Belangrijkste resultaten ECOFIN overleg (en)

Main results of the Council

The Council agreed a general approach on a draft regulation aimed at increasing transparency and reducing risk in the over-the-counter derivatives market.

The draft regulation calls for reporting of all derivative contracts to trade repositories (i.e. central data centres) and the clearing of standardised OTC derivative contracts through central counterparties (CCPs), in order to reduce counterparty risk. This is aimed at preventing the default of one market participant causing the collapse of other market players, thereby putting the financial system at risk.

The Council also approved the text recently voted by the European Parliament on a package of six legislative measures designed to strengthen economic governance in the EU.

It adopted a recommendation on the nomination of J org Asmussen to the executive board of the European Central Bank, to succeed Jiirgen Stark.

In preparation for a meeting ofG-20 finance ministers and central bank governors on 13-16 October, the Council approved the EU's position. It also adopted conclusions on climate finance, ahead of the UN conference in Durban, South Africa, at the end of November.