Meeting between Czech and Maltese Finance Ministers

Prague, March 16th, 2009

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.

Another item on the agenda was the problem of an EU regulatory and supervisory framework and the prevention of economic crises in the future. The Czech Minister informed his Maltese colleague of the plans and visions of the Czech Presidency in this area. The Presidency plans a discussion of a reform of the organisation of the supervision of EU financial institutions to be held at the Informal Meeting of Finance Ministers and Central Banks Governors, due to take place in Prague at the beginning of April.

Last but not least, the Ministers touched on the progress in discussing the “Solvency II” Directive that introduces a new solvency regime for the insurance sector and integrates the 13 existing directives that govern the insurance business into a single piece of legislation.

The Ministers exchanged views on tax-related issues currently addressed at EU level. Miroslav Kalousek indicated the fight against tax evasion as one of the priorities of the Czech Presidency.

Radka Kohutová,
Spokeswoman of the Ministry of Finance