ECOFIN

Monday 3rd December 2012 Written Statements

[The Financial Secretary to the Treasury (Greg Clark)]

A meeting of the Economic and Financial Affairs Council will be held in Brussels on 4 December 2012. We expect the following items to be on the agenda and discussed.

Banking Supervision Mechanism

Council will seek to agree a general approach for the Commission’s proposal for a single supervisory mechanism (SSM).

Revised capital requirements rules (CRD IV)

Council will receive a progress report on the proposals for revised capital requirements rules (CRD IV).

Economic governance—Two pack

Ministers will seek to agree a general approach on two regulations, which are intended to strengthen fiscal discipline and financial stability in the euro area.

Credit Rating Agencies

The presidency will update Ministers on the political agreement reached on the credit rating agencies 3 (CRA3) dossier.

Macroeconomic Imbalance Procedure—Commission annual report

Ministers will hold an initial exchange of views on the alert mechanism report, the first stage in the macroeconomic imbalance procedure.

Annual Growth Survey 2013

Council will hold an initial exchange of views on the annual growth survey 2013.

Issues related to the Economic and Monetary Union

Council will hold an exchange of views on issues related to the economic and monetary union.

Implementation of the Stability and Growth Pact

ECOFIN will seek to adopt Council decisions relating to Greece’s excessive deficit procedure.

Financial Transaction Tax (FTT)

The presidency will brief Ministers on the state of play as regards a proposal for a Council decision authorising enhanced co-operation in the area of FTT by some member states. The UK will not participate in an enhanced co-operation FTT.

VAT Quick Reaction Mechanism

Ministers will hold an orientation debate on a proposal for amending a directive on the common system of value added tax as regards a quick reaction mechanism against VAT fraud.

Annual Report of the Court of Auditors on the implementation of the budget for the financial year 2011

The President of the European Court of Auditors, Mr Vitor Caldeira, will present to Ministers the annual report of the Court of Auditors on the implementation of the budget for the financial year 2011.