Irish Finance Minister Michael Noonan TD, will chair the third meeting of Ireland’s presidency of the ECOFIN in Brussels on Tuesday 5th March. He will brief the ECOFIN Council on the agreement reached between the Presidency and the European Parliament on the Capital Requirements Directive IV (CRD IV) negotiations with the intention of achieving political agreement on the dossier. He will also brief the Council on the agreement brokered by the Presidency with the Commission and the European Parliament on 20 February on the “two pack” of economic surveillance and governance measures.
The Irish Presidency reached provisional agreement with the European Parliament on 28 February on new rules in the CRD IV that will help make sure that European banks hold enough good quality capital to withstand future economic and financial shocks. The agreement includes restrictions on bankers pay to make sure that pay practices do not lead to excessive risk-taking. It also includes new provisions to making European banks more transparent.
The Minister will brief the ECOFIN Council on the agreement with a view to achieving broad political agreement on the CRD, subject to any final technical amendments that may be required and finalise this dossier during the Irish presidency.
The Minister will also brief the Council on the agreement reached on the “two pack” of economic surveillance measures for the euro area. It is intended that the European Commission will present a roadmap on the implementation of the regulation.
Minister Noonan - "The third meeting of the ECOFIN Council indicates the important work of the Irish Presidency on achieving significant changes – with agreement on the “two pack” of economic surveillance. However achieving agreement with the European Parliament on the substantive issues on CRD is an important outcome. I hope that Ministers will endorse this agreement at ECOFIN."
The meeting will also include:
- An update on the further development of EMU with the aim of contributing to the work on the development of 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