ECOFIN: 11 October 2016

David Gauke Excerpts

Tuesday 11th October 2016 Written Statements

[The Chief Secretary to the Treasury (Mr David Gauke)]

A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Luxembourg on 11 October 2016. The Government are committed to leaving the European Union; in the interim, they continue to participate fully in ECOFIN meetings. EU Finance Ministers are due to discuss the following items:

Opening session

Ministers will be briefed on outcomes of the 10 October meeting of the Eurogroup and the Commission will present an update on the current economic situation. Ministers will also discuss issues relating to the improvement and implementation of the stability and growth pact (SGP), hold an exchange of views on proposals for a European fund for sustainable development (EFSD), and hear a presentation from the European systemic risk board (ESRB) on the residential real estate sector.

Current financial services legislative proposals

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

Fight against fraud

The Council presidency and Commission will provide information on VAT-related aspects of the draft directive on the fight against fraud affecting the Union’s financial interests by means of criminal law—PIF directive.

Banking union

Ministers are to discuss the current state of play on the implementation of banking union within the eurozone.

G20 and IMF meetings

Council will follow up on the G20 and IMF meetings which took place in Washington on 6-9 October 2016. The presidency and Commission will provide information on the outcomes.

Climate finance

Ministers will discuss preparations for the 22nd conference of parties to the United Nations framework convention on climate change—UNFCCC—in Marrakesh, 7-18 November 2016, including adoption of draft European Council conclusions.

European semester 2016—lessons learnt

Ministers will exchange views on key challenges and lessons learnt and the way forward for the European semester.

Joint report on health systems and fiscal sustainability

A presentation will be given by the Commission on the joint Commission-EPC report of the health systems and fiscal sustainability. This will be followed by an exchange of views.

Other business—the Basel Committee’s banking reform agenda

The Commission will provide an update on the state of play in ongoing Basel negotiations.

[HCWS177]