George Osborne
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ECOFIN; 12 February 2016
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The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)
A meeting of the Economic and Financial Affairs Council was held in Brussels on 12 February 2016. Ministers discussed the following items:
Anti-tax avoidance package
The Commission presented its proposals for tackling corporate tax avoidance, including implementing the UK Government’s country by country reporting template for multinationals. This was followed by an exchange of views. The UK intervened to welcome the package and to urge EU Ministers to go further, including seeking a multilateral agreement on making details of the tax paid by companies publicly available on a country by country basis.
Current legislative proposals
The presidency updated the Council on the state of play of financial services dossiers.
Implementation of the banking union
The Commission provided a brief update on several dossiers linked to the banking union: the single resolution fund, the bank recovery and resolution directive and the deposit guarantee scheme directive.
Fight against the financing of terrorism
The Commission presented its action plan to reinforce the European framework in the fight against the financing of terrorism. Following an exchange of views, the Council adopted conclusions on the new measures.
Preparation of the G20 meeting in Shanghai on 25-27 February 2016
The Council adopted the EU’s terms of reference ahead of the G20 meeting of Finance Ministers and central bank governors in Shanghai.
Discharge to be given to the Commission in respect of the implementation of the budget for 2014
On the basis of a report from the Court of Auditors, the Council voted on the discharge to be given to the Commission in respect of the implementation of the EU’s general budget for the financial year 2014. The UK voted against, alongside Sweden and the Netherlands.
Budget guidelines for 2017
Council conclusions were adopted on the EU budget guidelines for 2017. These will inform the Commission of high-level priorities in preparation of the draft budget.
High-level group on own resources
Mario Monti, the chair of the high-level group on own resources, provided a state of play update on the EU’s financing system, followed by a short exchange of views.
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