ECOFIN

George Osborne Excerpts

Monday 12th November 2012 Written Statements

[The Chancellor of the Exchequer (Mr George Osborne)]

A meeting of the Economic and Financial Affairs Council will be held in Brussels on 13 November 2012. The following items are on the agenda to be discussed.

Economic governance—“Two pack”

The presidency will update Ministers on the current state of play of trialogue negotiations with the European Parliament which will strengthen fiscal discipline and financial stability in the euro area.

Revised capital requirements directive (CRD IV)

Council will be updated on the progress of negotiations on these proposals in trilaogues. The general approach agreed at 15 May ECOFIN represents a well balanced compromise.

Banking Supervision Mechanism

The presidency will brief Ministers on the current state of play on the Commission’s proposal for a single supervisory mechanism (SSM).

Financial Transaction Tax (FTT)

Ministers will be updated on the state of play as regards the introduction of a FTT by some member states using enhanced co-operation procedures. Council will have an opportunity to discuss the European Commission’s proposal of 23 October for a Council decision authorising enhanced co-operation. The UK will not participate in an enhanced co-operation FTT.

Mandate for negotiations of amendments to the Savings Taxation agreements with third countries

ECOFIN will hold a discussion on the mandate for negotiations where Council will be asked to express its views on the way forward.

Implementation of the Stability and Growth Pact—Greece

ECOFIN (euro area vote only) will seek to adopt two recommendations: one amending Decision 2011/734/EU on reinforcing and deepening fiscal surveillance,

and one giving notice to take measures for deficit reduction to remedy excessive deficit.

Follow-up to the European Council on 18-19 October 2012

Ministers will hold an exchange of views on the October European Council which discussed a range of economic and financial issues, including the interim Four President’s report: “Towards a Genuine Economic and Monetary Union”.

Follow-up to the Annual meeting of the IMF and World Bank Group in Tokyo and the G20 Finance Ministers and Governors meeting

Council will hold an exchange of views on the outcomes of the annual meeting of the IMF and World Bank Group in Tokyo on 12-14 October 2012 and on the G20 Finance Ministers and Governors meeting in Mexico on 4-5 November 2012.

Preparation of the United Nations Framework Convention on Climate Change (UNFCCC)

Ministers will consider draft Council conclusions which endorse the Fast Start Finance Report and recognise the importance of continuing to provide support for adaptation and mitigation activities in developing countries after 2012.

EU statistics

ECOFIN will consider draft Council conclusions which set out a framework for required improvements in: EU statistical governance; quality assurance; the provision of information requirements for EU policy-making priorities; and, limiting future resource demands on the European Statistical System (ESS).

EU state aid modernisation

Ministers will consider draft presidency conclusions, which outline the Commission’s modernisation programme and in particular its emphasis on growth; focusing enforcement on cases with biggest impact on the internal market; and streamlined rules and faster decisions.

Ministerial dialogue with European Free Trade Association (EFTA) countries

This regular meeting with the Finance Ministers of EFTA countries will take place before the formal ECOFIN meeting on 13 November. Discussion is likely to focus on the wider economic backdrop.