ECOFIN (15 October)

David Gauke Excerpts

Tuesday 15th October 2013 Written Statements

[The Exchequer Secretary to the Treasury (Mr David Gauke)]

A meeting of the Economic and Financial Affairs Council will be held in Luxembourg on 15 October 2013. The following items are on the agenda to be discussed.

Current legislative proposals

The presidency intends to give a state of play update on the following financial services dossiers: common securities depositories regulation (CSDR); Omnibus II; markets in financial instruments directive (MiFID); single resolution mechanism (SRM); bank recovery and resolution directive (BRRD); and deposit guarantee scheme directive (DGSD).

Preparation of the European Council on 24-25 October 2013

a) Indicators and policy areas for strengthened economic policy co-ordination:

ECOFIN will hold an exchange of views on indicators and policy areas for strengthened economic policy co-ordination. The Government recognise the desire for euro area countries to strengthen the co-ordination of their economic policies. However the Government consider that, consistent with the June European Council conclusions, participation in any new measures for economic and monetary union should be voluntary for those outside the single currency and be fully compatible with the single market.

b) Commission-EIB SME initiative:

ECOFIN will consider Commission-EIB designs for financing instruments aimed at leveraging finance for small and medium-sized enterprises (SMEs). The Government recognise the importance of ensuring small business has access to finance, but considers that national Governments are best placed to decide the most effective policies to achieve this. Accordingly, participation in this scheme should be voluntary for member states.

European Semester: Lessons from 2013 and way forward

ECOFIN will hold an exchange of views on lessons to be learned from the 2013 European semester—the Commission’s yearly cycle of economic policy co-ordination —and the possible ways for further improvement for next year’s exercise. The Government welcome the opportunity to discuss this with the Commission and other member states.

Follow-up to G20 Finance Ministers and Governors’ meeting on 10-11 October 2013 and Annual Meetings of the IMF and World Bank Group on 11-13 October in Washington

The Commission and presidency will provide a short update on the outcomes of these meetings. G20 Finance Ministers and Governors’ will discuss: recent developments in the global economy and financial sector vulnerabilities; international financial architecture reform; financing for investment; strengthening the G20 process; and a forward-look to priorities for the Australian presidency in 2014. The annual meetings of the IMF and World Bank Group will discuss the economic outlook and situation; and IMF policy issues, including governance, surveillance, resources and the IMF’s support to low-income countries.

Preparation of the 19th Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Warsaw from 11 to 22 November 2013

ECOFIN will adopt conclusions on climate finance ahead of the UNFCCC conference in Warsaw in November.