ECOFIN

Elizabeth Truss Excerpts

Monday 12th March 2018 Written Statements

[The Chief Secretary to the Treasury (Elizabeth Truss)]

A meeting of The Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 13 March 2018. EU Finance Ministers will discuss the following:

Early morning session

The Eurogroup President will brief the Council on the outcomes of the 12 March meeting of the Eurogroup, and the European Commission will provide an update on the current economic situation in the EU.

Mandatory disclosure rules

The Council will be invited to reach political agreement on the Council directive regarding the mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements.

Banking package

The Council will be invited to agree on a general approach on the legislative proposals included in the Banking package (Capital Requirements Regulation (CRR) and Directive (CRD), Single Resolution Mechanism Regulation (SRMR), and the Bank Recovery and Resolution Directive (BRRD)).

Current financial services legislative proposals

The Bulgarian presidency will provide an update on current legislative proposals in the field of financial services and the Commission will present its most recent capital markets union package.

European semester 2018

Following a presentation by the Commission on its 2018 country reports, the Council will hold an exchange of views on the implementation of country-specific recommendations with a focus on productivity growth. The Council will also be requested to adopt the conclusions on the European Court of Auditors special report on the Macroeconomic Imbalance Procedure (MIP).

G20 meeting

The Council will be invited to approve the EU terms of reference for the G20 meeting on 19-20 March in Buenos Aires.

Status of the implementation of financial services legislation

The Commission will inform the Council on the status of the implementation of financial services legislation.

[HCWS536]