Economic and Financial Affairs Council - Montesquieu Instituut

Ministers will hear a presentation by the Commission of the draft EU general budget for 2013. The Council already determined its priorities for the 2013 budget in conclusions adopted in February (6260/12). It is expected to establish its position on the draft budget in July, with a view to finding an agreement with the European Parliament in the second half of the year.

The Council will try to agree a general approach on a proposal amending the regulation on credit rating agencies, in particular in order to reduce excessive reliance on credit ratings, strengthen the independence of the agencies and improve the quality and transparency of ratings.

The Council will be called on to approve a mandate for the negotiation of updated savings tax agreements with Andorra, Liechtenstein, Monaco, San Marino and Switzerland. The aim would be to ensure that those countries apply measures that are equivalent to the new rules the EU intends to adopt in the form of a revised savings tax directive.

Moreover, the Council is due to adopt conclusions on:

• - 

  a communication to be presented by the Commission setting out a new strategy for value-added taxation (VAT);
• - 

  a report providing an update of age-related expenditure projections for the EU member states;
• - 

  fast-start climate financing by the EU and its member states in 2011 and the perspective ahead. Fast-start climate finance, agreed under the 2009 Copenhagen Accord, is the first stage, covering the period 2010 - 2012, of a longer-term commitment to provide support to developing countries for action to adapt to and mitigate climate change.

Monday 14 May

• • 

  Informal dialogue between the Council, the Commission and the European Parliament on implementation and enforcement of the EU's new economic governance framework and issues related to financial services.
• • 

  Eurogroup (17.00)

Tuesday 15 May

• • 

  At breakfast, Ecofin ministers will meet in their capacity as governors of the European Investment Bank for the annual EIB governors' meeting.
• • 

  Over lunch, ministerial dialogue with the accession and candidate countries (Croatia, Turkey, the former Yugoslav Republic of Macedonia, Montenegro, Iceland and Serbia) on economic policy.

The presidency will hold a press briefing in the Council press room on Friday 11 May.

A press conference will take place at the end of the meeting.

Comprehensive information (agenda, background note, etc) will be available closer to the date of the meeting on http:/www.consilium.europa.eu/councilmeetings