Last ECOFIN meeting under the auspices of the Czech Presidency

The ECOFIN meeting will be chaired by Czech Finance Minister and ECOFIN President Eduard Janota.

The principal topic of this ministerial meeting will be the contribution of the ECOFIN Council to the meeting of the European Council that will be held on 18 – 19 June 2009.

The Ministers will discuss the reform of the supervision structure in the EU: at first, they will asses proposals that were prepared by the European Commission at the end of May; and consequently they will prepare background materials for the European summit in June. At this summit the EU heads of state or government should adopt first decisions that will determine the direction of the planned reforms of the supervision of EU financial markets. The proposals of the European Commission draw on recommendations published in February by the advisory group of distinguished experts led by Jacques de Larosiére.

Another contribution of the ECOFIN Council to the summit in June will be a report assessing the implementation of programmes to support banks, particularly programmes of recapitalisation of banks and guarantees for bank debts.

The ECOFIN Council will also submit a report on implementation of the European Plan for Economic Recovery to the heads of state or government. During the preparation of the report the ECOFIN Council will focus particularly on structural policies, i.e. implementation of measures to support enterprises in individual sectors and aid for investments and measures to support the labour market. A part of the report will be dedicated to economic growth and public finance.

The European Council will also address the issue of climate change. The background documents will also come from the ECOFIN meeting – the Finance Ministers will prepare a document relating to the international fight against climate change.

In the context of the April communication from the Commission, EU Ministers responsible for finance and economy will discuss the issue of good governance in tax matters – an increase in transparency and exchange of tax information between EU Member States as well as with third countries.

The ECOFIN Council will also lead a discussion on possible changes to the international accounting standards valid in the EU, with respect to accounting treatment of financial instruments. President of the International Accounting Standards Board (IASB) Sir David Tweedie has also been invited to take part in this discussion.