Conclusies van de Raad Economische en Financiële Zaken (en)

Following the agreement reached between the Council and the European Parliament on the legislative package to reinforce economic governance in the EU, the Council REAFFIRMS its readiness to fully and swiftly implement the new framework, including the new procedure for the surveillance and correction of macroeconomic imbalances and its enforcement mechanism under the Excessive Imbalances Procedure (EIP). The Council therefore CALLS UPON the Commission to implement the new legislation as soon as it enters into force.2. The scoreboard, combined with appropriate economic judgement, will form the basis for the Commission's first Alert Mechanism Report. The Council CALLS UPON the Commission to publish the Alert Mechanism Report in time for the start of the next European Semester. Furthermore, the Council EMPHASISES the importance of aligning and integrating the new procedure for the surveillance of macroeconomic imbalances with the forthcoming European Semester.3. Against this background, the Council ENDORSES the suggestion made by the Commission on the design of the initial scoreboard, covering the following indicators for the identification and monitoring of external and internal macroeconomic imbalances: current account balance, net international investment position, export market shares, nominal unit labour costs, real effective exchange rates, the evolution of unemployment, private sector debt, private sector credit flow, house prices, and the general government sector debt. The choice of indicators focuses on the most relevant dimensions of macroeconomic imbalances and competitiveness developments, with a particular focus on the smooth functioning of the euro area.4. The Council TAKES NOTE of the declaration of the Commission regarding the data sources and statistical transformations it intends to use, and its declaration that unlike current account deficits, large and sustained current account surpluses do not raise concerns about the sustainability of external debt or financing capacity that affect the smooth functioning of the euro area, which are key criteria for triggering the corrective arm of the EIP, and that they will not lead to sanctions. The Council INVITES the Commission to take account of the latest data available and to be fully transparent on which data is used.PROVISIONAL VERSION8.XI.20115. Whereas the sustainability of public finances is assessed under the Stability and Growth Pact, the Council WELCOMES the Commission's intention under the Excessive Imbalances Procedure to consider general government sector debt solely to assess its specific contribution to problematic macroeconomic imbalances.6. The Council WELCOMES the intention of the Commission to read the unemployment indicator in conjunction with other more forward-looking scoreboard indicators and be used to better understand the potential severity of macroeconomic imbalances in terms of their likely persistence and the capacity of the economy to adjust.7. In addition to the indicators reflected in the Commission proposal, the Council UNDERLINES the need for additional indicators that the Commission should take into account when undertaking its economic reading of the scoreboard, including indicators looking at developments of the different components of productivity as well as financial sector indicators. The Commission should in particular take account of the net external debt as well as the share and composition of foreign direct investment and developments of the capital account in Member States as important additional information in the economic reading of the scoreboard and should ensure that structural features of catching-up economies and the EU transfers are appropriately taken into account.8. Any assessment drawn on the basis of the scoreboard should consider all relevant factors, including country-specific circumstances. In this respect, the Council RECALLS that the crossing of one or more indicative thresholds need not necessarily lead to further steps in the Excessive Imbalances Procedure. Economic judgement should always be provided alongside the publication of the scoreboard and should ensure that all pieces of information, whether from the scoreboard or not, are put in perspective and become part of a comprehensive analysis.9. The Council INVITES the Commission to assess the appropriateness of the scoreboard on a regular basis and report back on this assessment to the Council. The Council moreover CALLS ON the Commission to update the indicators and thresholds when necessary so as to take due account of enhanced availability of relevant statistics, the evolving nature of the challenges to macroeconomic stability and also developments in the economic literature. The Commission should closely cooperate with the Council and its relevant committees when adjusting the scoreboard. The Commission is also requested to present, before the end of 2012 and in line with the Regulation, suggestions on an indicator related to the financial sector, with a view to its inclusion for the 2013 European Semester.PROVISIONAL VERSION8.XI.201110. The Council UNDERLINES the importance for the credibility of the Excessive Imbalances Procedure of having timely statistics of the highest quality for inclusion in the scoreboard and INVITES the Commission (Eurostat) to take all necessary initiatives to assure a reliable procedure for the compilation of these statistics as well as a continuous improvement of the underlying statistical information. The Council INVITES the European Statistical System and the European System of Central Banks to work together on improving the underlying statistics and to ensure their comparability.11. The Council UNDERLINES the important communication role of the scoreboard, as the choice of indicators sends a clear awareness-raising message to policy makers and stakeholders on the types of macroeconomic developments which could potentially be a source of concern and where there is thus a need for enhanced surveillance."PROVISIONAL VERSION8.XI.2011CLIMATE CHANGEThe Council adopted the following conclusions: "The Council1. REAFFIRMS the collective commitment by developed countries in the Copenhagen Accord and under the Cancün Agreements to provide new and additional resources, approaching USD 30 billion for the period 2010 - 2012. STRESSES the importance of fast-start finance for the swift implementation of the Cancün Agreements.2. RECALLS the Council conclusions of 4 October 2011 on climate finance; RECALLS the Council conclusions of 17 May 2011 on climate change, confirming the latest figures on fast-start finance (FSF) provided for climate mitigation and adaptation measures in developing countries, and assessing the prospects for scaled-up financing after 2012.3. In this context, EMPHASISES that despite significant domestic financial challenges and fiscal constraints the EU and its Member States have advanced in the implementation of their FSF during 2011 in line with our commitment in the Copenhagen Accord and under the Cancün Agreements to tackle climate change in developing countries. STRESSES the importance of the EU and its Member States delivering on the fast start commitments in 2012 according with the overall pledge.4. ENDORSES the final report on finance provided by the EU and its Member States in 2011 for "fast-start" measures to be presented at the UNFCCC Conference of the Parties (COP 17) from 28 November to 9 December 2011 in Durban and the indicative list of individual actions funded. CONFIRMS that to date a total of €4.68 billion has been mobilized by the EU to meet its FSF commitment, with 39% of the total to fund mitigation action, 31% to support adaptation efforts and 12% to support action to reduce deforestation and forest degradation in developing countries. NOTES that, due to the multipurpose nature of activities supported, 18% of the funding can not be strictly categorized.5. REQUESTS the Commission to update data in the Durban FSF report as appropriate in order to reflect any further information received before the Durban UNFCCC session.6. EMPHASISES that the lessons learned during the FSF period, notably in areas of effective implementation, partner inclusion and more transparent Monitoring, Reporting and Verification, should be exploited in full when considering future architecture for climate financing. UNDERLINES that the transparency of finance streams constitutes an essential element for information exchange on international climate finance.12 ENPROVISIONAL VERSION8.XI.20117. UNDERLINES the necessity to work in a constructive manner towards the identification of a path for scaling up climate finance from 2013 to 2020 in the context of progress made in international negotiations, meaningful mitigation actions and transparency on implementation with a view to reducing global greenhouse gas emissions so as to keep the increase in global average temperature below 2 °C compared to preindustrial levels.8. RECOGNISES the need for the EU, together with other developed countries, to continue efforts in climate financing after 2012 in view of preparing to mobilise its fair share of the USD 100 billion per year by 2020, complementing developing countries' own efforts to implement their Cancun pledges as well as their low emission development strategies and national adaptation plans taking into account the respective capabilities of developing countries.9. WELCOMES the Final Report prepared by international organizations for the G20 Finance Ministers on mobilizing climate financing as a good basis for discussion. AGREES with the conclusion that both public and private flows are indispensable elements of climate finance and CONSIDERS that the large financial flows required to address climate change will, in the long run, be largely private in composition. RECOGNISES also that public policy and finance should play a crucial role both to address needs that private flows can only partly meet, like adaptation financing in LDCs, and to catalyze high levels of private investments for mitigation and adaptation activities. In this regard, RECOGNIZES the important role that Multilateral Development Banks and carbon market instruments can play in leveraging greater private finance for climate change. INVITES Parties to FMO /ICAO to consider within FMO and ICAO the work undertaken by the FMF and the World Bank on market-based instruments in aviation and maritime international transportation. Carbon pricing is a potential source of revenues that would also generate the price signal necessary to efficiently achieve emissions reduction from these sectors. CALLS on the COP Presidency to seek agreement on a process for considering these conclusions in an open and transparent manner to secure progress in the international negotiations.10. RECOGNISES the useful work done by the Transitional Committee for the design of the Green Climate Fund (GCF). WELCOMES the support of TC members."PROVISIONAL VERSION 8 X12011MEETINGS IN THE MARGINS OF THE COUNCILThe following meetings were held in the margins of the Council:- Euro GroupMinisters of the euro area member states attended a meeting of the Euro Group on 7 November.- Meeting with EFTA finance ministersMinisters met their counterparts from the European Free Trade Association: Iceland, Liechtenstein, Norway and Switzerland. Discussion focused on ensuring the stability of the financial sector.- Ministerial breakfast meetingMinisters held a breakfast meeting to discuss the economic situation and recent developments.14 ENPROVISIONAL VERSION8.XI.2011OTHER ITEMS APPROVEDECONOMIC AND FINANCIAL AFFAIRS Economic governanceThe Council adopted a package of six legislative proposals aimed at strengthening economic governance in the EU - and more specifically in the euro area - as part of the EU's response to the current difficulties on sovereign debt markets (PE-CONS 28/11. 29/11. 30/11. 31/11. 14615/11, 14616/11, 15996/1/11 REV 1 ADD 1, 15998/11 ADD 1 + 16001/11 ADD 1 + REV 2).Adoption of the so-called "six-pack" of governance measures follows a political agreement at the Council's meeting on 4 October on the basis of a compromise reached with the European Parliament. The texts were approved by the Parliament on 28 September.The measures set out to ensure the degree of coordination necessary to avoid the accumulation of excessive imbalances and to ensure sustainable public finances. This will help enable the EU's monetary union to function properly in the long term.More specifically, the measures set out to:• enhance budgetary discipline under the EU's Stability and Growth Pact, in order to ensure a satisfactory decline of public debt in the member states, as well as a decrease of high deficits to be followed by achieving ambitious, country-specific medium-term budgetary objectives (four proposals). This involves enhancing the surveillance of budgetary policies, introducing provisions on national fiscal frameworks, and applying enforcement for non-compliant euro area member states more consistently and at an earlier stage;• broaden the surveillance of the member states' economic policies, so as to cater adequately for macroeconomic imbalances (two proposals). An alert mechanism is introduced for the early detection of imbalances, to be assessed using a "scoreboard" of economic indicators. An "excessive imbalance procedure" is also introduced, with enforcement for non-compliant member states.For details, see press release 16446/11.15 ENPROVISIONAL VERSION8.XI.2011Financial conglomeratesThe Council adopted a directive amending the financial conglomerate directive in order to close loopholes and ensure appropriate supplementary supervision of entities in a financial conglomerate (PE-CONS 39/11 + 15670/11 ADD 1).The new directive also adapts the supervision of financial conglomerates to the EU's new supervisory structure.For details, see press release 16447/11. Export creditsThe Council adopted a regulation approving the revised text of the OECD arrangement on officially supported export credits in order to ensure its application in EU law (PE-CONS 46/11).Export credit constitutes an important element in the promotion of international trade. The EU, as a party to the OECD arrangement, plays a major part in OECD efforts to ensure a level playing-field at international level by regulating the financial terms and conditions that export credit agencies may offer.The regulation replaces decision 2001/76/EC. It provides for the Commission to adopt delegated acts to incorporate future changes to the OECD guidelines into EU law.The regulation also requires member states to send to the Commission annual activity reports in order to increase transparency at the EU level.PROVISIONAL VERSION8.XI.2011European Bank for Reconstruction and DevelopmentThe Council adopted a decision allowing the EU to subscribe for additional callable shares in the European Bank for Reconstruction and Development (EBRD), following the bank's decision to raise its capital (PE-CONS 49/11).In May 2010, the EBRD board of governors decided to increase the bank's authorised capital stock by 50% from EUR 20 billion to EUR 30 billion in response to the financial crisis and in order to support recovery in the regions where the bank is active. The capital increase comprises EUR 1 billion in paid-in capital and EUR 9 billion of new callable capital.The Council decision provides for the EU to subscribe for 27 013 additional callable shares of EUR 10 000 each.Greece: fiscal consolidation measuresThe Council adopted a decision adjusting fiscal consolidation measures required of Greece whilst keeping unchanged the deadline set for bringing its government deficit below the EU's 3% of GDP reference value.The text amends a decision adopted on 12 July, in the light of an expected slippage in relation to the target set for Greece's 2011 budget under the EU's excessive deficit procedure. In October, the Greek government announced measures to minimise the slippage and presented a draft budget for 2012 aimed at sticking to the ceiling set for 2012.The Council's July decision recasts a series of decisions taken since May 2010 giving notice to Greece to bring its deficit below the 3% of GDP reference value by 2014 at the latest. It sets out an annual adjustment path for achieving this and the annual change that will be required in consolidated gross debt, as well as a detailed timetable for taking specific measures. Greece must report on a quarterly basis on measures taken.17 ENPROVISIONAL VERSION8.XI.2011EUROPEAN ECONOMIC AREAParticipation of Bulgaria and Romania in the European Economic AreaThe Council adopted a decision on the conclusion of an agreement on the participation of Bulgaria and Romania in the European Economic Area and four related agreements (14456/11).The agreements were signed and provisionally applied in accordance with Council decision 2007/566/EC of 23 July 2007 (Official Journal L 221 . 25/08/2007).TRADE POLICYEU- Norway agreement - Agricultural productsThe Council adopted a decision on the conclusion of an agreement between the EU and Norway concerning additional trade preferences in agricultural products (14206/10).The decision is based on article 19 of the agreement on the European Economic Area (EEA), which foresees that the contracting parties continue their efforts with a view to achieving progressive liberalisation of agricultural trade between them.Anti-dumping - Fatty alcohols - India, Indonesia and MalaysiaThe Council adopted a regulation imposing a definitive anti-dumping duty and collecting definitively the provisional duty imposed on imports of certain fatty alcohols and their blends originating in India, Indonesia and Malaysia (15569/11).PROVISIONAL VERSION8.XI.2011DEVELOPMENT COOPERATION Contributions to the European development fundThe Council agreed the financial contributions to be paid by member states to finance the European Development Fund for the third instalment 2011.INTERNAL MARKETEngines - Flexibility scheme for environmental requirementsThe Council adopted a directive amending directive 97/68/EC as regards the provisions for engines placed on the market under the flexibility scheme in order to help engine manufacturers to adapt progressively to stricter environmental requirements and cope with the difficulties resulting from the current economic crisis. (45/11).The adoption of the directive, with the Danish delegation voting against (15993/11ADD1), follows an agreement with the European Parliament at first reading.It will modify the provisions of the flexibility scheme provided for in directive 97/68/EC:- by increasing the percentage of engines which can be placed on the market while complying with the previous stage emission limits, from 20% to 37.5% of the manufacturer's annual sales,- by extending such a flexibility also to engines used in locomotives, and- by providing for a limited exemption, also for replacement engines in railcars and locomotives.Directive 97/68/EC regulates the maximum exhaust emissions carbon oxide (CO), hydrocarbons (HC), nitrogen oxides (NOx) and particulates (PM) from diesel engines installed in non-road mobile machinery and contributes to the protection of human health and the environment.PROVISIONAL VERSION8.XI.2011Directive 97/68/EC also provided that emission limits applicable to type approval of the majority of diesel engines under Stage III A were to be replaced by the more stringent limits under Stage III B. Those limits apply from 1 January 2010 as regards the type approval for those engines, and from 1 January 2011 with regard to their placing on the market.The flexibility scheme allows equipment manufacturers to purchase, during the emissions stage in force, a limited number of engines that do not comply with the emission limits applicable during that stage, but which are approved in accordance with the requirements of the stage immediately preceding the applicable one.Narrow-track tractors - Emission stages for environmental requirementsThe Council adopted a directive amending directive 2000/25/EC as regards the application of emission stages for narrow-track tractors in order to help engine manufacturers adapt to stricter environmental requirements (53/11).The adoption of the directive, with the Danish delegation voting against (15992/11ADD1), follows an agreement with the European Parliament at first reading.Directive 2000/25/EC is amended in order to grant a transitional period of three years, during which narrow-track tractors may still be type-approved and placed on the market before complying with emission requirements of Stages III B and IV.Directive 2000/25/EC regulates exhaust emissions of gaseous and particulate pollutants from engines installed in agricultural and forestry tractors with a view to contributing to the protection of human health and the environment. It provided that the emission limits applicable in 2010 for type approval of the majority of diesel engines (known as Stage III A), were to be replaced by the more stringent limits (Stage III B) progressively. Stage IV, providing for emission limits more stringent than Stage III B, will enter into force progressively as from 1 January 2013 as regards the type-approval for those engines and from 1 January 2014 with regard to the placing on the market.The Commission will report annually on progress in the development of technical solutions for Stage IV-compliant technology.Tractors of categories T2, T4.1 and C2 (narrow-tract tractors) are specially designed to meet the specific terrain and layout characteristics of vineyards and orchards in Europe and are almost solely produced and used in Europe.20 ENPROVISIONAL VERSION8.XI.2011ENVIRONMENTScrutiny of Commission legislative acts related to environmentThe Council decided not to oppose the adoption of the following fifth Commission's legislative acts:- amending directive 98/8/EC concerning the placing of biocidal products on the market¹ :• decision to include copper (II) oxide, copper (II) hydroxide and basic copper carbonate as active substances in Annex I thereto (15115/11);• decision concerning the non-inclusion of certain substances in Annex I, IA or IB• decision concerning the non-inclusion of flufenoxuron for product type 18 in Annex I, IA or IB (15117/11);• directive to include bendiocarb as an active substance in Annex I (15118/11):- and amending Annex I to regulation 689/2008 ² concerning the export and import ofdangerous chemicals (15161/11).The Commission acts are subject to what is known as the regulatory procedure with scrutiny. This means that now that the Council has given its consent, the Commission may adopt them, unless the European Parliament objects.(15116/11);lOJL 123. 24.4.1998 OJL204. 31.7.2008PROVISIONAL VERSION8.XI.2011Ministerial conference on sustainable urban developmentThe Council adopted the EU and Member States position on the declaration of the first ministerial conference of the Union for the Mediterranean¹ on sustainable urban development which will take place in Strasbourg, from 9 to 10 November 2011.This conference is the follow-up to the Mediterranean strategy for sustainable development adopted in November 2005 and to the outcome of the ministerial meeting of the Union for the Mediterranean on sustainable development projects, held in Paris on 25 June 2009.The Union for the Mediterranean (UpM), created at the Paris Summit of Euro-Mediterranean Heads of State and Government on 13 July 2008, is the framework of multilateral relations between the EU and the Mediterranean non-EU countries (such as Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, the occupied Palestinian Territories, Syria, Tunisia and Turkey, as well as the other Mediterranean coastal states (Albania, Croatia, Bosnia-Herzegovina, Montenegro and Monaco) and Mauritania.PROVISIONAL VERSION8.XI.2011EMPLOYMENTGlobalisation adjustment fund - Austria and GreeceThe Council adopted two decisions mobilising a total amount of EUR 6.56 million under the European Globalisation Adjustment Fund (EGF), providing support for workers made redundant in Austria and Greece. An amount of EUR 3.64 million will be allocated to workers in the Austrian road transport sector dismissed following a decline in production and subsequently, in the demand for transport of goods, as a consequence of the global financial and economic crisis. An amount of EUR 2.92 million is mobilised for dismissed workers in the Greek retail sector that has been severely affected by decrease in private consumption in the context of the crisis.TRANSPORTAir services agreement with Cape Verde *The Council authorised the conclusion of an air services agreement between the EU and the Republic of Cape Verde, following the consent given by the European Parliament (decision on conclusion: 9114/11; statement: 15748/11: text of agreement: OJL 96 of 9.4.2011. p. 2).The agreement, which was signed in March 2011, supersedes and complements the existing bilateral agreements between individual member states and Cape Verde, bringing their provisions in line with EU law, in particular as regards non-discriminatory access of all EU air carriers to routes between the EU and Cape Verde, aviation fuel taxation and competition rules.PROVISIONAL VERSION8.XI.2011AGRICULTUREInternational tropical timber agreementThe Council adopted a decision on the conclusion, on behalf of the EU, of the 2006 international tropical timber agreement (5812/11).The conference set up within UNCTAD (United Nations Conference on Trade and Development) concluded its work on the replacement of the 1994 international tropical timber agreement with the adoption of a new agreement on 27 January 2006. This agreement was opened for signing at the UN in New York.Although tropical timber agreements are generally trade agreements covered by Article 133 of the Treaty establishing the European Community, they are considered as unconventional commodity agreements covering both trade and the environment through sustainable management for the conservation of tropical tree species.The purpose of this decision is therefore to approve the international tropical timber agreement 2006 and authorise the EU to deposit the instrument of approval with the UN international treaties office.FISHERIESNegotiations with Norway - Access to the SkagerrakThe Council adopted a decision authorising the Commission to open negotiations on behalf of the EU for an agreement between the EU and Norway on reciprocal access to fishing in the Skagerrak.The 1966 neighbourhood agreement between Denmark, Norway and Sweden will expire after the 7 August 2012. Norway is prepared to enter into negotiations for a new agreement with a view to ensuring the continuation of the existing arrangements on reciprocal access to fishing in the Skagerrak, but within a modernised framework.24 ENPROVISIONAL VERSION8.XI.2011FOODSTUFFSNitrates, dioxins and other contaminantsThe Council decided not to oppose the adoption of the two following Commission regulations:• regulation amending regulation 1881/2006 as regards maximum levels for nitrates in foodstuffs (13560/11):• regulation amending regulation 1881/2006 as regards maximum levels for dioxins, dioxin-like PCBs and non dioxin-like PCBs in foodstuffs (13558/11).The Commission regulations are subject to the so called regulatory procedure with scrutiny. This means that now that the Council has given its consent, the Commission may adopt them, unless the European Parliament objects.Identification of foodstuffsThe Council adopted a codified version of the directive on indications or marks identifying the lot to which a foodstuff belongs (27/11).The new directive replaces the various acts incorporated into directive 89/396/EEC, while fully preserving their content.DECISION TAKEN BY WRITTEN PROCEDURE Staff regulations - Exception clauseThe Council approved on 4 November a request on the exception clause (article 10 annex XI to the staff regulations), set out in 16281/11 to implement the exception clause and present on that basis an appropriate 2011 remuneration adjustment proposal.