Economic and Financial Affairs

Work Programme and Agendas for the Ecofin Council during the Swedish Presidency

Since autumn 2008, the European economy has faced challenges unprecedented in modern times. The turbulence in capital and credit markets, coupled with reduced global demand and a high degree of uncertainty, has resulted in the most severe economic downturn since the 1930s.

The EU and its Member States have acted jointly to manage the crisis. A wide range of measures has been taken to get the financial system working again, notably as a result of the Paris declaration from October 2008 and its subsequent endorsement by the European Council. These measures, along with those taken by the European Central Bank (ECB) and other central banks, have gone some way towards helping to restore confidence in the financial markets and get them working again. Furthermore, the EU has agreed on a European Economic Recovery Plan which together with automatic stabilisers has dampened the impact of the crisis on growth and employment.

The overriding aim of the Swedish Presidency is to continue dealing with the financial and economic crisis and safeguarding longer-term growth and employment potential. This includes mitigating the effects of the current decline as well as promoting measures that facilitate a rapid yet sustainable recovery. In parallel, it will be crucial to push ahead with further efforts to improve the functioning of credit and capital markets.

The priorities in the ECOFIN Council reflect the need to pursue measures on a broad policy front:

  1. improving supervision and regulation of financial markets,
  2. re-establishing sound public finances,
  3. tackling labour market challenges,
  4. reinvigorating the Lisbon Strategy post-2010, and
  5. advancing international climate negotiations.

The Presidency is prepared to take the further initiatives that may be required to successfully combat the economic and financial crisis.

Coordinating Europe’s economies

EU finance and economics ministers meet in the ECOFIN Council approximately once a month. The ECOFIN Council discusses such matters as economic policy coordination, economic surveillance and monitoring of Member States’ budgetary policy and public finances. Tax issues, the euro, financial markets, and economic relations with countries outside the EU are also discussed. Every year, the ECOFIN Council prepares and, along with the European Parliament, adopts the budget of the European Union. During the Swedish Presidency, the ECOFIN Council will be chaired by Anders Borg, Minister for Finance.

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