The Minister for Finance, Mr Charlie McCreevy, together with his Dutch, Luxembourg and British Finance Minister colleagues, launched a joint initiative today (26 January 2004) to prioritise regulatory reform over the course of their four Presidencies of the Council of Ministers in 2004 and 2005, beginning with the Irish Presidency.

The European Commission’s recent review of the European economy pointed out that regulatory reform is a key element in seeking to achieve the goals of the Lisbon strategy. The IMF has also stated that improvements in the EU regulatory framework could deliver as much as a 7 per cent increase in GDP and a 3 per cent increase in productivity in the longer term.

To give effect to this joint Initiative, the four Presidencies propose that a range of measures and actions will be undertaken over the next two years. These proposals are set out in a joint letter from the four Finance Ministers to their fellow ECOFIN Ministers, circulated today.

Speaking from Brussels the Minister for Finance Mr McCreevy said that ‘Last week, the Taoiseach published the Irish White Paper on Regulatory Reform – ‘Regulating Better’. This week I am launching an EU Presidency initiative on this important issue. It is clear that reducing the regulatory burden, and ensuring effective regulation, can boost economic performance both in Ireland and across Europe and therefore increase our ability to generate employment and increase living standards’.

The Minister went on to say that ‘this initiative is an example of how the Presidencies aim to tackle challenges which will be crucial to overcome if Europe is to achieve its goal of becoming the most competitive and dynamic economy in the world by 2010, in line with the Lisbon strategy’.

The Minister for Finance was in Brussels to meet the European Parliament’s Economic and Monetary Affairs Committee on the Irish Presidency Programme. The Minister also addressed the ‘Advancing Enterprise’ Conference in London, via video-link, which is being hosted by the UK Chancellor of the Exchequer Gordon Brown. Other speakers at the conference included Alan Greenspan, Chairman of the US Federal Reserve, and Bill Gates, Chief Software Architect of the Microsoft Corporation.

Ends.

Click here for PDF version of the letter on Joint Initiative on Regulatory Refrom