CR Presidency to the EU

Summary of an International workshop: Towards a new financial regulatory framework held in Prague on the 12th and 13th June 2009.

The event was organized by the Ministry of Finance within the scope of activities of the Czech Presidency. The workshop, which was held in the historical premises of Kaiserštejnský and Malostranský Palaces, was attended by representatives of the European Commission and experts from EU Member States.

Additional information:

• Press Release from June 15th, 2009
• Press Release from June 11th, 2009 

The main priorities of the Swedish Presidency include the fight against the consequences of the economic crisis and against climate change. Sweden and the preceding French and Czech Presidencies form the Trio Presidency.  The rotating Presidency of the Council of the European Union is held for six months by each Member State in turn. However, the Presidencies work in Trios so as to maintain the continuity in the running of the Council.

• Official website of the Swedish Presidency http://www.se2009.eu/

On Tuesday 9 June, for the last time during the Czech Presidency, EU Ministers responsible for finance and economy will meet in Luxembourg. The ECOFIN meeting will be chaired by Czech Finance Minister and ECOFIN President Eduard Janota.

President of the ECOFIN Council and Czech Minister of Finance Eduard Janota spoke today at the Brussels Economic Forum on “population ageing, the economic crisis, and their impact on the sustainability of public finances”. This major economic conference of the European Commission took place on 14 and 15 May 2009 and focused on the following issues:

• Europe and the global response to the crisis;
• the financial crisis and the design of a new rule book;
• population ageing, the economic crisis, and their impact on the sustainability of public finances.
  

On 10 – 12 May Prague hosts the 41st Conference of Community and European Affairs Committees of Parliaments of the European Union (COSAC). In today’s part of the meeting the parliamentarians discussed among other things the current economic and financial situation in Europe. Czech Finance Minister Eduard Janota and former Finance Minister Miroslav Kalousek addressed the conference as well.

After the April informal meeting held in Prague, the EU Finance Ministers met again in Brussels. The regular ECOFIN meeting was chaired by Czech Finance Minister Kalousek and addressed the current economic and financial situation, the sustainability and quality of public finances and tax-related issues. The Ministers discussed the spring economic forecast published by the European Commission one day before the ECOFIN Council meeting. The European Commission revised downwards its estimate of the economic downturn for this year. However, several indicators suggest that the European economy could rebound as soon as in the second half of 2009. According to the European Commission, the stabilisation of money markets and the low inflation rate are a positive sign.

Additional information

• European Union Presidency Conclusions of the Ministerial Dialogue between the Economic and Finance Ministers of the EU and the Candidate Countries - on 5 May 2009

On Tuesday 5 May, Ministers of Finance and Economy from the European Union’s Member States will meet in Brussels. The ECOFIN meeting will be chaired by Czech Finance Minister Miroslav Kalousek.

On 25–26 April, Washington hosted the spring meetings of the International Monetary Fund (IMF) and the World Bank (WB).

The Czech delegation was headed by Miroslav Kalousek, the Czech Finance Minister and WB governor on behalf of the Czech Republic, and Zdeněk Tůma, the Governor of the Czech National Bank representing at the same time the Czech Republic as the IMF Governor.

The Regulation on credit rating agencies – a key topic on the agenda of the Czech Presidency – was approved today by the Committee of Permanent Representatives (COREPER) and by the European Parliament. The final approval of the compromise text of the regulation, drafted by the Czech Presidency, is a significant step toward enhancing the transparency of financial markets.

On Friday 17 April 2009 the Czech Presidency informed the Member States about the state of play on the negotiation of the amendments to the Capital Requirements Directive. A preliminary agreement has been reached between the Presidency and the representatives of the European Parliament on all of the important political issues.

Significant progress has been made in preparation of the Regulation on credit rating agencies when the Council of the EU and the European Parliament achieved preliminary agreement on the compromise text of the Regulation. This had been preceded by intensive negotiation led by the Czech presidency team.

Czech Minister of Finance Miroslav Kalousek answered your questions concerning outcomes from the Informal Meeting of Ministers for Economic and Financial Affairs on Tuesday, 7 April at 14:00 online in the European chat. After the chat is closed, the most interesting questions and answers from both language versions have been published in the ’News and Documents’ section on www.eu2009.cz . The chat wasconducted simultaneously in two language versions – in Czech for the local public and in English for readers abroad. Czech and English questions appear only in their respective language versions. To read all the questions answered by the Minister, open both chat versions.

At an informal meeting in Prague today, EU Finance Ministers and Central Bank Governors reached agreement on key principles for the reform of financial market supervision. The meeting was chaired by Czech Finance Minister Miroslav Kalousek. On the second day of the informal ECOFIN meeting, the Finance Ministers and Central Bank Governors discussed the reform of the structure used to supervise the financial market in the EU. Since July 2007, the European and global economies have faced a financial crisis exposing weaknesses in financial market regulation and supervision. Last autumn, a High Level Group was formed under the leadership of Jacques de Larosière to examine the causes of the financial crisis and, on the basis of the weaknesses identified, propose improvements to the European system of financial market supervision. Its recommendations were subsequently endorsed by the European Commission in its Communication of 4 March.

• Statement by the informal Ecofin - 4 April Prague

On 3 and 4 April, Prague hosts an informal meeting of finance and economy ministers and governors of central banks of the European Union. Chaired by Czech Finance Minister and ECOFIN President Miroslav Kalousek, the meeting has brought together EU Commissioners J. Almunia and Ch. McCreevy, European Central Bank President J.-C. Trichet, and European Investment Bank President P. Maystadt. The first day of the meeting was attended by Italy’s former Finance Minister and current President of the Notre Europe think-tank, T. Padoa-Schioppa. On the first day of the meeting, the ministers and governors addressed primarily the current economic situation and the development on the financial markets, reflecting the results of the G20 summit that took place in London on 2 April.

Czech Prime Minister and President of the European Council Mirek Topolánek together with Czech Finance Minister and President of the Ecofin Council Miroslav Kalousek are attending the G20 Summit in London. The aim of the meeting of the most economically important countries is to coordinate the ways to fight the effects of the economic crisis. The Czech Presidency has repeatedly expressed confidence that despite different starting positions of the individual countries it will be possible to reach an agreement that will prevent protectionism and new barriers on world markets.

On 3 – 4 April an informal meeting of the EU Ministers of Economy and Finance and the Governors of the European central banks will take place in Prague. The meeting will be chaired by Czech Minister of Finance Miroslav Kalousek and also attended by Commissioners Joaquín Almunia and Charlie McCreevy, President of the European Central Bank Jean-Claude Trichet and President of the European Investment Bank Phillipe Maystadt. Minister Kalousek also invited a number of other prominent guests, e.g. Jacques de Larosière, who is in charge of the High-Level Group on Financial Supervision and the former Italian Minister of Finance and present President of the think-tank Notre Europe, Tommaso Padoa-Schioppa.

A meeting of Directors General of Customs from the EU Member States, the candidate countries Croatia and Turkey, as well as Serbia, FYROM, Norway and Switzerland ended in Prague today. The motto of the meeting was “Moving Forward Together”. The Directors General discussed the so-called Prague Challenge, which outlines the basic direction of development in the sphere of the electronisation of customs procedures (eCustoms). The meeting of Directors General was organised on 26 and 27 March by the Directorate General of Customs of the Czech Republic as a part of EU Presidency, in cooperation with the European Commission (DG TAXUD, Customs 2013 programme). Its aim was to discuss fundamental issues concerning the further development of customs procedure automation and to given a new impulse to the eCustoms programme.

The Czech Presidency has succeeded to finalise the negotiations concerning the Solvency II Directive which had been discussed for the past two years. This turning point has only been reached after heavy and difficult negotiations in the Council and with the European Parliament. The final compromise solution was approved, on a preliminary basis, by the European Parliament and supported by the COREPER today.

The Committee of Permanent Representatives (COREPER) approved a proposal for a new Directive governing the issuance of electronic money and supervision of electronic money institutions today. It is a compromise text agreed between the EU Council and the European Parliament. The European Parliament should officially approve the proposal during its plenary session in the second half of April. The EU Council will formally confirm it in May.

The Committee of Permanent Representatives (COREPER) approved a proposal for a new Regulation on cross-border payments in euro today. It is a compromise text agreed between the EU Council and the European Parliament. The European Parliament should officially approve the proposal during its plenary session in the second half of April. The EU Council will then formally confirm it at its May meeting. The new Regulation addresses the development of the market in cross-border payments, in particular the creation of the Single Euro Payments Area (SEPA). It is to replace the existing Regulation from 2001, which introduced the principle of equal charges for domestic payment transactions and the corresponding cross-border transactions in euro.

The Czech Presidency was pleased by the statements from several countries, e.g. Liechtenstein, Switzerland, Andorra, Singapore and Hong Kong, who in future will be more open in their fiscal policies regarding exchange of tax information. We believe that this step is of extraordinary importance for the cooperation between the tax authorities. It also contributes significantly to the fight against tax evasion. At the same time it is an improvement of the administrative cooperation between the tax authorities in the EU internal market and in the foreseeable future it will allow us to reach the highest possible standard of cooperation and transparency in our relations with third countries.

On 16 March Czech Minister of Finance Miroslav Kalousek received his Maltese colleague, Minister of Finance, Economy and Investment Tonio Fenech. The Ministers primarily discussed the current economic and financial situation in the light of the preparations of the European Council in Brussels and the G20 Summit in London in April, but also debated the measures to fight the crisis. They also touched on the question of the implementation of the Recovery Plan and a responsible fiscal policy in times of trouble. The outcome of Saturday’s meeting of the Finance Ministers of the G20 countries in Horsham in England, which Miroslav Kalousek took part in as President of the Economic and Financial Affairs Council, was also mentioned.

Czech Finance Minster Miroslav Kalousek participated in the meeting of the G20 Finance Ministers in Horsham, Britain, as the President of the Economic and Financial Affairs Council (ECOFIN). Preparing for the key London G20 summit, to be held on 2 April, the Finance Ministers and governors of central banks discussed a joint response to the global financial and economic crisis.

• G20 Finance Ministers’ and Central Bank Governors’ Communiqué - 14 March 2009
• Annex to Communiqué - G20 Finance Ministers and Central Bank

On 12 March 2009 Czech Finance Minister Miroslav Kalousek briefly met Prime Minister and Finance Minister of Luxembourg Jean-Claude Juncker, who was on an official visit to the Czech Republic. The Ministers talked about issues related to the current financial and economic crisis in the EU including Europe’s macrofinancial stability and ways to help countries faced with significant imbalances. They also addressed the EU’s fiscal situation. The Prime Minister of Luxembourg congratulated the Czech Presidency on the agreement concerning application of reduced VAT rates in certain sectors, reached at the ECOFIN Council meeting on Tuesday.

In view of the adverse effects of the global financial turmoil on the economic and financial situation in Romania, the Council Presidency and the Commission express the European Union's readiness to support Romania in avoiding risks of increasing market pressures and in achieving the orderly unwinding of imbalances.

The Economic and Financial Affairs Council, chaired by Czech Finance Minister Miroslav Kalousek, met in Brussels for the third time this year.

• Press Conference: 2931st meeting of the Council Economic and Financial Affairs, Brussels 
• Source: European Council - Streaming Services, dated March 10th 2009

Preparation of regulation on credit rating agencies - an important item on the agenda of the Czech Presidency, has significantly progressed.

The EU Finance and Economy Ministers will meet on 10 March in Brussels, already their third meeting this year. The ECOFIN Council will be chaired by Czech Finance Minister Miroslav Kalousek.

They discussed climate protection commitments in view of the current crisis and work to be done ahead of the Spring European Council.

The EU Customs Union Working Group – Customs Legislation and Policy – has approved the draft action plan of the customs authorities for the combat against intellectual property rights infringements in 2009-2012, prepared by the Presidency in cooperation with the Commission. The action plan sets forth EU priorities for the enforcement of intellectual property rights. It focuses on current problems, including, e.g. on-line offers and sale of counterfeit products harmful to health, safety and the environment. Based on the action plan, the Czech Presidency has prepared a draft resolution of the Council of the EU that, along with the action plan itself, will be presented at the meeting of the Competitiveness Council in March 2009, as a so-called A point.

Minister of Finance Miroslav Kalousek presented the Council recommendations concerning the 2007 discharge to the MEPs. Based on the Council recommendations, the European Parliament grants discharge to the Commission, which is responsible for the implementation of the EU budget. The aim of the discharge procedure is to assess whether the implementation of the EU budget in the given year was done properly and in accordance with the principles of sound financial management.

Today, Czech Finance Minister and ECOFIN Council President Miroslav Kalousek took part in a meeting of the EP Committee on Economic and Monetary Affairs (ECON) with National Parliaments. The theme of the meeting was: “The European Economy – What next?”

• Speech by Miroslav Kalousek, Minister od Finance, at ECON meeting with National Parliaments

Czech Minister of Finance Miroslav Kalousek chaired the Ecofin Council for the second time. With respect to the preparations for the Spring European Council, the Finance Ministers discussed the implementation of national measures under the European Economic Recovery Plan. In relation to this issue the Ecofin Council also touched upon issues of space for the execution of fiscal stimuli and the appropriate timing of budget consolidation.

• Press Conference: 2922nd meeting of the Council Economic and Financial Affairs, Brussels (Archive)
• Source: European Council - Streaming Services, dated 10.02.2009

EU economics and finance ministers will meet for the second time this year on Tuesday 10 February for the meeting of the Ecofin Council. The meeting will be chaired by Czech Finance Minister Miroslav Kalousek. Minister Kalousek and his colleagues will mainly focus on the issues related to the preparation of the Spring European Council. The Heads of State and Government of the EU Member States will sit down at the negotiation table on 19 and 20 March 2009.

Presentation of the Czech Presidency’s Priorities concerning Financial and Economic Affairs to the European Parliament, Miroslav Kalousek, Minister of Finance. In detail about the plans of the Czech Presidency in the three main areas within the remit of the ECOFIN Council, namely: economic policy, financial stability and financial services, - taxation. >> see full text

Yesterday´s  meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Brussels was presided over by Czech Finance Minister Miroslav Kalousek for the first time. The discussion centred on the main challenges of the 2009 budget and economic policy, particularly in the context of the forecast recently published by the European Commission and the European Economic Recovery Plan adopted by the European Council in December. At the beginning, the President of the ECOFIN Council presented the priorities and objectives of the Czech Presidency.

• Press Conference: 2919th meeting of the Council Economic and Financial Affairs, Brussels (Archive)
• Source: European Council - Streaming Services, dated 20.01.2009

On 20 January 2009 Brussels will hold its first meeting of the Economic and Financial Affairs Council (Ecofin) under the auspices of the Czech Presidency. On the eve of the meeting a regular gathering of ministers of the Eurogroup will take place. Czech Finance Minister Miroslav Kalousek will open the meeting and present the Ecofin Council programme during the Czech Presidency. This part of the meeting is open to the public and a recording (and live broadcast) will be available at the Council website.

Czech Finance Minister Miroslav Kalousek and British Chancellor of the Exchequer Alistair Darling met in Prague today.

The ministers talked mainly about the priorities of the Czech Presidency of the Council of the European Union. They focused on issues relating to the financial crisis and on the European Economic Recovery Plan, adopted by the European Council in December 2008. They also discussed cooperation with the G20 Forum.

Radka Kohutová
Spokesperson of the Ministry of Finance

The Czech Minister of Finance, Miroslav Kalousek, and his Dutch colleague, Wouter Bos, met on the 20th of November 2008 in Prague. Both ministers spoke on the topic of the priorities of the Czech Presidency of the Council of the European Union in 2009. They also discussed the current international financial crisis. Both ministers agreed that a coordinated European approach to this issue is crucial while seeking a solution.

The ministers also spoke on the Stability and Growth Pact. They emphasized that it is necessary for member states to abide by it, even now during the financial crisis. Mr. Kalousek briefed Mr. Bos on the economic situation in the Czech Republic.

Radka Kohutova
Spokesperson to the Minister of Finance

The Czech Minister of Finance, Miroslav Kalousek, and the European Commissioner, László Kovács, who is responsible for the taxation and customs union, met on the 10th of November 2008 in Prague. Both politicians focused mainly on the topic of the Czech Presidency and its priorities concerning the taxation area. 

The Commissioner also met with other representatives of the Ministry of Finance. Deputy Minister of Finance, Peter Chrenko, responsible for taxes and customs, informed the Commissioner about the current tax reform in the Czech Republic.

Prague as a meeting destination is becoming essential to the Commissioners’Agenda Schedule. The Commissioners have recently come for bilateral meetings at the Ministries to be able to discuss and be informed about the Czech Presidency’s priorities. Recently, two Commissioners visited Prague: the Commissioner for Consumer Affairs, Meglena Kuneva, and her colleague responsible for Science and Research, Janez Potočnik.

Radka Kohutová
Ministry of Finance, CZ PRES