Chairing the first ECOFIN meeting under the Greek Presidency, Minister Yannis Stournaras outlined to his counterparts the Presidency’s work programme, its goals and priorities.

“Our overarching goal will be to foster growth, competitiveness and jobs, to ensure stability and prosperity for the European citizens, as well as to restore confidence in the financial sector”, said the Minister.

He referred in particular to the top priorities of the Greek Presidency, such as the Banking Union, the increase of liquidity in the European economy, SMEs’ facilitation of access to financing, as well as the safeguarding of the financial stability.

Furthermore, deepening of the EMU and the reinforcement of citizens’ and investors’ confidence by fighting tax fraud and tax evasion were also highlighted by the Greek Finance Minister.

During breakfast, EU finance ministers were briefed by the President of the Eurogroup on the economic situation while the Chairman of the Intergovernmental Conference on the Single Resolution Fund informed them on the progress made so far.

Τhe European Central Bank updated the Council on the implementation of the Single Supervisory Mechanism (SSM). The supervisory board will hold its first meeting at the end of this month, and direct supervision by the ECB is on track to start in November.

In the follow-up to December 2013 European Council, EU Finance Ministers held an exchange of views regarding the implementation of the Compact for Growth and Jobs:
“We will ensure that the Ecofin Council will continue to regularly review implementation of the Compact for Growth and Jobs”, said the ECOFIN President, Minister Stournaras.

Finally, the Council opened an excessive deficit procedure for Croatia, adopting a decision on the existence of an excessive deficit in Croatia as well as a recommendation setting out measures to be taken to correct the deficit by 2016.

Under “A” items ECOFIN Council adopted today by qualified majority a Directive on credit agreements for consumers relating to residential immovable property. “Successful conclusion of work on the mortgage credit Directive, is a significant step forward to the creation of a single market for mortgage credits in the EU, against the background of the financial crisis.”, said President Yannis Stournaras. “While it ensures a high level of protection by fostering consumer confidence, it also guarantees that mortgage credit markets operate in a responsible manner”.

Read more on the Council's website :

Council opens excessive deficit procedure for Croatia [PDF]

Council adopts directive on mortgage credits [PDF]

Check the PDF document below for the Presidency's Introductory remarks at the Press Conference