday)
Ministers are expected to finalise an EU position on development financing ahead of the United Nations Millennium Review Summit in New York, on 14 September.
Since the last Ecofin Council, and has requested by ministers, the Commission has put forward a working paper to try and help Member States decide between two possible options for an airline ticket contribution as an innovative source of development financing (see IP/05/1082 of 1 September).
On 2 August, Eurostat also took a decision on the national accounts classification of the International Finance Facility for Immunisation (IFFIm), an instrument destined to finance a global vaccination programme for developing countries. Eurostat classified IFFIm and the related Global Alliance for Vaccination and Vaccine Fund as a single institutional unit outside the national accounts of individual Member States, which means that there will be no increase in national budgets (see STAT/05/98).
Implementation of the Stability and Growth Pact (Saturday 10 Sept.).
- Application of the ongoing excessive deficit procedures
The Council is expected to discuss the Commission's July recommendations under Articles 104.6 and 104.7 of the Treaty which conclude that an excessive deficit exists in Portugal and the deadline for its correction (see above and IP/05/974).
Economic situation and financial stability (Sat)
The informal Council will also discuss the current economic situation and developments particularly in light of the continuing high oil prices. As is also customary, and in the presence of central bank governors, they will discuss the stability of the financial system.
Economic regeneration of the West Bank and the Gaza Strip
Ministers will hear about the EU support, including financial aid, to the Middle East Peace Process and options for increasing that contribution and helping build a vibrant Palestinian economy after the Israeli withdrawal from the Gaza Strip. Commissioner Almunia and European Investment Bank President Philippe Maystadt will present options for an increased EU involvement to support economic regeneration in the West Bank and Gaza. The Commission is already the biggest donor with financial support to the Palestinians running at around €250 million.
Counter-terrorism financing
Following up from its discussion at the Ecofin in July, ministers will also take stock of measures and progress to counter the financing of terrorism, including global technical assistance to the effect and asset freezing.
(MEMO/05/272) lists the various legislatives and political activities of the European Commission and the European Union more generally in the fight against terrorism, including on the financing of terrorism activities.