In the context of the preparation of this report, the main building blocks towards a deeper economic and monetary integration including the banking union and the fiscal union will be extensively discussed as well as the working methods.

Directive 85/611/EEC recognises as a sub-category of transferable securities and money market instruments those which embed a derivative element.

Embedding a derivative element into a transferable security or money market instrument does not transform the whole financial instrument into a financial derivative instrument which would fall outside the definitions of transferable security or money market instrument.

12. UNDERLINES that addressing climate change has costs but also brings opportunities and incentives for innovation in support of the Lisbon Agenda goals of economic growth, full employment and sustainable development; NOTES that broader participation in efforts to reduce greenhouse gas emissions is necessary to achieve the environmental objective and will contribute to mitigate economic adjustment costs and avoid distortions in competition; EMPHASISES that when evaluating costs and benefits of future climate change policies it is vital to include monetary, non-monetary and non-tangible aspects of climate change policies into both the ...[+++]costs of action (taking into account such aspects as technological developments, reduction potentials and consumption patterns) and the costs of inaction (such as damage from more frequent severe weather events, risks of abrupt climate change, loss of biodiversity, irreversible impacts, social and safety aspects and implications for other regions, and positive effects such as ancillary benefits and the contribution of technology innovation to competitiveness and economic growth); LOOKS FORWARD to the Commission’s report on costs and benefits in view of the 2005 Spring European Council consideration of medium and longer term emission reduction strategies, including targets".

Economic and Monetary Union EMS membership has become one element of the wider debate on the benefits of economic and monetary union in the Community.

- Modalities : First reduction stage of five years Credit for measures taken since 1986 - Scope : Priority to the sectors in structural surplus (cereals, rice, sugar, oilseeds, milk, beef and veal, pigmeat, eggs and poultry meat) - Rhythm : The scale of the movement should relate to a certain extent to the world market situation. An open approach : rebalancing and tariffication The problems occurring in agriculture are not exclusively due to excessive levels of support. The means by which support and protection are ensured is equally a source of serious difficulty. In particular, the different levels of support and protection for products directly competing at the production or consumption level provoke imbalances and inconsistencies, which ...[+++] are a cause of trade distortions. The Uruguay Round provides a unique opportunity to tackle this question by the rebalancing of support and protection. This is a fundamental question for the Community. Given the fact that rebalancing can be solved in the context of tariffication, the Commission is prepared to consider including elements of tariffication in the rules of external protection : - Boarder protection assured by a fixed component (reduced at a similar rate as the SMU) completed by a corrective factor taking into account exchange rate variations and world market fluctuations beyond certain agreed limits.