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The Financial Secretary to the Treasury (Sajid Javid)
A meeting of the Economic and Financial Affairs Council was held in Brussels on 28 January 2014. The following agenda items were discussed.
Current legislative proposals
The presidency provided information on the ongoing work on financial services dossiers.
Implementation of the Single Supervisory Mechanism
The European Central Bank (ECB) provided an update on the state of play of the implementation of the single supervisory mechanism (SSM). The establishment of the SSM will help to safeguard euro area financial stability and is critical to restoring market confidence over the medium term.
Presentation of the Presidency work programme
The Greek presidency presented its six-month work programme for ECOFIN. The main themes of the presidency are: growth, jobs and cohesion; further EU/eurozone integration; migration, borders and mobility; and maritime policy.
Follow-up to the European Council meeting on 19-20 December 2013
Council held an exchange of views on the December 2013 European Council conclusions regarding the implementation of the compact for growth and jobs. The UK supports the objectives of the compact to promote growth and competitiveness and tackle unemployment.
Implementation of the Stability and Growth Pact
Council endorsed a Council decision on the existence of an excessive deficit in Croatia and a council recommendation to put an end to the present excessive deficit situation.