Quarterly Bulletin Q3 2013

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76 Quarterly Bulletin 03 / July 13 EU-IMF Financial Assistance Programme – Tenth Review
77 Developments in EU Financial Services Legislation during the Irish Presidency of the Council of Ministers January - June 2013 Ireland took over the Presidency of the EU Council of Ministers from Cyprus in January 2013 and was followed by Lithuania in July. It was Ireland’s 7th Presidency and priority was given to financial services issues – in particular to securing a strong and stable banking system to underpin job creation and sustainable economic growth in Europe. Overall considerable progress was made and momentum was restored to the EU programme of financial reform. Five legislative proposals were adopted and there was agreement on three proposals in the Council of Ministers. Introduction The core Presidency functions are to manage the work of the Council of Ministers (‘the Council’), to chair Council meetings and to lead the Council in its dealings with the other EU institutions. Under the Treaty of Lisbon almost all financial services legislation is proposed by the European Commission (‘the Commission’) and is adopted jointly by the Council and the European Parliament (‘the Parliament’). This is achieved through interinstitutional negotiations called Trilogues to find a compromise. From a Presidency perspective there are two negotiation milestones: 1) agreement on an initial Council General Approach and 2) conclusion of Trilogues. The Presidency gave particular priority to financial services issues. It organised an intensive programme of work - 6 formal meetings of Ministers of Finance in ECOFIN and one informal ECOFIN meeting with Ministers and Central Bank governors - and achieved an unprecedented number of agreements with three dossiers approved for Council General Approach and five dossiers concluded in Trilogue. (It is worth noting that three of these agreements were reached in the final week). Context The Presidency came at a critical juncture in the development of EU financial services legislation. Following the financial crisis of 2007 the G20 introduced a coordinated global approach which was implemented and developed through the biggest ever EU programme of financial reform. Some thirty measures were proposed by the Commission. This was further supplemented in June 2012 with proposals for a Banking Union in the wake of the sovereign debt crisis in the Eurozone. However there were delays in the presentation of proposals by the Commission and their adoption by the Council and Parliament. At the outset of the Presidency there were over twenty proposals still on the table. The initial goal of having all legislation in force by 2013 had become unrealistic. There was also an imperative to complete as much as possible of the reform programme before the end of the
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Contents Section 1 Forecast Summary
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Section 1 Quarterly Bulletin 03 / J
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7 Comment Annual National Accounts
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9 The Domestic Economy Overview n A
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Quarterly Bulletin Q3 2013

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