Energy and innovation arrangements (Extract from Commission Note on Preparation of the 10 October Ecofin Council)

October 10, 2006

Brussels, 9 October 2006

Ministers are expected to agree conclusions following up to their extensive discussions at previous meetings on global competition, innovation and productivity and notably the need to strengthen the role of the European risk capital market in early stage financing.

Member States bear the heaviest burden in creating the right conditions for effective risk capital investment, but are supported by the work of the Commission on policy and best practice. The activities of the European Investment Bank and the European Investment Fund are critical in leading the way for the private sector to further develop facilities for R&D and innovation driven financing.

On energy, ministers are expected to restate the agreement reached in Manchester on co-ordination of the reactions to oil price developments, and in particular to avoid distortionary fiscal and other policy interventions that would prevent the necessary adjustments to the new oil price level..

Ministers are expected to highlight the aim to reduce the vulnerability of the European energy supply through diversification of energy supply, energy efficiency and promotion of renewable sources. A clear and stable policy framework to promote new investments, improved quality and transparency of energy market data, as well as further development of the EU emission trading system are all considered as important issues in the context of a future energy policy for Europe. Finally, the Ministers are expected to support the efforts the Commission is undertaking to remove barriers to the development of a competitive single energy market.

Item source: MEMO/06/367 Date: 09/10/2006

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