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The Chancellor of the Exchequer (Mr George Osborne)
The Economic and Financial Affairs Council was held in Brussels on 13 November 2012. Ministers discussed the following items:
Economic governance—“Two pack”
The presidency updated Ministers on the current state of play of trialogue negotiations with the European Parliament.
Revised Capital Requirements Directive (CRD IV)
The presidency updated Ministers on the progress of negotiations in trialogues since the Council’s 9 October meeting. After brief discussion the presidency indicated acceptance of the Council’s desire to maintain the general approach agreed in May.
Banking Supervision Mechanism
At the invitation of the presidency, the Commission updated Ministers on the current state of play. I made it clear that the UK would not be taking part.
Financial Transaction Tax (FTT)
The Commission presented its proposal for an authorising decision on a proposal for the introduction of a FTT by some member states using the enhanced co-operation procedure.
Mandate for Negotiations of Amendments to the Savings Taxation Agreements with Third Countries
Ministers discussed the mandate for negotiations. No agreement was reached. The presidency indicated that it would report to the European Council.
Follow up to the European Council on 18-19 October 2012
The presidency provided a brief summary of the discussion on deepening economic and monetary union at the European Council’s meeting on 18 and 19 October.
Follow-up to the Annual Meeting of the IMF and World Bank Group in Tokyo and the G20 Finance Ministers and Governors Meeting
Council briefly discussed the outcomes of these meetings.
Preparation of the United Nations Framework Convention on Climate Change (UNFCCC)
Council adopted Conclusions endorsing the Fast Start Finance Report to be presented at the Convention.
EU State Aid Modernisation
Ministers noted the plans for reform set out by the Commission.
Ministerial Dialogue with European Free Trade Association (EFTA) Countries
Ministers met their counterparts from EFTA countries: Iceland, Liechtenstein, Norway and Switzerland.