ECOFIN

Tuesday 13th December 2016 Written Statements

[The Chancellor of the Exchequer (Mr Philip Hammond)]

A meeting of The Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 6 December 2016. EU Finance Ministers discussed the following items:

Early morning session

Ministers were briefed on the outcomes of the 5 December meeting of the Eurogroup and the European Commission presented an update on the current economic situation.

Investment plan for Europe

Ministers discussed proposals for the investment plan for Europe and reached a general approach on the Commission’s proposal to amend the European Fund for Strategic Investments (EFSI) legislation as part of the planned extension beyond its original 2015-2018 lifetime. Ministers also discussed draft council conclusions on measures to tackle bottlenecks to investment identified under the third pillar of the investment plan for Europe.

Anti-tax-avoidance directive 2

Ministers discussed the Commission’s proposals on the anti-tax avoidance directive (ATAD2).

Enhanced co-operation in the area of financial transaction tax

Ministers received an update on the proposal for a Council directive implementing enhanced co-operation in the area of financial transaction tax.

Banking union: risk-reduction measures

The Council presidency presented its new proposals, published on November 23, to revise the capital and resolution frameworks for banks and large investment firms, which was followed by an exchange of views.

Anti-money laundering directive

The Council presidency provided an update on the discussions for proposal for a directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

Current financial service legislative proposals

The Council presidency provided an update on current legislative proposals in the field of financial services.

VAT digital package

The Commission presented on the digital single market VAT package.

Deepening the economic and monetary union: Follow-up on the 5 Presidents’ report

The Commission provided information on the 5 Presidents’ report: Completing Europe’s economic and monetary union.

Improving the predictability and transparency of the stability and growth pact

Ministers endorsed draft Council conclusions on improving the predictability and transparency of the stability and growth pact.

Report on strategic issues in the area of customs by the high level group of customs directors general

Ministers were informed about the outcome of the pilot meeting of the high level group of directors general for customs policy, taxation and customs co-operation on 25 October 2016.

European semester 2017

The Commission presented to Ministers on the publication of the 2017 annual growth survey (AGS) and alert mechanism report (AMR), which was followed by an exchange of views.

Implementation of the Banking Union

Ministers discussed the current state of play regarding implementation of banking union within the eurozone.

Fight against the financing of terrorism

The Commission gave a presentation on the fight against the financing of terrorism.

Capital Markets Union

The Commission provided information on the capital markets union.

[HCWS349]