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Main results of the Economic and Financial Affairs Council

EU News 67/2014

COUNCIL OF THE EUROPEAN UNION
EN
6566/14
(OR. en)
PROVISIOAL VERSION
PRESSE 74
PR CO 6
PRESS RELEASE
3294th Council meeting
Brussels, 18 February 2014

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.

Source and additional information:
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/141063.pdf