The Informal Ecofin meeting held in Brussels on 30 September and 1 October gave EU finance ministers the opportunity to discuss over the proposals put forward by the European Commission on economic governance and structural reforms. Although perspectives on economic recovery are improving, EU finance ministers acknowledged that uncertainty still remains and further efforts must still be done.

After the recent approval of the new financial supervision framework package put forward by the European Commission in order to improve EU economic governance, the next step will consist in reinforcing the foundations for a smart, sustainable and inclusive Europe. Ministers restated the importance of implementing the Europe 2020 strategy providing the adequate framework for economic and structural policies in the EU, and discuss the possibility of accelerating these structural reforms as proposed in the Europe 2020 strategy to lift both productivity and employment rates.

On the economic and financial situation, Ministers and governors of central banks, in the presence of the managing director of the International Monetary Fund (IMF), discussed the recent signs of global economic recovery. They observed that despite the various stimulus measures implemented as a response to the crisis, the pace of recovery still remains uncertain in Europe and in the US due to difficult budgetary situations.

Finance ministers agreed that despite the better than expected growth performance in the second quarter of 2010, the recovery remains fragile and uncertain. Correction of global macroeconomic imbalances and imbalances between private and public demand should be pursued not only within the Eurozone but also at international level.

International role of the European Union was again part of the debate as ministers also addressed the issue about the need to set up an adequate representation of the European interests in international fora such as the IMF or the G20. Ministers and governors had also a fruitful exchange of views on the lessons learned from the implementation of banks stress tests as a response to the financial crisis.

As part of on-going discussions on the new regulatory and supervisory framework for rating agencies on which the Commission has made a first proposal in June of this year, and on which it intends to come up with a new proposal during the first semester of 2011, ministers and governors had an exchange of views with representatives of credit rating agencies and of the European association of credit agencies .

The informal Ecofin meeting was also the occasion for ministers to discuss about bank levies and financial transactions tax already initiated during the last Ecofin on 7 September. There was a broad consensus for dealing with the need for the financial sector to make a fair and substantial contribution towards supporting part of the burdens associated with government interventions. Ministers had two separate discussions on the question of bank levies and financial transactions tax.