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Broad support at ECOFIN Council on CRD IV compromise package and agreement reached on the “two pack” measures for the eurozone

05.03.2013, 15:00 GMT


Broad political support at today’s ECOFIN Council on the Capital Requirements Directive IV compromise package. The Irish Presidency hopes to make progress on outstanding technical issues in discussions with the Parliament over the coming weeks. Agreement also reached on the “Two Pack” of economic surveillance measures for the Eurozone.

There was broad political support at ECOFIN Council today for the compromise package reached with the European Parliament on CRD IV. The CRD IV package is about protecting taxpayers into the future by building stronger European banks.

Today’s Council also confirmed the agreement the Irish presidency brokered on the 'Two-Pack.' This is a key piece of the Eurozone’s economic architecture and will further contribute to financial and economic stability.

Minister Noonan - "I am pleased to report that we have broad support in favour of the compromise package we agreed with the Parliament last week.

We hope to make progress on the outstanding technical issues in our discussions with the Parliament over the coming weeks.

The agreement on the “Two-Pack” represents a further step in improved economic governance in the Eurozone."

The meeting also included:

  • An agreed recommendation from the Council on the further development of EMU with the intention of developing a road map for the June European Council
  • An update from the Presidency on financial services dossiers (banking supervision mechanism, MiFID/MiFIR, mortgage credit directive)
  • A debrief of the G20 Finance Ministers and Governors meeting in Moscow on 15-16 February
  • An exchange of views on the adoption of conclusions in respect of the Quality of Public Expenditure as part of the European Semester process

Finance Ministers also discussed the state of play of the adjustment programmes in Ireland and in Portugal.

 

ENDS

 

UPDATE

The European Parliament overwhelming adopted the 'Two-Pack' measures during the plenary session of the European Parliament on 12 March.

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Contacts

picture of Paul Bolger, Presidency Spokesperson for Department of Finance

Paul Bolger, Presidency Spokesperson for Department of Finance

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Deirdre Farrell, Press Spokesperson - Coreper II

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