ECOFIN

Tuesday 24th January 2017 Written Statements

[The Chancellor of the Exchequer (Mr Philip Hammond)]

A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 27 January 2017. EU Finance Ministers are due to discuss the following items:

Early morning session

Ministers will be briefed on the outcomes of the 26 January meeting of the Eurogroup and the European Commission will present an update on the current economic situation. Ministers will discuss the European Court of Auditors report on the single supervisory mechanism.

VAT: reverse charge mechanism

The Commission will give a presentation on the proposal for a temporary derogation to apply a generalised reverse change mechanism.

Current financial service legislative proposals

The Council presidency will provide an update on current legislative proposals in the field of financial services.

Presentation of the presidency Work programme

The Maltese presidency of the Council of the European Union will present its priorities for ECOFIN over the next six months, which will be followed by an exchange of views.

European semester 2017

Ministers will adopt Council conclusions on the annual growth survey, alert mechanism report and approve the Council recommendations on the economic policy of the euro area.

Basel Committee’s post-crisis banking reform agenda

The Commission will give Ministers an update on the progress made on the finalisation of the post-crisis reforms since the Basel meeting in November 2016.

High-level group on own resources

Mario Monti, Chair of the High-level group on own resources will present the group’s final report, which will be followed by an exchange of views between Ministers.

EIB Economic Resilience Initiative

Werner Hoyer, president of the European Investment Bank, will outline the state of play of the Economic Resilience Initiative, providing preliminary evidence of its initial implementation and the ongoing fundraising process for the grant component of this initiative.

[HCWS430]