Press Release: Economic and Financial Affairs Council, Brussels, 18 February 2014

Main results of the Council:

The Council confirmed an agreement with the European Parliament on a recast of rules on deposit guarantee schemes
(DGSs). Maintaining a coverage level of €100 000 per deposit, the draft directive harmonises the framework for DGSs across the EU and enhances depositor protection, simplifying coverage and pay-out arrangements.

The Council adopted conclusions on the Commission's annual growth survey, confirming the broad priorities outlined for 2014, the same as those identified last year. It noted that despite recent improvements, the recovery remains fragile. The legacy of the crisis, high unemployment and persisting fragmentation in the financial industry are likely to continue weighing on economic growth.

The Council adopted conclusions on macroeconomic imbalances, welcoming progress made by member states in correcting both external and internal imbalances. Further progress is however needed to address those imbalances that give rise to sustainability concerns. The Commission is due to publish in-depth reviews of the situation in 16 member states.

The Council adopted a recommendation to the European Parliament on the discharge to be given for implementation of the EU's general budget for 2012, and conclusions setting priorities for negotiations with the EP on the budget for 2015.

It postponed to 1 August 2014 the end-date for migration to credit transfers and direct debits based on SEPA (single euro payments area) standards. This will enable an exceptional and temporary extension of the use of existing standards alongside SEPA schemes, so as to enable the rate of migration to be raised to the required level whilst keeping disruptions to a minimum.

ESO: Background information: Council conclusions on 2014 European Semester: macroeconomic and fiscal guidance to Member States http://www.europeansources.info/record/press-release-council-conclusions-on-2014-european-semestermacroeconomic-and-fiscal-guidance-to-member-states/

ESO: Background information: Council conclusions on Alert Mechanism Report 2014 http://www.europeansources.info/record/press-release-council-conclusions-on-alert-mechanism-report-2014/

European commission: RAPID: Speech, SPEECH/14/138: Intervention lors des discussions sur le mécanisme de résolution unique http://europa.eu/rapid/press-release_SPEECH-14-138_fr.pdf

ESO: Background information: Commissioner Šemeta welcomes Council's recommendation to grant discharge on 2012 budget http://www.europeansources.info/record/statement-commissioner-semeta-welcomes-councils-recommendation-to-grant-discharge-on-2012-budget/

ESO: Background information: Deadline for SEPA payments extended to 1 August http://www.europeansources.info/record/press-release-deadline-for-sepa-payments-extended-to-1-august/

ESO: Background information: Deposit guarantee schemes: Council confirms agreement with EP http://www.europeansources.info/record/press-release-deposit-guarantee-schemes-council-confirmsagreement-with-ep/

Eurogroup: Press Release, 18.02.14: Remarks by Eurogroup President Jeroen Dijsselbloem at the Ecofin press conference of 18 February 2014 on the Special ministerial meeting on the IGA on the Single Resolu tion Fund http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/141062.pdf

European Commission: RAPID: MEMO/14/110: Preparation of Economic and Finance Ministers Council, Brussels, 18 February http://europa.eu/rapid/press-release_MEMO-14-110_en.pdf

EurActiv, 19.02.14: Schäuble: ‘We are ready to speed up’ EU bank rescue fund http://www.euractiv.com/euro-finance/schaeuble-ready-speed-eu-bank-re-news-533618

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