ECOFIN

Thursday 20th June 2013 Written Statements

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

A meeting of the Economic and Financial Affairs Council will be held in Luxembourg on 21 June 2013. The following items are on the agenda to be discussed.

Contribution to the European Council meeting on 27-28 June 2013—European semester 2013

Council will consider the fiscal and economic elements of the country specific recommendations (CSRs) for member states. The UK’s CSRs are broadly in line with domestic reform priorities. The Council recommendations are non-binding and there are no sanctions for non-compliance.

Implementation of the stability and growth pact

Council will discuss the implementation of the Commission’s recommendations related to the excessive deficit procedure (EDP) for a number of member states.

Commission/European Investment Bank (EIB) report to the European Council

Following the March European Council, the Commission, together with the European Investment Bank, are expected to report to the June European Council on the implementation of the ElB’s capital increase. The Commission/EIB will present their initial findings to Council.

Financial assistance to Ireland and Portugal

Council will consider two Council implementing decisions amending previous implementing decisions on granting Union financial assistance to Ireland and Portugal.

ECB/Commission convergence reports and enlargement of the euro area

The euro area member states will make a recommendation to the Council on Latvia’s euro adoption. The UK does not have a vote on the decision by EU member states to adopt the euro. ECOFIN will also prepare a letter for the President of the Council to send to the European Council summarising discussions.

Development of policy options in the climate/energy field—follow up to the May European Council

At the request of Poland, Council will hold a state of play discussion on this item.

Code of conduct (business taxation)

As with each presidency, the Council will be asked to endorse conclusions accompanying the code of conduct group report on progress made under the Irish presidency.

ECOFIN report to the European Council on tax issues

This is the six-monthly report which ECOFIN forwards on to the European Council, summarising the progress made under each presidency on tax issues.

Report by Finance Ministers on tax issues in the framework of the euro plus pact

This is the six-monthly report which summarises progress made under each presidency on tax issues in relation to framework of the euro plus pact.

Proposal for a Council directive amending directive 2011/16/U as regards mandatory automatic exchange of information in the field of taxation

The Commission will present a proposal on amending the existing administrative co-operation directive. The UK will look to ensure that any amendments do not conflict with or undermine the embedding of a new global standard in the automatic exchange of tax information.

Banking recovery and resolution directive

The presidency will seek a general approach on the banking recovery and resolution directive (BRRD). The UK supports the concept of a strong framework in Europe for bank recovery and resolution and broadly welcomed the Commission’s proposal. It will be important that any agreement on the BRRD delivers a credible and useable bail-in tool. Domestically, the UK has already taken tough action to reform the banking sector. This includes implementing a new resolution regime, the largest bank levy in Europe and structural reforms to the banking sector (for example, the Vickers ring-fencing).

Any other business

The presidency intends to give a state of play update on the deposit guarantee schemes directive.