Monetary Law Blog

ECB Opinion at the request of the Czech Republic

The Governing Council of the ECB has adopted an Opinion (CON/2005/24) at the request of the Ministry of Finance of the Czech Republic on a draft law on the integration of financial market supervisors.

 

The ECB welcomes in principle the draft law. The ECB’s competence to deliver an opinion is based on Article 105(4) EC Treaty and Article 2(1) of Council Decision 98/415/EC.

 

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ECB Opinion at the request of the Oesterreichische Nationalbank

The Governing Council of the ECB has adopted an Opinion (CON/2005/23) at the request of the Oesterreichische Nationalbank on a draft regulation on the reporting of cross border services.

 

The ECB welcomes the draft law. The ECB’s competence to deliver an opinion is based on Article 105(4) EC Treaty and Article 2(1) of Council Decision 98/415/EC.

 

The draft regulation represents the second step in the phased introduction of a new reporting system in Austria for balance of payments and international investment position statistics.

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Outcome of the ECOFIN Council

The Economic and Financial Affairs Council, meeting on 12 July 2005, took the following measures which are relevant for EMU:

–        Portugal’s stability programme has been updated;

–        measures to correct Italy’s excessive deficit have been decide upon, and

–        Europol has been designated as the central office for combating euro counterfeiting.

Council adopts amendments to Stability and Growth Pact

The two modified regulations that underpin the Stability and Growth Pact (SGP) were published on 7 July 2005: Council Regulation 1055/2005 amending Council Regulation 1466/97 and Council Regulation 1056/2005 amending Council Regulation 1467/97.

 

These regulations will enter into force on 27 July 2005. The Council adopted the two modified regulations on 27 June 2005.

 

The UK presidency’s priorities on Economic and Financial Affairs

New global economic trends present both opportunities and challenges to which policy makers in Europe need to respond. The Government will aim, through the Presidency and beyond, to develop a consensus on the need for a more Global Europe: a Europe which by becoming more outward-looking and embracing greater flexibility in labour, product and capital markets, delivers high employment for its citizens.