Results of today's Ecofin Council (Brussels, 18 February 2014)

Deposit guarantee schemes

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 in particular coverage and pay-out arrangements.

See press release : http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/141059.pdf

Annual growth survey

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

See conclusions : http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/141056.pdf

Macroeconomic imbalances

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 imbalances that give rise to sustainability concerns, and the Commission is expected to publish in-depth reviews of the situation in 16 member states.

See conclusions : http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/141057.pdf

Budget

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. SEPA The Council 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.

See press release : http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/141058.pdf