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Europaudvalget 2007-08 (2. samling)
2836 - Økofin Bilag 2
Offentligt

10. december 2007

6. kontor, MIJ

Referat af rådsmødet (ECOFIN) den 4. december 2007

Dagsordenspunkt:

Proceduren for uforholdsmæssigt store underskud

vedr. Polen

Rådet havde, på baggrund af en meddelelse fra Kommissionen, en drøftelse af

Polens finanspolitiske tiltag, som opfølgning på Rådets henstilling under artikel

104.7 fra februar 2007 om korrektion af det uforholdsmæssigt store underskud

senest i 2007. Rådet erklærede sig enig i Kommissionen vurdering af, at Polens

finanspolitiske konsolidering er i overensstemmelse med henstillingen, og at der

derfor på nuværende tidspunkt ikke er behov for yderligere skridt over for Polen.

Rådet notede imidlertid, at korrektionen af underskuddet fra 2008 og frem er be-

hæftet med væsentlige risici, hvorfor Polen opfordredes til at gennemføre yderli-

gere konsolideringsinitiativer med henblik på en holdbar nedbringelse af under-

skuddet.

Dagsordenspunkt:

Lissabon-strategien: Multilateral overvågning

Rådet drøftede det seneste års fremskridt med reformer under Lissabon-strategien

og vedtog rådskonklusioner herom (jf.

vedlagte bilag).

I konklusionerne konstateres

fremskridt med gennemførelsen af reformer, men også at det er nødvendigt at

styrke reformindsatsen, herunder i forhold til sikring af større konkurrence i ser-

vicesektoren og på energimarkederne samt i forhold til reformer på arbejdsmarke-

derne.

Dagsordenspunkt:

De økonomiske konsekvenser af migration til EU

Rådet vedtog, på baggrund af drøftelsen på ECOFIN den 13. november 2007,

rådskonklusionser om de økonomiske konsekvenser af migration til EU (jf.

vedlagte

bilag).

I konklusionerne fremhæves det bl.a., at migration ikke kan erstatte behovet

for strukturelle reformer i medlemslandene. Migration kan på kortere sigt hjælpe

til at skabe mere balancerede konjunkturforløb, men kan generelt ikke forventes at

bidrage betydeligt til finansieringen af befolkningernes aldring. Virkningerne af

migration kan endvidere være forskellige mellem lande.

Dagsordenspunkt:

Solvens II

Rådet havde, på baggrund af en fremskridtsrapport, en orienterende drøftelse af

Kommissionens direktivforslag om udøvelse af forsikrings- og genforsikringsvirk-

somhed (Solvens II). Forslaget lægger bl.a. op til, at forsikringsselskabernes kapi-

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talkrav i højere grad skal afspejle den reelle risiko i selskabernes aktiviteter. Rådet

ventes at vende tilbage til sagen i løbet af 1. halvår 2008.

Dagsordenspunkt:

Lamfalussy-proceduren

Rådet havde en udveksling af synspunkter vedr. tiltag til styrkelse af Lamfalussy-

proceduren og Rådet vedtog konklusioner herom (jf.

vedlagte bilag).

I rådskonklusi-

onerne fremhæves det bl.a., at de overordnede erfaringer med Lamfalussy-

proceduren har været positive, men at der samtidig vurderes at være et behov for

forbedringer af dele af proceduren.

Rådet ventes at vende tilbage til sagen i løbet af foråret 2008.

Dagsordenspunkt:

Risikokapital

Rådet havde en drøftelse af markedet for risikokapital, bl.a. på baggrund af en

fremskridtsrapport, som identificerer de eksisterende barrierer for yderligere ud-

vikling af et europæisk marked for risiko-/venturekapital. Rådet vedtog rådskon-

klusioner herom (jf.

vedlagte bilag).

Dagsordenspunkt:

Momspakken

Rådet nåede til politisk enighed om de resterende dele af den samlede momspak-

ke. Det endelige kompromis indebærer, at momspakken træder i kraft pr. 1. januar

2010 – dog med undtagelse af virksomheders salg af fjernleverede tele-, elektroni-

ske og broadcastydelser til private (B2C), hvor reglerne om forbrugslandsbeskat-

ning træder i kraft pr. 1. januar 2015. For disse ydelser indføres endvidere en

overgangsordning til og med 2018, således at oprindelseslandet – efter indførslen

af forbrugslandsbeskatning – kan beholde en andel af det opkrævede momspro-

venu, svarende til 30 pct. af provenuet i 2015-2016 og 15 pct. af provenuet i 2017-

2018.

Momspakken ventes at blive vedtaget formelt i løbet af 1. halvår 2008.

Dagsordenspunkt:

Nedsat moms

Rådet havde, på baggrund af en meddelelse fra Kommissionen, en drøftelse af

rammerne for et fremtidigt regime for nedsatte momssatser i EU og Rådet vedtog

konklusioner herom (jf.

vedlagte bilag).

Rådet ventes at vende tilbage til drøftelsen af

det fremtidige nedsat momsregime i løbet af 2008.

Dagsordenspunkt:

Kommissionens forslag om forlængelse af ordnin-

ger om nedsat moms for nye medlemslande

Rådet nåede til enighed om Kommissionen direktivforslag om forlængelse af nog-

le af de nye medlemslandes overgangsordninger om nedsatte momssatser frem til

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31. december 2010. Forslaget ventes formelt vedtaget på et kommende rådsmøde.

Rådet erklærede samtidig, at ordningerne ikke forlænges yderligere.

Dagsordenspunkt:

Direktivforslag vedr. kapitaltilførselsafgifter

Rådet nåede til enighed om direktivforslaget til omarbejdning af direktivet vedr.

kapitaltilførselsafgifter. Forslaget forhindrer genindførelse af kapitaltilførselsafgif-

ten i de lande, som har afskaffet afgiften. De lande, som på nuværende tidspunkt

har en sådan afgift, kan fortsætte med at opkræve den, men hensigten er, at afgif-

ten afskaffes i alle lande.

Direktivforslaget ventes formelt vedtaget på et kommende rådsmøde.

Dagsordenspunkt:

Bekæmpelse af momssvig

Rådet tog Kommissionens opdaterede rapport om arbejdet med tiltag til bekæm-

pelse af svig inden for rammerne af det gældende momssystem til efterretning og

vedtog rådskonklusioner herom (jf.

vedlagte bilag).

Dagsordenspunkt:

Adfærdskodeks for erhvervsbeskatning

Rådet drøftede adfærdskodeksgruppen for erhvervsbeskatnings rapport om sit

arbejde i andet halvår 2007 og vedtog rådskonklusioner herom (jf.

vedlagte bilag).

rapporten konkluderes det bl.a., at EU-landene generelt overholder aftalen i ad-

færdskodeksen om ikke at indføre skatteordninger, der kan skade andre lande.

Diverse:

I marginen af mødet drøftede ministrene den økonomiske og finansielle situation i

EU, herunder virkningerne af de høje oliepriser. I den forbindelse bekræftede

ministrene deres fælles forpligtelse til ikke at gennemføre forvridende tiltag, der

hindrer den nødvendige tilpasning.

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Bilag:

Rådskonklusioner vedr. Lissabon-strategien – multilateral overvågning:

"The Council discussed implementation over the past year of Member States’

National Reform Programmes for the period 2005-2008 on the basis of a first

horizontal assessment by the Economic Policy Committee. The overall picture of

the first three years of the relaunched Lisbon Strategy is fairly positive. However,

many of the Lisbon targets can not be reached without further determined reform

efforts. Results of reforms are showing, although progress varies significantly be-

tween Member States and reform areas. The Council endorsed the report pre-

pared by the EPC.

It is now of key importance to maintain the momentum and step up reform ef-

forts in areas where progress in 2007 was limited, in particular fostering competi-

tion - especially in the services sector and energy markets -, increasing incentives

in benefit systems, and implementing flexicurity measures appropriate to national

circumstances.

Innovation and SMEs

The development of innovation policies is a key element in all Member States'

reform programmes. SMEs face specific difficulties with regard to innovation, and

many Member States have introduced tailored innovation policies for the specific

benefit of SMEs. Improving framework conditions, including the removal of ex-

isting barriers to competition; better regulation; and education and training sys-

tems is crucial to improve innovation performance, particularly in the services

sector. It is also necessary for some Member States to improve access to finance

for innovative SMEs. While a number of Member States are making progress to-

wards their national R&D targets, many countries still have some way to go be-

fore meeting them in particular as regards private R&D expenditure. Member

States should ensure the effectiveness and efficiency of R&D spending.

Better Regulation and Competition

Good progress is being made in many Member States on better regulation, espe-

cially in measuring and reducing unnecessary administrative burdens. Countries

that have not yet set a target in this area, are invited to do so. Concrete delivery

and additional initiatives are now needed on impact assessments and simplifica-

tion, also at the EU level. More should be done to strengthen the independence

of regulators and national competition authorities.

Barriers to competition in the services sector remain a cause for concern, in par-

ticular in the areas of professional services and retail trade. Good progress has

been made with regard to regulatory barriers to entrepreneurship, but further ef-

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forts are required to make it easier, quicker and less costly to set up a business and

hire the first employee.

While technological innovation and implementation of the EU Directives have

fostered the opening up of the telecommunications and postal services sectors,

thereby increasing competition in both areas, the European electricity and gas

markets remain marked by many barriers; they remain far from functioning well

or being integrated fully. Only a limited number of Member States have taken or

are taking the necessary steps to achieve a truly competitive, interconnected and

single Europe-wide internal market for electricity and gas. In line with the re-

quirements defined by 2003 Energy Directives and the calls of the March 2007

European Council, these necessary steps include more effective separation of

supply and production activities from network operations (unbundling) and

providing fair network access.

Labour Markets

European labour markets continued their good performance over the past year,

benefiting from wage moderation, reforms undertaken and favourable cyclical

conditions. The 60% employment rate target for women in 2010 is now within

reach.

Good progress has also been made towards the 50% employment target for older

workers. However, in order to respond to the challenge of ageing populations,

additional reforms are necessary to extend working lives and contain pension cost

increases. A sustained reform effort is needed to bring the overall employment

rate of the EU closer to the goal of 70%. Long term unemployment remains high,

which can lead to social exclusion.

Only limited progress has been has been achieved with respect to reform of em-

ployment protection legislation. More progress also needs to be made with regard

to benefit reform. Reforms should increasingly focus on measures to make work

pay, improving the incentives in the welfare schemes to continue working or take

up work and implementing flexicurity measures according to national circum-

stances. Tax-benefit reforms already undertaken by Member States should be con-

solidated. All initiatives should be well targeted and consistent with fiscal sustain-

ability. Also, more attention should be devoted to increasing labour utilisation

both by increasing employment and the average number of hours worked.

The Council invites the Commission to take account of these findings in its forth-

coming Strategic Report. It looks forward to the results of the second round of

multilateral surveillance led by the EPC in the context of the update of the Broad

Economic Policy Guidelines early next year. The Council stresses the importance

of continued structured reforms for the smooth functioning of EMU to maximise

the benefits of the single currency. It also takes note of the progress made with

the methodology to assess Lisbon related reforms."

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Rådskonklusioner vedr. de økonomiske konsekvenser af migration til EU:

"The Council emphasized the following points related to the economic and finan-

cial dimension of migration, as a contribution to the European Council discussion

on migration policies:

Migration has an important role to play to increase growth potential and facilitate

adjustment. Immigration, among other factors, has contributed to the strong em-

ployment growth in many EU Member States over the last decade and thereby

helped to enhancing potential output growth. In a number of countries, immigra-

tion has also contributed to dealing with bottlenecks in labour markets, helping to

contain inflationary pressures and improving competitiveness. Moreover, immi-

gration can enhance overall labour mobility, thus contributing to absorbing

asymmetric shocks. The impact on labour productivity can also be positive, alt-

hough it is difficult to measure.

The impact of migration on welfare expenditure and the sustainability of public

finances is complex and depends on the type of migration and other country-

specific circumstances, especially the institutional settings characterising national

labour markets, and the functioning of the tax and benefit systems.

Migration has become an important factor in population growth in the EU and is

the most dynamic source of population change. However, in the long run, migra-

tion flows can only partially offset demographic trends on labour supply (declin-

ing birth rates and ageing).

On this basis, the Council considers that:



The economic and fiscal policy dimension of migration is of key importance

in the broader analysis of this issue. The impact of migration on growth po-

tential and employment growth, labour markets, adjustment capacity,

productivity, competitiveness and public finances can be significant and

should therefore not be neglected.

Both highly-skilled and lower-skilled migration can contribute positively to

the dynamism of the economy depending on the specific situation and

needs of the recipient countries. An effective immigration policy should be

closely aligned with skills related to labour market requirements. Realising

potential gains from immigration, especially in the medium term, depends

crucially on the success of integration policies for the immigrant population,

and on their efforts to integrate. Effective and efficient integration policies

are needed, in particular in the areas of skills and education, and in ensuring

the efficient functioning of the labour market.



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

The benefits of successful integration of migrants, especially in the labour

market, should not diminish Member States efforts in the implementation

of reforms. Immigration is no substitute for structural reforms. The poten-

tial contribution of migration to growth depends in particular on the con-

tinuation of labour market reforms in many Member States, including re-

forms aimed at improving flexibility, hiring conditions to rapidly fill labour

shortages, and incentives to work.

Immigration can contribute to the financing of the public pay-as-you-go

pension schemes in the short to medium term, but its impact on the long-

term sustainability of public finances is at best marginal. It does therefore

not alleviate the necessity for appropriate reforms of the pension systems

and measures to remove barriers to higher labour market participation

which are needed to ensure fiscal sustainability in the longer term.

It is also important for Member States to help reduce the negative effects of

"brain drain" in the countries of origin, including further action to facilitate

the transfer of remittances more cost effectively. The temporary or perma-

nent return of migrant workers to their country of origin can be a "brain

gain" as migrants may have acquired additional skills that will enhance

growth in the countries of origin, by increasing market knowledge and ac-

cess, labour productivity and entrepreneurship potential.

National immigration policies clearly have an impact beyond national bor-

ders, given the existence of a single market with free movement of labour

for EU citizens and no internal borders within the Schengen area. The im-

pact of measures already taken by Member States on economic migration

should be taken into account. Cross- country spillover effects and im-

portant economic and fiscal dimensions need to be considered when de-

signing migration policies and cooperation among Member States, for both

legal and illegal immigration. Member States should also reflect on how best

to cooperate with the countries of origin."



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Rådskonklusioner vedr. Lamfalussy-proceduren:

"The Council RECALLS:

–

The Resolution on more effective securities market regulation in the European

Union taken by the European Council in Stockholm on 23 March 2001, where

the European Council decided to introduce the four-level Lamfalussy approach

(framework principles, implementing measures, cooperation and enforcement)

in the securities sector. The aim was to achieve a way of regulating securities

markets which was sufficiently flexible to be able to respond to market devel-

opments and regulatory standards and to speed up decision making, so as to

ensure the EU's competitiveness in this area while respecting the requirements

of transparency, legal certainty and institutional balance;

–

Its conclusions of 3 December 2002, whereby it "reaffirmed its clear prefer-

ence for implementing arrangements based upon the Lamfalussy framework to

all financial sectors" and invited the Commission "to establish the level 2

committees in an advisory capacity only, and the level 3 committees as soon as

possible";

–

Its conclusions of 16 November 2004 on the review of the Lamfalussy frame-

work, whereby it found that "experience, while still limited to date, shows the

introduction of the Lamfalussy framework to have been successful, meeting its

key objectives. The application of the framework has generated additional

momentum to, and increased the flexibility of the legislative process in allow-

ing it to respond to technological change and market developments, by adopt-

ing implementing rules on a faster and more flexible basis. It has also paved

the way for more effective supervisory co-operation and convergence." The

Council then further considered inter alia that "the development of Level 3, in-

cluding enhancing supervisory co-operation and convergence of supervisory

practices, and full and consistent implementation as well as enforcement of

adopted legislative measures are crucial for the delivery of the benefits of the

Lamfalussy framework to market participants";

–

Its conclusions of 7 December 2004, whereby it welcomed "the establishment

of the Committee of European Banking Supervisors (CEBS) and the Commit-

tee of European Insurance and Occupational Pensions Supervisors (CEIOPS)

", noted "that the new committees are already contributing to regulatory prepa-

rations, supervisory co-operation, convergence of supervisory practices, and

the assessment of financial stability" and further recalled that "all elements of

the Lamfalussy framework shall be monitored regularly to ensure the new

structure to be rapidly implemented";

–

Its conclusions of 5 May 2006 on the Commission White Paper on the finan-

cial services policy (2005-2010), whereby it emphasised "the need to pay par-

ticular attention to supervisory convergence as underlined in the FSC Report

on Financial Supervision and to optimising the cooperation between

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home/host supervisors within the current legal framework" and that "the Lam-

falussy approach is an important element in the overall regulatory stance de-

veloped to face the challenge of accelerating financial market integration. To

ensure that this framework remains capable of meeting future challenges it

should continue to be applied in the context of a dynamic and open dialogue

between all institutions and bodies concerned".

The Council WELCOMES the overall review carried out by the FSC and by the

Commission on the basis of

inter alia

the Final Report of the Inter-Institutional

Monitoring Group and the work of Level 3 Committees (CEBS, CEIOPS and

CESR).

Against this background, the Council FINDS that, overall, experience to date with

the Lamfalussy process is positive, also in light of the broad support repeatedly

expressed by stakeholders, having significantly increased the efficiency and effec-

tiveness of the EU regulatory and supervisory framework, as well as the quality of

the legislative process in accordance with the 'better regulation' goals, namely

through improved consultation, transparency and impact analysis. Nevertheless,

the Council CONSIDERS that, without changing the inter-institutional balance

between the European Parliament, the Council and the Commission, further im-

provements in these areas should be introduced at all Lamfalussy Levels.

In particular, the Council has drawn the following specific conclusions.

Lamfalussy Levels 1 and 2:

The Council:

–

STRESSES the importance for the European legislator to set realistic transpo-

sition and implementation deadlines taking also into account the Level 2

measures, and RECALLS in this respect its aforementioned conclusions of 5

May 2006 on the Commission White Paper, whereby it agreed that "Member

States must play their role by transposing and implementing the agreed FSAP

texts on time, accurately, consistently and avoiding unnecessary regulatory ad-

ditions";

–

Without prejudice to the co-decision process, INVITES the Commission to

consider mapping Level 1 and Level 2 possible outcomes concurrently, and

WELCOMES the current Commission practice to explain any substantial devi-

ation from the Level 3 committees' technical advice;

–

WELCOMES the efforts already made so far by the Commission and the Lev-

el 3 committees to conduct open and transparent consultations with all inter-

ested stakeholders, but recalls its aforementioned conclusions of 5 May 2006

on the Commission White Paper, whereby it noted "also the importance of

strengthening consumer input" and stressed "the need to facilitate an appropri-

ate involvement of consumers and SMEs;

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–

UNDERLINES the importance of economic impact assessments to be applied

in all parts of the Lamfalussy process, taking into account the effect of the

measures considered on supervisory convergence mechanisms;

–

NOTES that the main responsibility for limiting the number of options and

discretions in the EU Directives, and thus creating the necessary preconditions

for further supervisory convergence, is with the legislator (the Council and the

European Parliament), and UNDERTAKES to limit the use of national discre-

tions and 'gold-plating' to the minimum extent necessary, given the specificities

of national markets and INVITES the European Parliament to join in this ef-

fort;

–

INVITES Member States to keep under review the options and discretions

implemented in their national legislation, limit their use (wherever possible)

and report to the Commission on these findings, and INVITES the Institu-

tions to introduce a “review clause” in future EU legislation on all options and

discretions included in the respective acts. When this review clause comes into

effect after a specified time, the necessity and use of the options and discre-

tions should be reviewed and, where necessary, abolished where there is no

demonstrated need;

–

INVITES the Commission to conduct cross-sectoral consistency checks,

where still necessary, to foster coherence of terminology and effect across all

EU financial services law.

Lamfalussy Level 3:

The Council RECALLS its conclusions of 5 May 2006 on the FSC Report on

financial supervision, whereby it supported "the Lamfalussy framework as well as

the level 3 supervisory committees in their co-operation and convergence of their

tasks" and endorsed the FSC report, and REITERATES its strong support for

the swift implementation of all the recommendations therein.

The Council therefore STRESSES the importance of Level 3 committees and

their members having adequate means to fulfil their tasks in terms of EU supervi-

sory convergence and cooperation. To that end, the Council:

–

INVITES the Commission, in cooperation with the Level 3 Committees, to

study the differences in supervisory powers and objectives between national

supervisors and, where (still) necessary and appropriate, define an adequate set

of powers in the relevant Directives to ensure the proper implementation of

EU Directives across Member States. In addition, the Commission, in coopera-

tion with the Level 3 Committees, is INVITED to conduct a cross-sectoral

stock taking exercise of the coherence, equivalence and actual use of powers

among Member States and of the variance of sanctioning regimes. That stock-

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taking exercise should in particular allow to ascertain whether such sanctioning

powers have sufficiently equivalent effect;

–

INVITES the Commission by April 2008 to clarify the role of the Level 3

Committees and consider all different options to strengthen the working of

these committees, without unbalancing the current institutional structure or

reducing the accountability of supervisors;

–

INVITES the Level 3 committees to transmit to the Commission, the Council

and the European Parliament their draft work programmes, so as to allow

them to express their view on the key priorities and give policy advice on su-

pervisory convergence and cooperation. The Level 3 committees should then

report annually on the achievement of their objectives;

–

UNDERLINES the importance of considering including in the mandates of

national supervisors a task to cooperate within the EU and to work towards

European supervisory convergence and to take into account the financial sta-

bility concerns in all Member States; and INVITES the FSC and EFC to exam-

ine this issue with a view to report to the Informal ECOFIN in April 2008;

–

INVITES the Level 3 Committees to explore the possibilities to strengthen the

national application of their guidelines, recommendations and standards, with-

out changing their legally non-binding nature;

–

While recognising the importance to continue making their decisions by con-

sensus wherever possible, REQUESTS the Level 3 committees to enhance the

efficiency and effectiveness of their decision-making procedures by introducing

in their charters the possibility to apply qualified majority voting where neces-

sary. While these committees' decisions are not legally binding, those who do

not comply should explain their decision publicly;

–

NOTES the increasing number of obligations for the Level 3 committees

stemming from the EU legislation, and INVITES the Commission to consider

financial support under the EU budget for specific EU wide projects that are

requested from the Level 3 Committees. It should also be considered to sub-

ject all requests by the EU institutions to the Level 3 Committees which would

require significant investments to be made by the latter, to ex ante cost-benefit

analysis on a case-by-case basis;

–

WELCOMES the Level 3 Committees’ efforts towards the development of

tools with a view to overcoming or minimising differences in supervisory cul-

ture (joint training programmes and secondment schemes), and INVITES the

Commission to study the possibilities for EU funding under the EU budget of

such programmes, based on properly defined specific projects of the Level 3

Committees.

The Council STRESSES the need for efficient and effective supervision of cross-

border groups and to that end:

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–

INVITES the Commission to review financial services Directives, where still

necessary, to include provisions to enable the use of the voluntary delegation

of tasks. In addition, the Commission, as well as the Level 3 Committees, are

INVITED to analyse the options for the voluntary delegation of supervisory

competences;

–

CONSIDERS that the functioning of the colleges of supervisors could be en-

hanced by the introduction of a set of common operational guidelines for the

operation of such colleges and the rights and responsibilities of the different

members (home and host Member States' authorities), and INVITES the level

3 Committees to study the possibilities for setting these guidelines to provide

consistency in the working procedures of the different colleges and effective-

ness of the decision making process and provide reassurance to supervisors in-

volved in the college. In addition, the Level 3 Committees are INVITED to

monitor the coherence of the practices of the different colleges of supervisors

and to share best practices;

–

INVITES the Commission, with the assistance of the Level 3 Committees, to

review the financial services Directives, where still necessary, with a view to en-

suring that provisions underpinning supervisory cooperation and the exchange

of information between competent authorities are satisfactory;

–

RECALLS its conclusions of 5 May 2006 on financial integration, whereby it

invited the Level 3 committees to "to take into account the obstacles identified,

and the FSC report on supervisory convergence, in their efforts directed at

convergence of rules and practices and in particular to work on common for-

mats for financial institutions reporting to supervisors in order to avoid dupli-

cation of costs" and further INVITES the Level 3 Committees to introduce

EU-wide common reporting formats with a view to reducing the cost of re-

porting for industry where possible, and INVITES the Commission and the

Level 3 Committees to suggest a timetable by mid-2008 in order to move to-

wards EU-wide reporting formats so as to have a single set of data require-

ments and reporting dates.

Lamfalussy Level 4:

The Council:

–

RECALLS its aforementioned conclusions of 5 May 2006 on the FSC Report

on financial supervision, whereby it urged "Member States to timely implement

all remaining FSAP and related measures as well as to ensure their proper and

consistent enforcement";

–

INVITES Member States, with the contribution from Level 3 committees as

appropriate, to adopt common formats, where appropriate, to disclose national

transposition and implementation of EU legislation;

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–

STRESSES the importance for the Commission to allocate sufficient staff re-

sources to the task of checking the accurate transposition of Directives and to

infringement procedures where relevant.

The way forward:

The Council:

–

AGREES on a roadmap for way forward including detailed timetables for ac-

tions to be undertaken;

–

INVITES the FSC and the EFC to monitor progress made on supervisory

arrangements with a view to ensuring that the European supervisory arrange-

ments can fully address the challenges to supervisory convergence and cooper-

ation represented by enhanced supervisory discretion and cross-border group

supervision in a context of further financial integration and globalisation;

–

INVITES the FSC to continue its analytical work on supervisory issues with a

view to assessing the role, efficiency and effectiveness of the EU supervisory

framework in today’s complex markets; and

–

NOTES that the evolution of going-concern supervisory arrangements, both

at national and cross-border levels, should proceed in parallel with that of cri-

sis-management/financial stability arrangements, and INVITES the FSC and

the EFC to take this consideration into account in further work thereon to en-

sure consistency between the arrangements for crisis prevention and manage-

ment."

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Rådskonklusioner vedr. Risikokapital:

"The Council RECALLS its conclusions of October 2004 on the follow-up of the

Risk Capital Action Plan, whereby it emphasised "the vital role of risk capital

markets for providing equity financing to high-growth small and medium-sized

companies, and thus for job creation and the development of a vibrant entrepre-

neurial culture in the EU. Efficient risk capital markets are a key contribution to a

competitive, innovative, dynamic EU economy in accordance with the Lisbon

strategy."

The Council RECOGNISES that the European risk capital markets remain frag-

mented along national lines and that, in particular, European venture capital com-

panies and funds remain on average insufficiently large, specialised and profitable

to match the critical mass and attractiveness of the US funds and markets for

new/innovative companies. The Council CONSIDERS that this situation calls for

further remedial actions and recalls its conclusions of October 2006, whereby it

agreed to monitor closely developments in risk capital financing and innovation

through a number of steps.

Against this background, the Council:

–

WELCOMES the FSC's progress report on key remaining barriers to the de-

velopment of the European risk capital markets;

–

INVITES the Member States to continue their efforts to address existing fail-

ures and barriers to the development of risk capital markets and identify best

practices, including in the fields of company law and taxation as appropriate,

and in particular RECALLS its conclusions of October 2004, whereby it en-

couraged "enhanced co-operation between all services and institutions con-

cerned at Community/National/Regional levels";

–

STRESSES the importance of addressing the already noted fragmentation and

weaknesses of venture capital markets and SUPPORTS the swift completion

of the various strands of follow-up work carried out by the Commission;

WELCOMES in particular the Commission’s intention to publish a Commu-

nication on removing obstacles to cross-border investments by venture capital

funds, and LOOKS FORWARD to examining the Commission's proposals on

the way forward;

–

STRESSES the importance of removing, where appropriate by modernising

EU legislation, relevant outstanding obstacles in Member States' legislations to

investment in private equity/venture capital by institutional investors, and

EMPHASISES accordingly the current negotiations on the Solvency II Di-

rective with a view to swift adoption by the European Parliament and the

Council, the related future Level 2 measures that will follow, and the clarifica-

tion of relevant accounting rules; LOOKS FORWARD to the review of the

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Directive on Institutions for Occupational Retirement Provision, expected in

2008;

–

INVITES the Commission, on the basis of robust evidence, to further pro-

mote the development of risk capital for high-growth and technology-based

SMEs through, amongst others, the European Investment Fund (EIF), the

Competitiveness and Innovation Programme (CIP), the JEREMIE (Joint Eu-

ropean Resources for Micro to Medium Enterprise) initiative in order to better

address market gaps, in particular through support to the set-up and growth of

technology companies, including technology transfer, product development

and initial marketing."

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Rådskonklusioner vedr. nedsat moms:

"The Council

RECALLS its request of January 2006 to the Commission to present a report to

the Council and the European Parliament, providing for an overall assessment of

the impact of reduced rates applying to locally supplied services, including restau-

rant services, in terms notably of job creation, economic growth and the internal

market, based on a study carried out by an independent economic think tank.

TAKES NOTE of the July 2007 Commission’s Communication to the Council

and the European Parliament on VAT rates other than standard VAT rates, which

is based on such an independent study, and which has been the subject of discus-

sions in the Council.

INVITES the Coreper and the Working Group on Tax Questions to prepare a

Council discussion on the economic impact of the application of reduced rates

and whether or not reduced VAT rates are an appropriate instrument to achieve

sector political aims. The Council will return to those points in 2008.

TAKES NOTES of the Commission intention to present a proposal on reduced

rates in 2008."

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Rådskonklusioner vedr. bekæmpelse af momssvig:

"In November 2006 the Council agreed to establish an anti-tax fraud strategy at

Community level, especially tax fraud in the field of indirect taxation, in order to

complement national efforts.

In June 2007 the Council prioritised a certain number of tasks, which were allo-

cated to the Commission, encompassing both conventional and more far-reaching

measures.

The Council RECALLS its conclusions of June 2007 and TAKES NOTE:

–

of the ongoing work on the more far reaching measures and urges the Com-

mission to present its findings;

–

of the Commission's intention to present legislative proposals on the conven-

tional measures, on the basis of the work done in accordance to the mandate

fixed by the Council,

in order to allow to debate them in the first quarter of 2008.

The Council:

–

NOTES the Commission’s report on the state of play of the discussions on the

conventional measures to combat VAT fraud proposed by Member States, and

notably the progress achieved in the Anti Tax Fraud Strategy (ATFS) expert

group and ENCOURAGES the Commission to continue its work. The points

listed in the conclusions of this report should be addressed in the further work.

–

INVITES the Member States who do not have such measures to examine the

possibility to put in place, at national level, appropriate legislation in order to

ensure a comparable protection in terms of sanctions and criminal proceedings

against VAT fraudsters, regardless of whether the committed fraud leads to

losses of revenue on their own territory or on the territory of other Member

States.

–

NOTES the presentation of the Commission’s Communication by which it

asks for political guidance on some key elements contributing to the establish-

ment of a VAT anti-fraud strategy within the EU.

–

TAKES NOTE of the concerns expressed in the Communication and PRO-

VIDES the following guidelines:

–

an in-depth analysis with a view of identifying the information needs of a

modern administration for controlling in particular the EU intra-community

VAT system should be carried out by the Commission. This analysis should

take into account the objectives set in the Council’s “Action Programme for

reducing administrative burdens in the European Union” (reducing by 25% the

existing administrative burden by 2012);

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–

INVITES the Commission to do further work with a view to reinforce the

management of the EU VAT system by the Member States;

–

RECOGNISES the importance of disposing of up-to-date information on the

status of traders for the correct functioning of the VAT arrangements ruling

intra-Community trade and SUPPORTS further work on a common approach

to registration and de-registration of traders;

–

AGREES that the capacity of Member States to collect the VAT in fraud cases

could be enhanced,

and INVITES the Commission to consider legislative proposals on these aspects,

where appropriate.

The Council INVITES the Commission to work on all conventional measures in

close cooperation with Member States and to report to the Council during 2008

on the progress made."

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Rådskonklusioner vedr. adfærdskodeks for erhvervsbeskatning:

"With regard to the Code of Conduct, the Council reaffirmed the commitment of

the Member States to tackling harmful tax competition through the Code, as ex-

pressed in the Council conclusions of 1 December 1997. The Council also re-

called that Member States should be treated equally under the Code and con-

firmed that the assessment of measures should be fair and transparent, in accord-

ance with the Code and its rules of procedure (as laid out in the Council conclu-

sions of 9 March 1998).

Turning to the progress of work of the Code of Conduct Group, the Council



welcomed the progress on standstill achieved by the Code of Conduct

Group (Business Taxation) during the Portuguese Presidency and approved

points 1. to 15. of its report (doc. 15545/1/07 REV 1 FISC 157);

asked the Group to continue monitoring standstill and the implementation

of rollback, and report to the Council before the end of the Slovenian Pres-

idency;

asks the Code Group to urgently find solutions to all outstanding issues

concerning its future work, including the procedural aspects, and to report

back to the Council before the end of the Slovenian Presidency."

