ECOFIN

Tuesday 23rd June 2015 Written Statements

[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 Luxembourg on 19 June 2015. Ministers discussed the following items:

Bank Structural Reform

Council reached a general approach on this file.

European Fund for Strategic Investments (EFSI)

Ministers were updated by the presidency on progress in relation to the EFSI. The Council presidency anticipate reaching a First Reading agreement on the regulation by the end of June.

Administrative Co-operation

Ministers held an exchange of views on the presidency proposal on mandatory automatic exchange of information on tax rulings.

Interest and Royalties Directive

Ministers held an exchange of views on the presidency compromise on the proposal for a common system of taxation applicable to interest and royalty payments made between associated companies of different member states.

Current Legislative Proposals

The presidency gave a state of play update on current legislative proposals in the field of financial services.

Commission Communication on Corporate Taxation

The Commission presented the main elements of the action plan on corporate taxation, which was released on 17 June.

Implementation of Banking Union

The Commission updated the Council on the status of implementation of the banking union, focusing on the ratification of the intergovernmental agreement on the single resolution fund and implementation of the bank recovery and resolution directive.

Capital Markets Union

Council adopted Council conclusions on capital markets union.

Contribution to the European Council Meeting on 25-26 June 2015—European Semester

Council discussed country specific recommendations and prepared a discussion for the June European Council on the European semester.

Contribution to the European Council Meeting on 25-26 June 2015—Broad Economic Policy Guidelines

Council adopted a report to the European Council on the recommendations on broad economic policy guidelines.

Contribution to the European Council Meeting on 25-26 June 2015—Report on preparing for next steps on better economic governance in the euro area

Council received a state of play update on the report on preparing for next steps on better economic governance in the euro area.

Implementation of the Stability and Growth Pact

Council adopted Council decisions and recommendations in the context of the excessive deficit procedure.

[HCWS47]