ECOFIN: 6 December 2016

Lord Hammond of Runnymede Excerpts

Tuesday 6th December 2016 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 6 December 2016. EU Finance Ministers will discuss the following items:

Early morning session

Ministers will be briefed on the outcomes of the 5 December meeting of the Eurogroup and the Commission will present an update on the current economic situation.

Investment plan for Europe

Ministers will discuss proposals for the investment plan for Europe and be asked to reach a general approach on the Commission’s proposal to amend the European Fund for Strategic Investments (EFSI) legislation as part of the planned extension beyond its original 2015-18 lifetime. Ministers will also discuss draft Council conclusions on measures to tackle bottlenecks to investment identified under the third pillar of the investment plan for Europe.

Anti-tax avoidance directive 2

Ministers will be asked to agree a general approach to the EU Commission’s proposals on the anti-tax avoidance directive (ATAD2).

Enhanced co-operation in the area of financial transaction tax

Ministers will receive an update on the proposal for a council directive implementing enhanced co-operation in the area of financial transaction tax.

Banking union: risk reduction measures

The Council presidency will present its new proposals, published on November 23, to revise the capital and resolution frameworks for banks and large investment firms, which will be followed by an exchange of views.

Anti-money laundering directive

The Council presidency will provide an update on the discussions for proposal for a directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

Current financial service legislative proposals

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

VAT digital package

The Commission will present on the digital single market VAT package.

Deepening the economic and monetary union: follow-up on the 5 Presidents’ report

The Commission will provide information on the 5 Presidents’ report.

Improving the predictability and transparency of the stability and growth pact

Minister will endorse draft Council conclusions on improving the predictability and transparency of the stability and growth pact.

Report on strategic issues in the area of customs by the high level group of customs directors general

Ministers will be informed about the outcome of the pilot meeting of the high level group of directors general for customs policy, taxation and customs co-operation on 25 October 2016.

European semester 2017

The Commission will present to Ministers on the publication of the 2017 annual growth survey (AGS) and alert mechanism report (AMR), followed by an exchange of views.

Implementation of the banking union

Ministers discussed the current state of play regarding implementation of banking union within the eurozone.

Fight against the financing of terrorism

The Commission will give a presentation on the fight against the financing of terrorism.

Capital markets union

The Commission will provide information on the capital markets union.

[HCWS325]