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ecofin

ecofin: Economic & Financial Affairs

In its role chairing the Economic and Financial Affairs Council (Ecofin) during the Presidency, Ireland will work to confront the effects of the economic crisis, and will work on the promotion of greater financial stability and economic recovery.  This can help to stimulate confidence in the European economy, strongly complementing the legislative initiatives that the Presidency has identified in many other Councils to boost economic recovery and job creation in Europe. 

In addition to implementing the Union’s economic governance measures and in particular the European Semester, the Presidency will work with its European partners to secure agreement on conditions for the restoration of a stable financial system. Ireland will do so by prioritising actions that dispel uncertainties in the banking sector, stabilise fiscal outlooks and boost recovery.  Achieving these aims will also help promote trust and confidence in the European economy for consumers, business and investors. During the Irish Presidency Ecofin will be chaired by Mr. Michael Noonan, Minister for Finance and Mr. Brendan Howlin, Minister for Public Expenditure and Reform.

The Presidency will work with its European partners to advance discussions, where possible in the first half of 2013, on decisions taken on Economic and Monetary Union (EMU) at the European Council.

The key priorities of the Irish Presidency include:

  • Promoting stability and economic growth across the EU including through the implementation of the Union’s enhanced economic governance measures

  • Seeking agreement on the component elements of the Banking Union proposals

  • Seeking agreement on enhanced regulatory financial proposals including the Markets in Financial Instruments Directive and Regulation (MiFID/MiFIR) and progressing other financial services dossiers

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