Medlemmerne af Folketingets Europaudvalg og deres stedfortrædere Bilag Journalnummer Kontor 1 400.C.2-0 EUK   31. maj  2005 Til underretning for Folketingets Europaudvalg vedlægges Finansministeriets   redegørelse for rådsmøde (ECOFIN) den 13.-14. maj 2005 i Luxembourg.   

2 30. maj 12 CHM Referat  af   det  uformelle  rådsmøde  (ECOFIN)  den  13.-14.  maj 2005 i Luxembourg    De overordnede økonomisk-politiske retningslinjer og den økonomiske situ- ation Ministrene  havde  en  orienterende  debat  om  de  overordnede  økonomisk-politiske retningslinjer 2005-2008, herunder en drøftelse af det videre arbejde med pakken. ECOFIN ventes på mødet den 7. juni at vedtage sit udkast til de overordnede øko- nomisk-politiske retningslinjer. Herefter kan Rådet sende et endeligt samlet udkast til Det Europæiske Råd, som skal endossere de endelige retningslinjer.   Der var desuden en drøftelse af den internationale økonomiske situation, herunder oliepris- og valutakursudviklingen.   Finansiel stabilitet Man drøftede udsigterne  for den  finansielle stabilitet, herunder det fremadrettede samarbejde herom.   Gennem længere tid har situationen på de finansielle markeder været positiv med bl.a. stabile eller let stigende aktiekurser og lave nominelle renter. Situationen i de fleste finansielle virksomheder er robust. Den europæiske finansielle stabilitet vur- deres således fortsat at være god med forholdsvis få aktuelle risikofaktorer.   Efter mødet underskrev  ministre og centralbankchefer desuden et ’Memorandum of Understanding’ vedrørende samarbejde mellem de berørte institutioner i tilfælde af finansielle kriser i EU (se vedlagte pressemeddelelse).   Finansiering af ulandsbistand   Med udgangspunkt i et papir udarbejdet af den Økonomiske og Finansielle Komité (EFC) drøftede man eventuelle elementer i en fælles EU-position for finansiering af ulandsbistand  til  det  forestående  FN-topmøde  i  september,  hvor  stats-  og  rege- ringschefer  skal  gøre  status  over  opfyldelsen  af  2015-målene.  Formandskabet  har lagt  op  til,  at  man  på  et  kommende  rådsmøde  skal  vedtage  en  samlet  ”brutto- pakke”  af  forskellige  initiativer,  men  hvor  alle  lande  ikke  behøver  deltage aktivt  i alle elementer. Elementerne i pakken er et 2010-mål for ulandsbistanden, IFF, øre- mærket skat, gældslettelse, bistandseffektivitet og handel.    Der var blandt ministrene bred opbakning til et nyt midtvejsmål for EU’s bistands- niveau i 2010 og højere bistandseffektivitet. Mange lande var skeptiske overfor op- rettelsen af en generel international finansieringsfacilitet (IFF) og stillede en række tekniske  spørgsmål  om  faciliteten.  Nogle  lande  forholdt  sig  dog  positive  til  IFF- pilotprojektet  for  vaccine  (IFFIm).  Der  var  blandt  medlemslandene  også  overve-

3 jende skepsis mod forslaget vedr. skat på flybrændstof og -billetter, men Kommis- sionen  vil  analysere  de  administrative  og  tekniske  aspekter  af  eventuelle  frivillige bidrag, som kan lægges oven på prisen på flybilletter.   Spørgsmålene vil blive drøftet på de kommende ECOFIN-møder.    De finansielle perspektiver 2007-2013   Drøftelsen af  de finansielle perspektiver for perioden 2007-2013 foku- serede  primært  på  indtægtssiden,  herunder  ændringer  af   rabatordnin- gen for bl.a. UK.  

4 Press release by the Informal Ecofin 14 May 2005 Memorandum of Understanding on co-operation between the Banking Supervisors, Central Banks and Finance Ministries of the European Union in Financial Crisis situations 1. The banking supervisory authorities, the central banks and the Finance Minis- tries  of  the  European  Union  (EU)  have  agreed  on  a  Memorandum  of  Under- standing on co-operation in financial crisis situations (hereinafter referred to as the “MoU”). The full list of the authorities which have endorsed this MoU is i  n- cluded in the Annex to this press release. The MoU shall enter into effect on 1 July 2005. The MoU agreement will not be a public document. 2. The  increasing  integration  of  markets  and  market  infrastructures  in  the  EU’s single financial market promotes financial stability since a larger and more di- versified  financial  system  will  be  better  able  to  absorb  potential  financial shocks, and possibly to prevent them through wider risk management resources. At  the  same  time,  financial  market  integration  and  the  growing  number  of cross-border financial institutions, may also increase the scope for cross-border contagion and thus the potential magnitude of a systemic crisis affecting more than  one  Member  State.  In  this  context,  it  is  important  to  further  enhance  the practical arrangements concerning co-operation in cross-border crisis situations at the EU level among the authorities potentially involved in preserving finan- cial stability. Against this background, the MoU – -block for such practical arrangements – h cross-border and systemic impact affecting individual credit institutions, bank- ing groups or banking components of financial groups, as well as to other pos- sible systemic disturbances with cross-border implications in the financial mar- kets, including those affecting payment systems or other financial market infra- structures. 3. Building  on  the  existing  EU  and  national  legislation  and  arrangements,  the MoU  aims  at  supporting  and  promoting  co-operation  in  crisis  situations  be- tween banking supervisors, central banks and finance ministries. The MoU con- sists of a set of principles and procedures for sharing information, views and as- sessments,  in  order  to  facilitate  the  pursuance  by  these  authorities  of  their  re- spective policy functions and preserve the overall stability of the financial sys- tem of individual Member States and of the EU as a whole. In particular, these authorities should be in a position, if needed, to engage in informed discussions amongst themselves at the cross-border level – ng networks and committees – ffecting the financial system of more than one Member State or the EU as a whole. In cases where EU-wide multilateral  co-operation  among  authorities  might  be  needed,  the  existing  EU committees may, within the scope of their role and tasks, be utilised for facili- tating  the  process  of  exchange  of  information,  views  and  assessments,  along with the central role of the consolidating supervisor, especially for the dissemi- nation of information among interested parties.

5 4. The principles and procedures contained in the MoU deal specifically with the sharing of information, views and assessments among the authorities potentially involved in a crisis situation, the appropriate procedures for such sharing of in- formation  and  the  conditions  for  cooperation  and  information flow    at  the  na- tional  and  cross-border  level.  In  order  to  further  support  the  enhanced  cross- border  co-operation  between  authorities,  the  MoU  also  includes  arrangements for the development, at the national and EU level, of contingency plans for the management of crisis situations, along with stress-testing and simulation exer- cises. 5. The Memorandum of understanding should not be construed as representing an exception to (i) the principle of the firm’s owners’/shareholders’ primary fina n- cial  responsibility, (ii) the need  for creditor vigilance, and (iii) the primacy of market-led solutions to solve a crisis situation in individual institutions. 6. An MoU is a non-legally binding instrument for setting forth practical arrange- ments aimed at promoting co-operation between authorities in crisis or potential crisis situations without overriding their respective institutional responsibilities or restricting their capacity for independent and timely decision-making in their respective fields of competence, notably with  regard to  the conduct of day-to- day central banking and supervisory tasks, as set out in national and Commu- nity legislation. 7. Crisis situations may in practice involve a wider range of authorities and respec- tive  functions,  including  other  financial  supervisory  authorities,  deposit  insur- ance  schemes  and  competition  policy  authorities,  and  the  MoU  is  without prejudice  to further  co-operation  arrangements  involving  a  wider  range  of  au- thorities.  Although  certain  crises  may  require  international  co-operation  with authorities whose jurisdiction lies outside the EU, the MoU does not deal with such co-operation at present. 8.    The MoU complements and is without prejudice to other co-operation ar- rangements  especially  between  banking  supervisors  and  central  banks,  in  par- ticular  the  Memorandum  of  Understanding  on  high-level  principles  of  co- operation between the EU banking supervisors and central banks in crisis man- agement  situations  (www.ecb.int/press/pr/date/2003/html/pr030310_3.en.html) adopted in 2003. The main difference between the 2003 MoU and the new MoU relates to its scope. While the former deals with co-operation between EU bank- ing supervisors and central banks only, the latter addresses co-operation involv- ing  the  EU  Finance  Ministries  as  well.  Both  MoUs  are  applicable  to  cross- border systemic crises but the 2003 MoU also deals with stages of detection and activation of specifically supervisory and central banking tools in financial cri- ses.