title: AMENDMENT TO THE RECOMMENDATION FOR A REGULATION OF THE COUNCIL concluding an Agreement between the European Economic Community and Macao on trade in textile products (submitted to the Council by the Commission, pursuant to Article 149, para. 2 of the EEC Treaty)

text:
ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (76) 572
Vol. 1976/0177
 ---pagebreak--- Disclaimer
Conformément au règlement (CEE, Euratom) n° 354/83 du Conseil du 1er février 1983
concernant l'ouverture au public des archives historiques de la Communauté économique
européenne et de la Communauté européenne de l'énergie atomique (JO L 43 du 15.2.1983,
p. 1), tel que modifié par le règlement (CE, Euratom) n° 1700/2003 du 22 septembre 2003
(JO L 243 du 27.9.2003, p. 1), ce dossier est ouvert au public. Le cas échéant, les documents
classifiés présents dans ce dossier ont été déclassifiés conformément à l'article 5 dudit
règlement.
In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983
concerning the opening to the public of the historical archives of the European Economic
Community and the European Atomic Energy Community (OJ L 43, 15.2.1983, p. 1), as
amended by Regulation (EC, Euratom) No 1700/2003 of 22 September 2003 (OJ L 243,
27.9.2003, p. 1), this file is open to the public. Where necessary, classified documents in this
file have been declassified in conformity with Article 5 of the aforementioned regulation.
In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom 1.
Februar 1983 über die Freigabe der historischen Archive der Europäischen
Wirtschaftsgemeinschaft und der Europäischen Atomgemeinschaft (ABI. L 43 vom 15.2.1983,
S. 1), geändert durch die Verordnung (EG, Euratom) Nr. 1700/2003 vom 22. September 2003
(ABI. L 243 vom 27.9.2003, S. 1), ist diese Datei der Öffentlichkeit zugänglich. Soweit
erforderlich, wurden die Verschlusssachen in dieser Datei in Übereinstimmung mit Artikel 5
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                      COM < 76 ) 572 final .
                                      Brussels , A November 1976
                      \
      ν
      \
                         AMENDMENT TO THE
        RECOMMENDATION FOR A REGULATION OF THE COUNCIL
     concluding an Agreement between the European Economic
        Community and Macao on trade in textile products
   ( submitted to the Council by the Commission / pursuant to
     Article 149 , para . 2 of the EEC Treaty )
                '  ' I
   C0MC76 ) 572 final .
 ---pagebreak---                           EXPLANATORY MEMORANDUM
         A recommandation for a Council Regulation concerning the conclu
sion of an Agreement between the Community and Macao on trade in textile
products has been sent by the Commission to tho Council dat«d 23 February
1976 ( Doc . COM(76 ) 32 final )
         The Macao authorities hav® , by the following , axprese®d the wish
that detailed clauses exclude from the application of eventual quanti
tative restriction , certain textil® goods of th ^ eott&g© iadustry ( as h©s
bean provided in most of the siasilar Agy®«®©ats Si®g©tiet,r><a fey the Community
with other third countries ) •
         Following contacts with tfa® Mission of Fesrtag-'sl and tha f?acao
authorities aad in consultation rith the             Art isle 113 Committee ,
the text of aa article and && Asmcz refer.?!®®       it. fesiv© b"»*a drafted ?
the two parties have agreed to this test *
         The texts in question be$i£g ih@a pa^t ©f th® ®b©T® ^ it®d Agreement ?
the procedure tor the conclusion ®£ tsfeieb, is alysady in pysgress ia the
Council , it is fitting that the tests ba            to fcfee Agreement is
question *
         The ComBiseioa then is transmitting to tfe® Council the text of
the Article and of the Aanes in question ( ®s® Amass) ia order that the
Regulation concerning the coBclusioa of tfe@ Agr®«»enl! to® t«*K«n by th®
Council on ths basis of the test of the Ag^eeneafc " than eoraplsted#
( 1 ) cf. B©e® S/33V76 ( COMBE-' 9® )
 ---pagebreak---                                    Article ..... ...
 1.         Imports to the Community of the textile products referred to below,
originating in Macao, shall be free from quantitative restrictions , 1 f they
 satisfy one of the following definitions : ,
            i ) cotton handloom fabrics of the cottage industry , containing
                not more than 5 % by weight of man-made fibres , being fabrics which
                are both traditionally of the kind woven on handlooms and
                actually woven on a loom for which the motive power is provided
                entirely by the operators ( that is where the three primary move
                ments of weaving , namely shedding , picking and beating , are
                induced by hand or foot and no other source of power is used );
           ii ) handmade goods made up by the cottage industry from such cotton
                Handloom fabrics ;
         iii ) jerseysknitted by hand from wool yarns without use of a machine;
          iv ) traditional Macao folklore textile products cut , sewn ,
                or otherwise fabricated by hand in cottages which are units of the
                cottage industry-
2.          The admission of these products to the Community', free from quantita
tive restrictions , shall be subject to the proper functioning of the agrees
arrangements concerning-«ertif ication .
 ---pagebreak---                                                                            ANNEX
   Cottage industry textile products
  1.         In accordance with Article 12 ( 3 ) of the Geneva Arrangement ,
 the Community and Macao agree with Article .... of the Agreement
 that / subject to certain conditions , exports from Macao to the Community , of
 certain cottage industry textile products shall be admitted free from
  quantitative restrictions . The conditions set out in Article .... para . ... of
 the Agreement shall indicate that the admission of these products to the Community
 free from quantitative restrictions , shall be subject to the proper functioning
 of the agreed arrangements concerning certification .
 2.          The Community and Macao hereby agree that for the implementation of
 Article ....... of the Agreement , the model certificate given below shall be
 used :
   Certificate in respect of cottage industry textile products referred to
 in Article           of the Agreement between the European Economic Community and
Macao on trade m textile products .
            Name and address of manufacturer ,
            Name and address of exporter
            Name and address of importer within the Community
            Description of goods
            Quantity ( in tonnes )
            Name of vessel or flight number
            Port or airport of destination .
This is to certify that the above shipment consists of :
            i ) cotton handloom fabrics of the cottage industry, containing not
                more than 5 % by weight of man-made fibres , being fabrics wh'ch are bnt
                traditionally of the kind woven on handlooms and actually woven on a
                loom for which the motive power is provided entirely by the operators
                ( that is where the three primary movements of weaving , namely shed
                ding , picking and beating , are induced by hand or foot and no other
                source of power is used );
          ii ) handmade goods made up by the cottage industry frcm such cotton
                handloom fabrics ;
         iii ) jerseys knitted by hand from wool yarns without' use of a machine
          iv ) traditional Macao folklore textile products cut , sewn , or
                otherwise fabricated by hand in cottages which are units of the
                cottage industry .
3. The issuing authority for the above certificates shall be *
     Eeparticao Provincial de Servicos de Económica - Macao


title: Recommendation of the European Systemic Risk Board of 24 June 2016 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2016/4)

text:
               10.8.2016

               EN

               Official Journal of the European Union

               C 290/1

         RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD
   of 24 June 2016
   amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures
   (ESRB/2016/4)
   (2016/C 290/01)
   THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,
   Having regard to the Treaty on the Functioning of the European Union,
   Having regard to Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (1), and in particular Article 3 and Articles 16 to 18 thereof,
   Having regard to Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (2), and in particular Article 134(4) thereof,
   Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board (3), and in particular Article 15(3)(e) and Articles 18 to 20 thereof,
   Whereas:

               (1)

               Ensuring the effectiveness and consistency of macroprudential policy requires policy makers to give due consideration to the cross-border effects of macroprudential policy measures adopted by individual Member States and, when warranted, to adopt suitable reciprocating macroprudential policy measures to address them.

               (2)

               The framework on voluntary reciprocation for macroprudential policy measures set out in Recommendation ESRB/2015/2 of the European Systemic Risk Board (4) should ensure that all exposure-based macroprudential policy measures activated in one Member State are reciprocated in the other Member States.

               (3)

               In response to Eesti Pank’s request in accordance with Article 134(4) of Directive 2013/36/EU for reciprocation of a 1 % systemic risk buffer rate applicable to the domestic exposures of all credit institutions authorised in Estonia, the General Board of the European Systemic Risk Board (ESRB) has decided to include the Estonian measure in the list of macroprudential policy measures which are recommended to be reciprocated under Recommendation ESRB/2015/2.

               (4)

               Therefore, Recommendation ESRB/2015/2 should be amended accordingly,

         HAS ADOPTED THIS RECOMMENDATION:
   SECTION 1

      AMENDMENTS

   Recommendation ESRB/2015/2 is amended as follows:

               (1)

               Section 1, sub-recommendation C(1) is replaced by the following:

                           ‘1.

                           The relevant authorities are recommended to reciprocate the macroprudential policy measures adopted by other relevant authorities and recommended for reciprocation by the ESRB. It is recommended that the following measures, as further described in the Annex, be reciprocated:
                           Belgium:

                                       —

                                       a 5-percentage-point risk-weight add-on applied under Article 458(2)(d)(vi) of Regulation (EU) No 575/2013 to Belgian mortgage loan exposures of credit institutions using the internal-ratings based approach;

                                 Estonia:

                                       —

                                       a 1-percent systemic risk buffer rate applied in accordance with Article 133 of Directive 2013/36/EU to the domestic exposures of all credit institutions authorised in Estonia.’;

               (2)

               in the Annex, the following is added:
               ‘Estonia

                     1-percent systemic risk buffer rate applied in accordance with Article 133 of Directive 2013/36/EU to the domestic exposures of all credit institutions authorised in Estonia

               I.   Description of the measure

                           1.

                           The Estonian measure constitutes a 1-percent systemic risk buffer rate applied in accordance with Article 133 of Directive 2013/36/EU to the domestic exposures of all credit institutions authorised in Estonia.

                     II.   Reciprocation

                           2.

                           Where Member States have implemented Article 134 of Directive 2013/36/EU in national law, relevant authorities are recommended to reciprocate the Estonian measure for exposures located in Estonia of domestically authorised institutions in accordance with Article 134(1) of Directive 2013/36/EU. For the purposes of this paragraph, the deadline specified in sub-recommendation C(3) applies.

                           3.

                           Where Member States have not implemented Article 134 of Directive 2013/36/EU in national law, relevant authorities are recommended to reciprocate the Estonian measure for exposures located in Estonia of domestically authorised institutions in accordance with sub-recommendation C(2). Relevant authorities are recommended to adopt the equivalent measure within six months.’.

      Done at Frankfurt am Main, 24 June 2016.

            The Chair of the ESRB

         Mario DRAGHI

      (1)  OJ L 331, 15.12.2010, p. 1.

      (2)  OJ L 176, 27.6.2013, p. 338.

      (3)  OJ C 58, 24.2.2011, p. 4.

      (4)  Recommendation ESRB/2015/2 of the European Systemic Risk Board of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (OJ C 97, 12.3.2016, p. 9).


title: Council Recommendation of 12 July 2011 on the National Reform Programme 2011 of Slovenia and delivering a Council opinion on the updated Stability Programme of Slovenia, 2011-2014

text:
               23.7.2011

               EN

               Official Journal of the European Union

               C 217/1

         COUNCIL RECOMMENDATION
   of 12 July 2011
   on the National Reform Programme 2011 of Slovenia and delivering a Council opinion on the updated Stability Programme of Slovenia, 2011-2014
   2011/C 217/01
   THE COUNCIL OF THE EUROPEAN UNION,
   Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 121(2) and 148(4) thereof,
   Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (1), and in particular Article 5(3) thereof,
   Having regard to the recommendation of the European Commission,
   Having regard to the conclusions of the European Council,
   Having regard to the opinion of the Employment Committee,
   After consulting the Economic and Financial Committee,
   Whereas:

               (1)

               On 26 March 2010, the European Council agreed to the Commission's proposal to launch a new strategy for jobs and growth, Europe 2020, based on enhanced coordination of economic policies, which will focus on the key areas where action is needed to boost Europe's potential for sustainable growth and competitiveness.

               (2)

               On 13 July 2010, the Council adopted a recommendation on the broad guidelines for the economic policies of the Member States and the Union (2010 to 2014) and, on 21 October 2010, the Council adopted a decision on guidelines for the employment policies of the Member States (2), which together form the ‘integrated guidelines’. Member States were invited to take the integrated guidelines into account in their national economic and employment policies.

               (3)

               On 12 January 2011, the Commission adopted the first Annual Growth Survey, marking the start of a new cycle of economic governance in the EU and the first European semester of ex-ante and integrated policy coordination, which is anchored in the Europe 2020 strategy.

               (4)

               On 25 March 2011, the European Council endorsed the priorities for fiscal consolidation and structural reform (in line with the Council's conclusions of 15 February and 7 March 2011 and further to the Commission's Annual Growth Survey). It underscored the need to give priority to restoring sound budgets and fiscal sustainability, reducing unemployment through labour market reforms and making new efforts to enhance growth. It requested Member States to translate these priorities into concrete measures to be included in their Stability or Convergence Programmes and National Reform Programmes.

               (5)

               On 25 March 2011, the European Council also invited the Member States participating in the Euro Plus Pact to present their commitments in time to be included in their Stability or Convergence Programmes and their National Reform Programmes.

               (6)

               On 18 and 19 April 2011, Slovenia submitted its 2011 Stability Programme update covering the period 2010-2014 and its 2011 National Reform Programme. In order to take the interlinkages into account, the two programmes have been assessed at the same time.

               (7)

               In the years preceding the crisis, Slovenia enjoyed fast economic growth, driven by buoyant exports and investment. However, Slovenia was heavily impacted by the crisis, losing 8,1 % of its GDP in 2009 in real terms, which reversed a portion of the previous catch-up process. The interaction of automatic stabilisers, recovery measures and strong in-built expenditure dynamics combined to push the general government deficit from 1,8 % of GDP in 2008 up to 6,0 % of GDP in 2009 (with gross debt levels of 21,9 % of GDP and 35,2 % respectively). The labour market reacted with a considerable lag and employment continues its downwards trend. While the unemployment rate remains below the EU average, it increased sharply from its pre-crisis levels of 4,4 % to 7,3 % in 2010. Economic recovery so far has been rather slow and is expected to rally only in 2012 with an estimated growth of 2,5 % of GDP.

               (8)

               Based on an assessment of the updated Stability Programme pursuant to Regulation (EC) No 1466/97, the Council is of the opinion that the macroeconomic scenario underpinning the budgetary projections of the programme is plausible in the near term, and favourable towards the end of the programme period. Starting from 5,6 % of GDP in 2010, the programme plans to bring the general government deficit below the 3 % of GDP reference value by 2013, through a broad-based containment of primary expenditure. After correcting the excessive deficit, the programme envisages some progress towards, but not achievement of, the medium-term objective (MTO) of a balanced budgetary position in structural terms within the programme period. Although the MTO is set at a more ambitious level than in the previous programme, it does not appear to ensure sufficiently rapid progress towards long-term sustainability of public finances. The average annual change in structural balance over the period 2010-2013, as calculated by the Commission services based on the information in the programme following the commonly agreed methodology, is planned to be around 0,5 percentage points of GDP, below the level recommended by the Council. Moreover, deficit and debt outcomes could fall short of the targets. Additional measures are expected to be adopted as part of a supplementary budget to achieve the 2011 deficit target. After 2011, the programme does not specify measures to contain expenditure and the possibility of additional financial rescue operations affecting deficit and debt cannot be excluded.

               (9)

               While the general government deficit has narrowed since its peak in 2009, further consolidation to correct the excessive deficit by 2013 and achieve the MTO thereafter is a key challenge for Slovenia. In line with the consolidation strategy pursued in recent years, the further expenditure savings envisaged in the Stability Programme for the period 2011-2014 mainly affect the public sector wage bill, social transfers (including pensions) and public investment. However, the Stability Programme offers no detailed information on the planned measures beyond 2011. Further corrective action is being taken in the context of a supplementary budget to achieve the 2011 deficit. The credibility of the medium-term consolidation strategy would be enhanced by adopting more structural expenditure-containing measures — as opposed to the temporary interventions that have characterised recent consolidation efforts — and by a more binding medium-term budgetary framework. The Stability Programme confirms the introduction of an expenditure rule but key provisions, for instance on the definition of non-compliance, remain to be worked out. Finally, comparatively low spending efficiency, for example in healthcare and education, implies that Slovenia may have additional scope for expenditure-based consolidation without compromising the quality of public services. The Stability Programme announces initiatives to rationalise public services and transfers and introduce a unified public procurement system, but the detail of some of these is lacking.

               (10)

               The long-term budgetary impact of ageing in Slovenia is significantly higher than the EU average. Moreover, the participation and employment rates for older workers are very low (36,5 % and 35 % compared to the EU averages of 49,7 % and 46,3 % respectively), mainly due to the low retirement age and insufficient incentives for active ageing. The parliament recently adopted a pension reform, with the aim of increasing the retirement age, while preserving the adequacy of pensions. According to the Stability Programme, this would stabilise age-related spending until 2030 and would therefore be an important first step in tackling the sustainability of the pension system. It was submitted to a referendum on 5 June 2011 and rejected. The problem of sustainability of the pension system remains and other ways of resolving it will need to be found. According to the Commission's latest assessment, the risks with regards to long-term sustainability of public finances appear to be high.

               (11)

               The labour market is relatively segmented between forms of contract: employment protection for workers on permanent contracts is strict compared to that accorded to workers with fixed-term contracts. The share of young workers aged 15-24 years on temporary contracts including ‘student work’ is the highest in the EU (67 % in 2009) and transition from temporary to permanent contracts appears to be relatively difficult. Previous attempts to address this issue proved insufficient. The government plans to negotiate with the social partners a revision of the Employment Relationship Act, with a view to aligning rights and obligations under different types of employment contracts. Furthermore, ‘student work’ constitutes a sizeable, largely unregulated, tax-advantageous, parallel labour market. This important issue is absent from the National Reform Programme due to time coincidence of a referendum and the submission of the Programme.

               (12)

               Apart from segmentation, the structural problems on the Slovenian labour market are also caused by the mismatch between labour market needs and skills, which is recognised in the National Reform Programme. The National Reform Programme envisages intensive investment in training to improve skills and employability. It outlines plans to further improve the transition from education to the labour market, with a focus on providing career guidance services throughout the education system. It plans to modernise the employment service with the objective of better matching the supply of skills to labour market needs. Successful implementation of these reforms would, however, require improving the system to identify in a timely way current and projected labour market needs.

               (13)

               The downturn is impacting on loan portfolios with a lag and the growing share of non-performing loans has been raising banks' impairment and provisioning costs. The two main State-owned banks have been recapitalised, which was crucial. The government has also proposed measures to accelerate recovery of claims and incentivise lending for productive activities, to restore the flow of credit to the real economy, although further action may be needed.

               (14)

               Certain segments of the services sector are sheltered from competitive pressures and are characterised by high mark-ups and high concentration, raising costs throughout the economy. This, together with the high degree of State involvement in the economy, and other impediments to doing business keep potentially beneficial foreign direct investment (FDI) relatively low. Slovenia plans are speeding up the implementation of the Services Directive, where considerable delays were accumulated. It also plans to give the Competition Protection Office full independence and identify State capital investments suitable for sale. These plans are not specified in detail and there are risks related to implementation.

               (15)

               Slovenia has signed up to the Euro Plus Pact. While the Slovenian National Reform Programme indicates potential commitments and targets in the four areas of the Euro Plus Pact of fostering competitiveness and employment, contributing to the sustainability of the public finances and reinforcing financial stability, no firm commitments had been notified to the Commission by 7 June 2011.

               (16)

               The Commission has assessed the Stability Programme and National Reform Programme. It has taken into account their relevance for sustainable fiscal and socio-economic policy in Slovenia and compliance with EU rules and guidance, given the need to reinforce the overall economic governance of the EU by providing EU-level input into future national decisions. In this light, the Commission considers that achieving the 2011 deficit target set in the Stability Programme requires the adoption of additional measures in the context of a supplementary budget. Beyond 2011, there are risks to the deficit and debt targets as the Stability Programme does not specify sustainable measures to contain expenditure. The National Reform Programme contains measures to repair the financial sector, but they may not be sufficiently ambitious. The assessment also indicates that domestic sources of growth need to be boosted, in particular by increasing labour market participation of young and older workers through reducing labour market segmentation and removing skill mismatches. Finally, there is a need to strengthen competition and open up opportunities for investment and growth in the service sector and network industries.

               (17)

               In light of this assessment, also taking into account the Council Recommendation of 2 December 2009 under Article 126(7) of the Treaty on the Functioning of the European Union, the Council has examined the 2011 update of the Stability Programme of Slovenia and its opinion (3) is reflected in particular in its recommendations 1 and 2 below. Taking into account the European Council conclusions of 25 March 2011, the Council has examined the National Reform Programme of Slovenia,

         HEREBY RECOMMENDS that Slovenia take action within the period 2011-2012 to:

               1.

               Achieve the 2011 deficit target, underpin the 2012 deficit target with concrete measures and implement the necessary consolidation rigorously, standing ready to adopt additional measures to prevent possible slippages. Underpin this required adjustment process over the programme period with additional measures to ensure the average annual fiscal effort in line with the Council recommendations under the EDP and adequate progress towards an appropriate medium-term objective. To this purpose, use structural measures to contain expenditure and address identified inefficiencies and implement a more binding medium-term budgetary framework. Accelerate the reduction of the deficit if economic or budgetary conditions turn out better than currently expected.

               2.

               Take the required steps to ensure the long-term sustainability of the pension system, while preserving the adequacy of pensions. Increase the employment rate of older workers through later retirement, and by further developing active labour market policies and lifelong learning measures.

               3.

               Take further measures in the banking sector, where appropriate, to strengthen the balance sheets and the loan portfolio, with a view of enhancing the flow of credit to the real economy.

               4.

               Take steps, in consultation with the social partners and in accordance with national practices, to reduce asymmetries in rights and obligations guaranteed under permanent and temporary contracts. Renew efforts to tackle the parallel labour market resulting from ‘student work’.

               5.

               Set up a system to forecast skills and competencies needed to achieve a responsive labour market. Evaluate the effectiveness of the public employment service, notably on career guidance and counselling services, to improve the matching of skills with labour market needs.

               6.

               Streamline regulated professions and improve the administrative capacity of the Competition Protection Office, in order to enhance the business environment and attract investment.

      Done at Brussels, 12 July 2011.

            For the Council

            The President

         J. VINCENT-ROSTOWSKI

      (1)  OJ L 209, 2.8.1997, p. 1.

      (2)  Maintained for 2011 by Council Decision 2011/308/EU of 19 May 2011 on guidelines for the employment policies of the Member States (OJ L 138, 26.5.2011, p. 56).

      (3)  Foreseen in Article 5(3) of Regulation (EC) No 1466/97.