Economic and Financial Affairs ministers from the Eurogroup, meeting in Brussels prior to the celebration of the Ecofin Council on 17 January, did not manage reach an agreement regarding the possibility to increase the resources for the European Financial Stability Fund. They did, however reach an agreement about the need to undergo a new round up of stress tests within EU banking sector.

In the agenda for the meeting of EU-area ministers of finance held in Brussels prior to the Ecofin Council, was the possibility to increase the amount of the European Financial Stability Fund in order to keep the reserves and maintain the rating level. Although some possibilities were discussed by ministers, no agreements was possible and the increase of EU bailout fund was not endorsed.

Furthermore, this first Ecofin Council of the year kicked off the 2011 "European Semester", examining the Commission's annual growth survey and drawing lessons from an assessment of the member states' draft national reform programmes. Ministers did also take note of the mayor priorities set up by Hungarian Presidency of the European Union for the next semester in terms of economic and financial affairs.

The Presidency has put as a key priority for this period the conclusion of an agreement in the Council by the end of March on six legislative proposals aimed at strengthening EU economic governance. Besides, as implementation of the first European Semester, conclusions on fiscal and macroeconomic challenges should be adopted in February, followed by a report to the European Council in March.

Ecofin Council also took note of a presentation by the Commission on the main elements of its annual growth survey published on 12 January. This survey outlines priority actions to be taken by member states in order to ensure better-coordinated and more effective policies for putting Europe's economy on a path to sustainable growth. This survey constitutes, along with review of draft national reform programmes, first steps in implementation of the so-called European semester.

The European Council is due to provide guidance to the member states at its meeting on 24 and 25 March, for finalisation of their stability and convergence programmes (budgetary policies) and national reform programmes (structural reforms).

More robust stress tests for EU Banking sector

In the margins of the Council, ministers from the Eurozone discussed over the possibility for a new round up of stress tests in the banking sector. As declared by EU Financial Services Commissioner Michel Barnier, the European Union is willing to take "more robust" tests in order to assess banking liquidity and exposure to sovereign debt, and increase transparency in all member states' financial sector.