Eurogroup Finance Ministers Meet

by Ulrika Lomas, Tax-News.com, Brussels

09 October 2007

Eurogroup finance and economics ministers met in Luxembourg on Monday and Tuesday to discuss a variety of outstanding issues, the European Commission has announced this week.

Amongst other matters, the meeting facilitated an exchange of views on the euro area trade performance since the beginning of the decade.

Ministers reportedly discussed the economic situation and other relevant subjects, with a view to adopting a common approach for the G7 meeting on Oct 19 and the Annual Meeting of the International Monetary Fund and World Bank on October 20-21, in Washington.

With respect to budgetary surveillance, ministers looked at budgetary developments, including the 2008 draft budgets that have been presented since they met a month ago, in Porto.

They also examined issues relating to the Stability and Growth Pact, and financial services regulation, with especial emphasis on clearing and settlement.

With regard to the current financial markets situation, the ministers, according to the EC, pinpointed "key issues to be addressed to enhance transparency, improve valuation standards and reinforce the prudential framework and supervision in the financial sector without forgetting the role of the rating agencies".

Finally, ministers exchanged of views on progress to reform labour markets to increase the growth potential of the euro area economy, and to make economic adjustment in EMU more efficient.

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