Date of release : 04-03-2005

Policy area : Economic and Financial Affairs Economic and Financial Affairs

Event : Economic and Financial Affairs Council

The Prime Minister and Minister for Finance, Jean-Claude Juncker, in his capacity as current President of the "Economic and Financial Affairs" Council and President of the Eurogroup, will preside over the meetings of the Eurogroup and the "Economic and Financial Affairs" Council in Brussels on 7 and 8 March 2005.

The Minister for the Economy and External Trade, Jeannot Krecké, will represent the Luxembourg Government at the meetings.

The Finance Ministers of the 12 eurozone Member States, as well as their counterparts from the 13 other Member States of the European Union, will once again turn their attention to examining the Stability and Growth Pact. The Luxembourg Presidency prepared a report project and will submit it to the European Council of Heads of State and Government on 22 and 23 March 2005. The Council is expected to take a final decision on the reforms of the Stability and Growth Pact. This report project, which is based on previous discussions of the Eurogroup and the Council, contains elements which the Presidency believes will help bring about a general agreement.

Within the context of the Stability and Growth Pact, the Council will also be called upon to take a decision on a recommendation by the European Commission in the framework of the excessive deficit procedure currently brought against Hungary.

The Council will also make a statement on the convergence programmes of Cyprus, Latvia, Lithuania, Hungary, Slovenia, and the United Kingdom, as well as on Spain’s stability programme.

Furthermore, the Council will be called upon to adopt the "Key Issues Paper" (main items) relating to the Broad Economic Policy Guidelines, which will then be submitted to the European Council.

Still within the framework of preparations for the European Council of 22 and 23 March 2005, the "Economic and Financial Affairs" Council will endorse its conclusions on the European Commission’s report on the mid-term evaluation of the Lisbon Strategy.

The Ministers for Finance and the Economy will exchange views on the implementation of the European action in favour of growth. More specifically, the Council will discuss the national contributions in this field, as well as on the guarantee instruments of TEN-T (trans-European transport networks) projects.

The Council will hear a European Commission report on the reduction of administrative expenses for businesses.