The Ecofin Council yesterday gave a mandate to the European Commission and the European Bank Investment ", to perform a series of technical studies intended to evaluate the objectives and the impact of an economic recovery plan based on a strong increase in investments in the trans-European transport networks and research. It 's the first step, the first one "executive", albeit preliminary, of the "Tremonti Plan" which aims to mobilize resources between 50 and 70 billion euro per year through greater involvement of private capital, strengthening the role of the EIB and the identification of new financial instruments that can leverage to increase the capacity of member states and the EIB itself.
"It is no longer an Italian plan, now is European," said Giulio Tremonti, who earned the favorable reaction of all member states (except Denmark, which asked about guarantees the neutrality of the plan on public finances).
The Commission and the EIB will now have to develop concrete proposals on investment to be made and resources used. An initial report must be made available to the Heads of State and Government at the European Council in October, while the final report will come to the next summit in December. At the Economic and Financial Committee, which brings together experts representing all member states, it will be to assess the impact of proposals on the stability of public finances.
And the attention to the balance of public budgets has also emerged from the reaffirmation of the need to respect the Stability Pact, in response to French President Jacques Chirac, who on Monday had asked that it apply more "soft". "The key driver for growth is confidence, which can 'only be based on bold structural reforms and the respect of the covenant," said Commissioner Pedro Solbes.
For a project that finally moves its first steps, one has concluded its process: after the agreement reached with the European Parliament had approved the directive two weeks ago, Ecofin yesterday finally approved the Directive on the prospectus to be published offered to the public or admitted to trading of securities. Issuers will benefit from a true "European passport" and may turn to investors of all Member States after obtaining approval from a single national regulatory authority. As requested by Parliament, bond issuers will be able (with single designation for emissions above 1000 €) to freely choose the national regulatory authority to which requests for approval of the prospectus.
At the request of France, the EU finance ministers also addressed the controversial issue of the application of international accounting standards since 2005: Ecofin has supported the commission's proposal to ratify today, following the postponement of last December, with the exception of accounting standards, following the alarm raised by the banking and insurance sectors and endorsed by Chirac in a letter to Romano Prodi, IAS 32 and 39.
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