European Union economics and finance ministers will meet for the second time this year on February 10 at an Ecofin Council meeting chaired by Czech finance minister Miroslav Kalousek.

In a statement, the Czech presidency of the EU said that Kalousek and his colleagues would focus mainly on issues related to the preparation of the Spring European Council.

Heads of state and government of EU member states will sit down at the negotiation table on March 19 and 20.

At the Ecofin Council meeting, the finance ministers of the EU27 will exchange views on the implementation of national measures in support of economic activity adopted in terms of the European Economic Recovery Plan.

"In this way, they will pave the way for the assessment of the stability and convergence programmes, planned for the March meeting," the statement said.

The ministers will also discuss the financial aspects of proposals for increased support for energy projects, high-speed internet and new challenges in agriculture granted from the EU budget, which the European Commission published on January 28 2009.

Under the approved Recovery Plan, the December European Council set the task for the finance ministers to find possibilities for applying reduced VAT rates in certain sectors.

In line with the schedule of the Ecofin Council agenda presented at the January meeting, the ministers will discuss in which sectors reduced VAT rates might be introduced.

"An important factor in selecting these sectors will be the emphasis on growth and jobs
support," the statement said.

At the same time, the ministers will set the direction for further activities in this area.

The main point on the agenda of the Ecofin Council for the Spring European Council will be the Key Issues Paper on Economic and Financial Affairs for 2009. At the ensuing meeting, the ministers will discuss its structure and main issues. The text itself will be discussed and ratified one month later, at the Ecofin Council meeting in March.
 
In relation to the report of the Commission, the Council should accept the conclusions on the review of the single EU market.

The approval of the recommendation of the Council on the 2007 EU budget discharge for the European Commission is an established topic of the February meeting of the Ecofin Council. The recommendation is approved by the Council on the basis of a report from the European Court of Auditors. The ministers were already acquainted with this report at their meeting in December.

Based on the Progress Report of the European Commission, the ministers will accept the conclusions of the Council on the SEPA project (Single Euro Payments Area).

The SEPA project, according to the European Central Bank (ECB), arises from the fact tha customers can pay with euro cash anywhere in the euro area, but making cashless payments from one country to another is still not very smooth.

"SEPA will remove the technical, legal and commercial barriers. SEPA will make cashless paying with euro as easy, efficient and safe as it is today within one country," the ECB said.

In a note on its website about the status of the SEPA project, the ECB said: "Despite positive developments since the last progress report the Eurosystem notices fading motivation among market participants. The 6th Progress Report points out where work still needs to be done and how market participants can regain their constructive spirit to ensure the success of the SEPA".

At a working breakfast on February 10, the ministers will have an informal discussion of the economic and financial situation. At a working lunch, they will exchange views on the direction of the Lisbon Strategy after 2010 with an emphasis on economic aspects, the Czech EU presidency statement said.