The Council issued country-specific economic and fiscal policy recommendations to EU member states as part of the European Semester monitoring exercise. It also approved the use of project bonds to mobilize up to €4.5 billion in private funding for infrastructure projects in transport, energy, and broadband. Main discussions focused on follow-up to the June European Council, bank capital requirements, and economic governance reforms.
Stork Deliverable D7.3 List Of Commission A2 A Services Of Common InterestFriso de Jong
STORK is a large scale pilot in the ICT-PSP (ICT Policy Support Programme), under the CIP (Competitiveness and Innovation Programme), and co-funded by EU. It aims at implementing an EU wide interoperable system for recognition of eID and authentication that will enable businesses, citizens and government employees to use their national electronic identities in any Member State. It will also pilot transborder eGovernment identity services and learn from practice on how to roll out such services, and to experience what benefits and challenges an EU wide interoperability system for recognition of eID will bring.
The STORK consortium would like to announce that the approved STORK deliverables have now been released for public view and uploaded to the STORK website under the STORK Materials section.
Bratislava, 20. jún 2012 – Podľa tohtoročnej štúdie New Direction – The Foundation for European Reform a Institut Économique Molinari Tax Burden of Typical Workers in the EU 27 pripadol deň daňového oslobodenia na Slovensku na 21. jún. Oproti minulému roku je to zhoršenie o 6 dní, keďže deň daňového oslobodenia bol v minulom roku 15. júna. Dôvodom je podľa autorov štúdie zvýšenie daňovo-odvodovej záťaže priemerného slovenského zamestnanca k mzdovým nákladom z úrovne 45,2% v roku 2011 o takmer dva percentuálne body na takmer 47% v tomto roku. Viac na www.konzervativizmus.sk
Stork Deliverable D7.3 List Of Commission A2 A Services Of Common InterestFriso de Jong
STORK is a large scale pilot in the ICT-PSP (ICT Policy Support Programme), under the CIP (Competitiveness and Innovation Programme), and co-funded by EU. It aims at implementing an EU wide interoperable system for recognition of eID and authentication that will enable businesses, citizens and government employees to use their national electronic identities in any Member State. It will also pilot transborder eGovernment identity services and learn from practice on how to roll out such services, and to experience what benefits and challenges an EU wide interoperability system for recognition of eID will bring.
The STORK consortium would like to announce that the approved STORK deliverables have now been released for public view and uploaded to the STORK website under the STORK Materials section.
Bratislava, 20. jún 2012 – Podľa tohtoročnej štúdie New Direction – The Foundation for European Reform a Institut Économique Molinari Tax Burden of Typical Workers in the EU 27 pripadol deň daňového oslobodenia na Slovensku na 21. jún. Oproti minulému roku je to zhoršenie o 6 dní, keďže deň daňového oslobodenia bol v minulom roku 15. júna. Dôvodom je podľa autorov štúdie zvýšenie daňovo-odvodovej záťaže priemerného slovenského zamestnanca k mzdovým nákladom z úrovne 45,2% v roku 2011 o takmer dva percentuálne body na takmer 47% v tomto roku. Viac na www.konzervativizmus.sk
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
PPrreesseenntteedd bbyy:: GGrroouupp 66
GGlloobbaalliizzaattiioonn
o f
PP
oo
ll
yy
ee
ss
tt
ee
rr
RR
uu
bb
bb
ee
rr
EE
tt
hh
yy
ll
ee
nn
ee
VV
ii
nn
yy
ll
AA
cc
ee
tt
aa
tt
ee
GG
ee
nn
uu
ii
nn
ee
LL
ee
aa
tt
hh
ee
rr
SS
yy
nn
tt
hh
ee
tt
ii
cc
LL
ee
aa
tt
hh
ee
rr
CC
oo
tt
tt
oo
nn
C
o
u
n
t
r
i
e
s
I
n
v
o
l
v
e
d
Ni
k
e
h
a
s
m
o
r
e
t
h
a
n
7
0
0
s
h
o
p
s
i
n
c
o
n
t
r
a
c
t
w
i
t
h
w
o
r
l
d
w
i
d
e,
w
h
e
r
e
i
n
t
h
e
i
r
offi
c
e
s
a
n
d
i
n
d
e
p
e
n
d
e
n
t
fa
c
t
o
r
y
o
u
t
l
e
t
s
a
r
e
fo
u
n
d
w
i
t
h
i
n
t
h
e
p
r
e
m
i
s
e
s
of
ap
p
r
o
x
i
m
a
t
e
l
y
4
5
c
o
u
n
t
r
i
e
s.
AAuussttrraalliiaa
China
India
IInnddoonneessiiaa
TThhaaiillaanndd
TTuurrkkeeyy
USA
VViieettnnaamm
NNiikkee SSuuppppllyy CChhaaiinn
RRuubbbbeerr,, FFaabbrriicc
aanndd ootthheerr rraaww
mmaatteerriiaallss
Shoe
MMaannuuffaaccttuurriinngg
aanndd AAsssseemmbbllyy
MMaarrkkeettiinngg
SSppoorrttiinngg ggooooddss,,
ddeevveellooppmmeenntt
aanndd SShhooee ssttoorreess
OOnnlliinnee,, CCaattaalloogg
aanndd ootthheerr rreettaaiill
NNiikkee bbrraannddeedd
shoes
PPrroodduucctt
ddeevveellooppmmeenntt
CCuussttoommeerr nneeeeddss//wwaannttss ffeeeeddbbaacckk
NNiikk
Nike Supply Chain
Globalization of Nike
Nike Manufacturing Process
Rubber Materials Nike
Ethylene Vinyl Acetate Nike
Genuine Leather Nike
Synthetic Leather Nike
Cotton in Nike Apparel
Nike Shops Worldwide
Nike Manufacturing Countries
Cold Cement Assembly Nike
3D Printing Nike Shoes
Nike Product Development
Nike Marketing Strategies
Nike Customer Feedback
Nike Distribution Centers
Automation in Nike Manufacturing
Nike Consumer Direct Acceleration
Nike Logistics and Transport
1. COU CIL OF
THE EUROPEA U IO EN
12204/12
PROVISIO AL VERSIO
PRESSE 317
PR CO 43
PRESS RELEASE
3181st Council meeting
Economic and Financial Affairs
Brussels, 10 July 2012
President Mr Vassos SHIARLY
Minister for Finance of Cyprus
PRESS
Rue de la Loi 175 B – 1048 BRUSSELS Tel.: +32 (0)2 281 6083 / 6319 Fax: +32 (0)2 281 8026
press.office@consilium.europa.eu http://www.consilium.europa.eu/Newsroom
12204/12 1
E
2. 10.VII.2012
Main results of the Council
The Council issued country-specific recommendations to the member states on their economic and
fiscal policies, thus concluding this year's European Semester monitoring exercise (following
endorsement by the European Council). It also issued a specific recommendation for the eurozone
as a whole.
Moreover, in accordance with the "comply or explain" principle established recently under
strengthened economic governance provisions ("six-pack" legislation), the Council issued
explanations in cases where it modified recommendations or opinions proposed by the Commission.
The Council gave the go-ahead to the pilot phase for an initiative aimed at mobilising, via the use
of project bonds, up to EUR 4.5 billion in private sector funding for key infrastructure projects. The
Council's decision follows an agreement reached with the European Parliament.
Up to EUR 200 million will be allocated to a project bonds instrument that will help finance
transport projects in 2012 and 2013; up to EUR 10 million will be allocated to energy projects, and
up to EUR 20 million for ICT and broadband projects. If successful, the pilot phase will be followed
by an operational phase over the 2014-20 period.
12204/12 2
E
3. 10.VII.2012
CO TE TS1
PARTICIPA TS................................................................................................................................ 6
ITEMS DEBATED
FOLLOW-UP TO THE JUNE EUROPEAN COUNCIL.................................................................... 8
BANK CAPITAL REQUIREMENTS................................................................................................. 9
BANK RECOVERY AND RESOLUTION ...................................................................................... 10
ECONOMIC GOVERNANCE - SECOND PACKAGE................................................................... 11
ECB EXECUTIVE BOARD NOMINATION .................................................................................. 12
PRESIDENCY WORK PROGRAMME ........................................................................................... 13
EUROPEAN SEMESTER – ECONOMIC AND FISCAL POLICY RECOMMENDATIONS ...... 14
EXCESSIVE DEFICIT PROCEDURE - SPAIN .............................................................................. 15
MEETINGS IN THE MARGINS OF THE COUNCIL .................................................................... 16
OTHER ITEMS APPROVED
ECO OMIC A D FI A CIAL AFFAIRS
– Project bonds ......................................................................................................................................................... 17
– Financial assistance to Portugal............................................................................................................................. 17
COHESIO POLICY
– Management and control systems for EU funds.................................................................................................... 18
– Seaport infrastructures........................................................................................................................................... 18
1
Where declarations, conclusions or resolutions have been formally adopted by the Council, this is indicated
in the heading for the item concerned and the text is placed between quotation marks.
Documents for which references are given in the text are available on the Council's Internet site
(http://www.consilium.europa.eu).
Acts adopted with statements for the Council minutes which may be released to the public are indicated by
an asterisk; these statements are available on the Council's Internet site or may be obtained from the Press
Office.
12204/12 3
E
4. 10.VII.2012
EUROPEA ECO OMIC AREA
– Cooperation on the environment and sport............................................................................................................ 18
– Spatial data ............................................................................................................................................................ 18
– Coordination of social security systems - Measures for migrants ......................................................................... 19
– Participation in EU actions in the field of the internal market .............................................................................. 19
– European earth monitoring programme................................................................................................................. 19
– Charging of heavy goods vehicles......................................................................................................................... 19
FOREIG AFFAIRS
– Côte d'Ivoire - Restrictive measures ...................................................................................................................... 20
TRADE POLICY
– Anti-dumping - Plastic sacks and bags - China and Thailand ............................................................................... 20
DEVELOPME T COOPERATIO
– Common external relations information system.................................................................................................... 20
AGRICULTURE
– Direct payments to farmers in 2013 ...................................................................................................................... 20
E ERGY
– Ecodesign requirements for household tumble driers............................................................................................ 21
TRA SPORT
– Marine equipment.................................................................................................................................................. 21
FISHERIES
– Illegal, unreported and unregulated fishing ........................................................................................................... 22
– Bering Sea Convention - Management of pollock resources................................................................................. 22
E VIRO ME T
– Greenhouse gas emission allowances.................................................................................................................... 23
– Biological diversity in the Mediterranean ............................................................................................................. 24
HEALTH
– Tick-borne encephalitis ......................................................................................................................................... 24
– Marketing authorisations for medicinal products - Medical devices ..................................................................... 25
12204/12 4
E
5. 10.VII.2012
APPOI TME TS
– New member of the Court of Auditors .................................................................................................................. 25
– Committee of the Regions ..................................................................................................................................... 25
12204/12 5
E
6. 10.VII.2012
PARTICIPA TS
Belgium:
Mr Steven VANACKERE Deputy Prime Minister and Minister for Finance and
Sustainable Development, with responsibility for the Civil
Service
Bulgaria:
Mr Dimiter TZANTCHEV Représentant Permanent
Czech Republic:
Mr Radek URBAN Deputy Minister for Finance, Financial Market Section
Mr Tomáš ZÍDEK Deputy Minister for Finance, International Relations and
Financial Policies Section
Denmark:
Ms Margrethe VESTAGER Minister for Economic Affairs and the Interior
Germany:
Mr Thomas STEFFEN State Secretary at the Federal Ministry of Finance
Estonia:
Mr Jürgen LIGI Minister for Finance
Ireland:
Mr Michael NOONAN Minister for Finance
Greece:
Mr Ioannis STOURNARAS Minister for Finance
Spain:
Mr Luis DE GUINDOS JURADO Minister for Economic Affairs and Competitiveness
France:
Mr Pierre MOSCOVICI Ministre de l'Économie et des Finances
Mr Ramon FERNANDEZ Directeur générale du Trésor
Italy:
Mr Mario MONTI Prime Minister and Minister of Economy and Finance
Cyprus:
Mr Vassos SHIARLY Minister for Finance
Latvia:
Mr Andris VILKS Minister for Finance
Lithuania:
Mr Raimundas KAROBLIS Représentant Permanent
Luxembourg:
Mr Luc FRIEDEN Minister for Finance
Hungary:
Mr Gyula PLESCHINGER State Secretary, Ministry for National Economy
Malta:
Mr Tonio FENECH Minister for Finance, the Economy and Investment
etherlands:
Mr Jan Kees de JAGER Minister for Finance
Austria:
Ms Maria FEKTER Federal Minister for Finance
Poland:
Mr Jacek ROSTOWSKI Minister for Finance
Portugal:
Mr Vítor GASPAR Ministro de Estado, Minister for Finance
Romania:
Mr Claudiu DOLTU State Secretary, Ministry of Finance
12204/12 6
E
7. 10.VII.2012
Slovenia:
Mr Janez ŠUŠTERŠIČ Minister for Finance
Slovakia:
Mr Peter KAŽIMÍR Deputy Prime Minister, Minister for Finance
Finland:
Ms Jutta URPILAINEN Deputy Prime Minister, Minister for Finance
Sweden:
Mr Peter NORMAN Minister for Financial Markets
United Kingdom:
Mr Mark HOBAN Financial Secretary to the Treasury
Commission:
Mr Olli REHN Vice President
Mr Michel BARNIER Member
Mr Algirdas ŠEMETA Member
Other participants:
Mr Vítor CONSTÂNCIO Vice-President of the European Central Bank
Mr Werner HOYER President of the European Investment Bank
Mr Thomas WIESER President of the Economic and Financial Committee
Mr Hans VIJLBRIEF President of the Economic Policy Committee
M. Andrea ENRIA Chairperson of the European Banking Authority
The government of the acceding state was represented as follows:
Croatia:
Mr Slavko LINIĆ Minister for Finance
12204/12 7
E
8. 10.VII.2012
ITEMS DEBATED
FOLLOW-UP TO THE JU E EUROPEA COU CIL
The Council discussed the follow-up to be given to the European Council's meeting on 28 and
29 June as regards:
- work on the establishment of a genuine economic and monetary union;
- the process to be followed in establishing a single European banking supervisor.
On the first issue, the President of the European Council has been invited, with the presidents of the
Commission, the Eurogroup and the European Central Bank, to develop a specific and time-bound
work programme, with an interim report in October and a final report at the end of the year.
Member states will be regularly consulted in this work and the Cyprus presidency will endeavour to
facilitate the process.
Establishment of a single banking supervisor will depend in the first instance on the presentation of
proposals by the Commission, scheduled for the autumn. With this in view, the Council held a
preliminary exchange of views.
12204/12 8
E
9. 10.VII.2012
BA K CAPITAL REQUIREME TS
The Council was briefed by the presidency on progress in negotiations with the European
Parliament on two proposals amending the EU's rules on capital requirements for banks and
investment firms ("CRD 4").
The Cyprus presidency stated its objective to finalise negotiations as soon as possible. As incoming
presidency it has held its first "trilogues" and has scheduled further meetings with the Parliament on
11 and 12 July. Work under the previous Danish presidency was almost completed on the directive,
with only a few key open issues remaining, and talks are now focused on the regulation.
The negotiations with the Parliament are aimed at adoption of the regulation and directive at first
reading. Outstanding issues include a proposed flexibility package1, bankers' remuneration, crisis
management, sanctions, the balance of power between authorities of "home" and "host" countries,
corporate governance, and powers to be given to the European Banking Authority (EBA).
The proposals set out to amend and replace the existing capital requirement directives2 and divide
them into two new legislative instruments: a regulation establishing prudential requirements that
institutions need to respect and a directive governing access to deposit-taking activities.
They are aimed at transposing into EU law an international agreement approved by the G-20 in
November 2010. The so-called Basel 3 agreement, concluded by the Basel Committee on Banking
Supervision, strengthens bank capital requirements, introduces a mandatory capital conservation
buffer and a discretionary countercyclical buffer, and sets new regulatory requirements for bank
liquidity and bank leverage.
The Council agreed a general approach on 15 May3.
Based respectively on articles 114 and 53(1) of the Treaty on the Functioning of the European
Union, the regulation and the directive will require for their adoption a qualified majority in the
Council and a majority in the Parliament (ordinary legislative procedure).
1
Flexibility for member states to impose additional measures, such as higher capital
requirements.
2
Directives 2006/48/EC and 2006/49/EC
3
See press release 9399/12.
12204/12 9
E
10. 10.VII.2012
BA K RECOVERY A D RESOLUTIO
The Council took note of a presentation by the Commission of its proposal for a directive
establishing a framework for the recovery and resolution of credit institutions and investment firms
(11066/12).
The Council held a preliminary exchange of views.
The proposal, issued by the Commission on 6 June, is aimed at providing supervisory authorities
with common tools and powers to tackle bank crises pre-emptively and to resolve any financial
institution in an orderly manner in the event of insolvency, whilst minimising taxpayers' exposure to
losses.
The directive would establish a range of instruments that supervisory authorities could use:
preparatory and preventative measures, early intervention, and resolution tools and powers. The
main resolution measures would include:
– the sale of (a part of) business;
– establishment of a bridge institution (the temporary transfer of good bank assets to a
publicly controlled entity);
– asset separation (the transfer of impaired assets to an asset management vehicle)
– bail-in measures (the imposition of losses, in order of seniority, on shareholders and
unsecured creditors).
The proposal is aimed at transposing into EU law commitments made at the G-20 Washington
summit in November 2008, when leaders called for a review of resolution regimes and bankruptcy
laws "to ensure that they permit an orderly wind-down of large complex cross-border financial
institutions."
Based on article 114 of the Treaty on the Functioning of the European Union, the directive would
require for its adoption a qualified majority in the Council and a majority in the European
Parliament (ordinary legislative procedure).
The presidency's aim is for the Council to agree a general approach by December, subsequent to
which negotiations with the Parliament will start, with a view to adoption of the directive at first
reading.
12204/12 10
E
11. 10.VII.2012
ECO OMIC GOVER A CE - SECO D PACKAGE
The Council was informed by the presidency on the process to be followed with a view to reaching
an agreement with the European Parliament on two draft regulations on economic governance,
namely:
– a regulation for enhanced monitoring and assessment of draft budgetary plans of euro area
member states, especially those subject to an excessive deficit procedure;
– a regulation on enhanced surveillance of euro area member states that are experiencing
severe financial disturbance or request financial assistance.
The Council confirmed that a general approach agreed at its meeting on 21 February remains the
starting position for the negotiations1. The Parliament established its negotiating position in June
and introduced significant changes to the proposals.
The first "trilogue" meeting with the European Parliament is scheduled for 11 July. An ad hoc
Council working group, created to work on the proposals, discussed the modifications introduced
by the Parliament on 4 July.
This second package of proposals was presented by the Commission in November 2011 following
adoption of the so-called "six-pack" of economic governance proposals2.
The two draft regulations introduce provisions for enhanced monitoring of countries' budgetary
policies. Member states would be required to submit annually to the Council and the Commission
their draft budgetary plans for the next year by 15 October. Closer monitoring would apply to
member states in excessive deficit procedure in order to enable the Commission to better assess
whether a risk of non-compliance with the deadline to correct the excessive deficit exists. Member
states experiencing severe difficulties with regard to their financial stability or receiving financial
assistance on a precautionary basis would be subject to even tighter monitoring than member states
in excessive deficit procedure.
Based on article 136 of the Treaty on the Functioning of the European Union, the regulations
require for their adoption a qualified majority of delegations from the 17 countries of the euro area
as regards the Council and a majority in the Parliament (ordinary legislative procedure).
1
See press release 6624/12.
2
For details, see press release 16446/11.
12204/12 11
E
12. 10.VII.2012
ECB EXECUTIVE BOARD OMI ATIO
The Council recommended the nomination of Yves Mersch to the executive board of the European
Central Bank for a term of eight years.
If appointed, Mr Mersch will succeed José Manuel González-Páramo, who completed his term of
office on 31 May.
The Council's recommendation will be submitted to the European Council for a decision, after
consulting the European Parliament and the ECB's governing council.
The executive board of the ECB is responsible for implementation of monetary policy for the euro
area, as laid down by the governing council. It is composed of the president, a vice-president and
four other members, all nominated for non-renewable terms of eight years. The governing council is
composed of the six members of the executive board and the governors of the national central banks
of the member states of the euro area.
12204/12 12
E
13. 10.VII.2012
PRESIDE CY WORK PROGRAMME
The Council took note of the presentation by the Cyprus presidency of a work programme on
economic and financial matters for the duration of its term of office, which runs from July to
December 2012 (doc. 11754/1/12 REV 1).
The Council held an exchange of views.
The Cyprus presidency intends to focus on effective implementation of recently adopted initiatives
for improving economic governance, ensuring fiscal consolidation, strengthening the European
financial services framework and accelerating structural reforms, with a view to enhancing growth
potential and social cohesion in the EU. The presidency will also give priority to further work on
taxation issues. It will aim for effective coordination with a view to ensuring appropriate
representation of EU positions within international fora, such as G20 meetings, and securing
European interests overall.
12204/12 13
E
14. 10.VII.2012
EUROPEA SEMESTER – ECO OMIC A D FISCAL POLICY RECOMME DATIO S
The Council discussed the process followed under the European Semester exercise for the
monitoring of the member states' economic and fiscal policies.
The European Semester is now two years old and, whilst the outcome of this year's exercise is
overall considered as satisfactory, a comprehensive review of implementation is scheduled for
October.
Ministers gave preliminary views on possible improvements that could be made.
Additionally, the Council completed this year's European Semester by adopting, without discussion:
– recommendations to each member state on the economic policies set out in their national
reform programmes;
– opinions on the fiscal policies set out in the member states' stability and convergence
programmes; and
– a specific recommendation on the economic policies of the member states of the eurozone.
Adoption of the texts follows their endorsement by the European Council.
Moreover, in accordance with the "comply or explain" principle recently established under
strengthened economic governance provisions ("six-pack" legislation), the Council issued
explanations in cases where it modified recommendations or opinions proposed by the Commission.
For details, see press release 12264/12.
12204/12 14
E
15. 10.VII.2012
EXCESSIVE DEFICIT PROCEDURE - SPAI
The Council issued a revised recommendation, under the EU's excessive deficit procedure, on
measures to be taken by Spain to correct its government deficit, giving it an extra year to do so on
account of adverse economic circumstances.
Spain has been subject to an excessive deficit procedure since April 2009. The Council's
recommendation sets 2014 as the new deadline for bringing its deficit below the EU's 3% of GDP
reference value, with headline deficit targets of 6.3% of GDP for 2012, 4.5% of GDP for 2013 and
2.8% of GDP for 2014.
For details, see press release 12387/12.
12204/12 15
E
16. 10.VII.2012
MEETI GS I THE MARGI S OF THE COU CIL
The following meetings were held in the margins of the Council:
– Eurogroup
Ministers of the euro area member states attended a meeting of the Eurogroup on 9 July.
– Ministerial breakfast meeting
Ministers held a breakfast meeting to discuss the economic situation. They were also informed by
the Chairman of the European Banking Authority of the outcome of a bank recapitalisation exercise
launched in December and completed at the end of June.
12204/12 16
E
17. 10.VII.2012
OTHER ITEMS APPROVED
ECO OMIC A D FI A CIAL AFFAIRS
Project bonds
The Council adopted a regulation launching the 2012-2013 pilot phase of the EU project bonds
initiative aimed at mobilising up to EUR 4.5 billion in private sector financing for key strategic
infrastructure projects (PE-CONS 27/12).
Adoption of the regulation follows an agreement reached with the European Parliament on 22 May;
accordingly, the Council accepted all amendments voted by the Parliament at first reading.
Up to EUR 200 million will be allocated to a project bonds instrument that will help finance
transport projects in 2012 and 2013; up to EUR 10 million will be allocated to energy projects, and
up to EUR 20 million for ICT and broadband projects. If successful, the pilot phase will be
followed by an operational phase over the 2014-20 period.
For details, see press release 12331/12.
Financial assistance to Portugal
The Council adopted a decision amending decision 2011/344/EU on the granting of financial
assistance to Portugal, following the fourth review by the Commission, the IMF and the European
Central Bank of Portugal 's progress in implementation of agreed measures (11839/12).
12204/12 17
E
18. 10.VII.2012
COHESIO POLICY
Management and control systems for EU funds
The Council adopted conclusions on the special report of the European Court of Auditors entitled
"Did the Commission successfully deal with deficiencies identified in the Member States'
management and control system?", set out in document 11633/12.
Seaport infrastructures
The Council adopted conclusions on a special report by the European Court of Auditors entitled
"Using structural and cohesion funds to co-finance transport infrastructures in seaports: an effective
investment?", set out in document 11632/12.
EUROPEA ECO OMIC AREA
Cooperation on the environment and sport
The Council approved the decision on the position to be taken by the EU within the European
Economic Area (EEA) joint committee concerning an amendment to Protocol 31 to the EEA
agreement, on cooperation in specific fields outside the four freedoms (10500/12).
The decision extends cooperation between the EEA contracting parties will be extended to include
regulation 401/2009 on the Environment Agency and the European environment information and
observation network, as well as to the field of sport.
Spatial data
The Council approved the position to be taken by the EU within the European Economic Area
(EEA) joint committee concerning an amendment to annex XX (environment) to the EEA
agreement (10504/12).
This amendment aims to incorporate certain Commission regulations on spatial data into the EEA
agreement.
12204/12 18
E
19. 10.VII.2012
Coordination of social security systems - Measures for migrants
The Council approved the position to be taken by the EU within the European Economic Area
(EEA) joint committee concerning an amendment to protocol 31 to the EEA agreement, on
cooperation in specific fields outside the four freedoms (10508/12).
The aim of this decision is to extend the cooperation of the contracting parties to include
cooperation concerning free movement of workers, coordination of social security systems and
measures for migrants, including migrants from third countries.
Participation in EU actions in the field of the internal market
The Council approved the position to be taken by the EU within the European Economic Area
(EEA) joint committee concerning an amendment to protocol 31 to the EEA agreement, on
cooperation in specific fields outside the four freedoms (concerning Internal Market related EU
budget lines) (11288/12).
The aim of this decision is to allow the contracting parties of the EEA agreement to continue their
participation in EU actions funded from the general budget of the Union regarding the
implementation, operation and development of the internal market.
European earth monitoring programme
The Council adopted a decision on the position to be taken by the EU within the European
Ecoonomic Area (EEA) joint committee concerning an amendment to protocol 31 to the EEA
agreement, on cooperation in specific fields outside the four freedoms (concerning global
monitoring for environment and security) (11413/12).
The aim of this decision is to extend the cooperation of the contracting parties to include the
European earth monitoring programme (GMES).
Charging of heavy goods vehicles
The Council approved the position to be taken by the EU within the European Economic Area
(EEA) joint committee concerning an amendment to annex XIII (transport) to the EEA agreement.
By this amendment, the EU acquis on the charging of heavy goods vehicles for the use of certain
infrastructures will be incorporated into the agreement (9870/12).
12204/12 19
E
20. 10.VII.2012
FOREIG AFFAIRS
Côte d'Ivoire - Restrictive measures
The Council implemented in EU law UN Security Council resolution 2045(2012) on Côte d'Ivoire.
The amendments concern the lifting of restrictions on the supply of assistance related to the arms
embargo.
TRADE POLICY
Anti-dumping - Plastic sacks and bags - China and Thailand
The Council adopted a regulation repealing the anti-dumping measures applicable to imports of
certain plastic sacks and bags originating in China and Thailand (11628/12).
DEVELOPME T COOPERATIO
Common external relations information system
The Council adopted conclusions on the European Court of Auditors' special report no. 5/2012 "The
Common External Relations Information System" (11829/12)
AGRICULTURE
Direct payments to farmers in 2013
The Council adopted amendments to regulation 73/2009 on the application of direct payments to
farmers in the year 2013 following a first reading agreement with the European Parliament (33/12).
This regulation (the "2013" regulation) is one of two transitional regulations to be adopted this year
ahead of the Common Agricultural Policy (CAP) reform which is scheduled to enter into force in
2014. The other transitional regulation (agreement expected in September) concerns support to vine
growers.
12204/12 20
E
21. 10.VII.2012
The aim of the "2013" regulation is to provide for a smooth transition from the current direct
payments system (regulation 73/2009) to the new payments scheme foreseen by the Commission in
the CAP reform proposals.
For details, see press release 12334/12.
E ERGY
Ecodesign requirements for household tumble driers
The Council decided not to oppose the adoption of a Commission regulation implementing
Directive 2009/125/EC 1 with regard to ecodesign requirements for household tumble driers
(10237/12). The directive provides that the Commission shall set those requirements for energy-
related products representing significant volumes of sales and trade, having significant
environmental impact and presenting significant potential for improvement in terms of their
environmental impact without entailing excessive costs.
The Commission regulation is subject to the so called regulatory procedure with scrutiny. This
means that now that the Council has given its consent, the Commission may adopt the decision,
unless the European Parliament objects.
TRA SPORT
Marine equipment
The Council decided not to oppose adoption by the Commission of a directive updating the 1996
Council directive on marine equipment (10216/12). The update incorporates into the 1996 directive
amendments to international conventions and testing standards which have entered into force since
the last update of the directive, and adapts the list of items of marine equipment concerned.
The draft directive is subject to the regulatory procedure with scrutiny; now that the Council has
given its consent, the Commission may adopt it, unless the European Parliament objects.
1
OJ L 285, 31.10.2009.
12204/12 21
E
22. 10.VII.2012
FISHERIES
Illegal, unreported and unregulated fishing
The Council endorsed a draft EU - Japan joint statement on efforts to combat illegal, unreported and
unregulated (IUU) fishing.
As Japan and the EU play a key role in the commercial exploitation of fishery products globally,
they both consider that IUU fishing constitutes one of the most serious threats to the conservation
and sustainable exploitation of resources in the world's oceans. IUU fishing is a global phenomenon
with devastating environmental and socio-economic consequences, particularly for coastal
communities in developing countries which rely on fisheries for their earnings or for nutrition.
Both side consider that IUU fishing is best prevented by international cooperation through regional
fisheries management organisations and international organisations by the adoption of measures to
combat IUU fishing.
Japan and the EU have already put in place legal instruments to combat IUU fishing (e.g. EU
regulation 1005/2008) and recognise that voluntary cooperation and the sharing of information will
maximise the effectiveness of the global fight against IUU fishing.
With this endorsement, the Commission can sign the joint statement on behalf of the EU on the
occasion of a meeting scheduled early July with Japan.
Bering Sea Convention - Management of pollock resources
The Council adopted a decision establishing the position to be adopted on behalf of the EU in the
framework of the Convention on the conservation and management of pollock resources in the
Central Bering Sea.
The objectives of this convention are:
– to establish an international regime for conservation, management, and optimum utilization
of pollock resources in the Convention area;
12204/12 22
E
23. 10.VII.2012
– to restore and maintain the pollock resources in the Bering Sea at levels which will permit
their maximum sustainable yield;
– to cooperate in the gathering and examining of factual information concerning pollock and
other living marine resources in the Bering Sea; and
– to provide a forum in which to consider the establishment of necessary conservation and
management measures for other living marine resources in the Convention area.
Six countries are members of the Convention on the conservation and management of pollock
resources in the Central Bering Sea: China, Japan, Korea, Poland, Russia, and the USA.
As Poland is a contracting party to this convention and also a member state of the EU, this decision
is adopted by the EU. More generally, fisheries agreements concluded by the new member states
with third countries are managed by the EU as provided by the Accession treaty.
E VIRO ME T
Greenhouse gas emission allowances
The Council decided not to oppose the adoption of a Commission regulation amending regulation
1031/2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission
allowances to list an auction platform to be appointed by Germany (10130/12)
The Commission acts are subject to what is known as the regulatory procedure with scrutiny. This
means that now that the Council has given its consent, the Commission may adopt them, unless the
European Parliament objects.
12204/12 23
E
24. 10.VII.2012
Biological diversity in the Mediterranean
The Council agreed the position to be adopted on behalf of the European Union with regard to
proposals for amending annexes II and III to the protocol concerning specially protected areas and
biological diversity in the Mediterranean1 of the convention for the protection of the marine
environment and the coastal region of the Mediterranean ("the Barcelona Convention")2 at the 17th
meeting of the Contracting Parties (Paris, France, 8-10 February 2012).
The amendments to the protocol are aimed at providing greater protection to ten shark species. The
European Union has a period of 180 days after its adoption by the other contracting parties to
finalise its decision regarding the approval of those amendments.
Commission proposal: (6293/12)
HEALTH
Tick-borne encephalitis
The Council decided not to oppose the adoption of a Commission decision adding tick-borne
encephalitis (TBE) to the list of communicable diseases to be covered by epidemiological
surveillance in the EU network (10416/12).
The Commission decision is subject to the so called regulatory procedure with scrutiny. This means
that now that the Council has given its consent, the Commission may adopt it, unless the European
Parliament objects.
1
OJ L 322, 14.12.1999.
2
OJ L 240, 19.9.1977.
12204/12 24
E
25. 10.VII.2012
Marketing authorisations for medicinal products - Medical devices
The Council decided not to oppose the adoption of the following two Commission regulations:
– regulation amending Commission regulation 1234/2008 concerning the examination of
variations to the terms of marketing authorisations for medicinal products for human use
and veterinary medicinal products (9425/12);
– regulation concerning particular requirements as regards the requirements laid down in
Council directives 90/385 and 93/42 with respect to active implantable medical devices
and medical devices manufacture utilising tissues of animal origin (9264/12).
The Commission regulations are subject to the so called regulatory procedure with scrutiny. This
means that now that the Council has given its consent, the Commission may adopt them, unless the
European Parliament objects.
APPOI TME TS
ew member of the Court of Auditors
The Council adopted a decision appointing Ms Iliana IVANOVA (Bulgaria) as member of the
Court of Auditors for the period from 1 January 2013 to 31 December 2018 (11768/12).
Ms Ivanova succeeds Ms Nadejda SANDOLOVA whose term of office expires on 31 December
2012.
Committee of the Regions
The Council appointed Dr Zsuzsa BREIER (Germany) and Mr Ahmed AHMEDOV, Ms Tanya
HRISTOVA, Mr Krassimir KOSTOV, Mr Madzhid MANDADZHA, Mr Zhivko TODOROV and
Mr Luydmil VESSELINOV (Bulgaria), as members of the Committee of the Regions for the
remainder of the current term of office, which runs until 25 January 2015 (11717/12 and 12007/12).
12204/12 25
E