George Osborne
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George Osborne Excerpts(11 years, 2 months ago)
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The Chancellor of the Exchequer (Mr George Osborne)
A meeting of the Economic and Financial Affairs Council was held in Brussels on 5 March 2013. Ministers discussed the following items:
Revised capital requirements rules (CRD IV)
Ministers discussed a revised legislative package. I made clear that the UK would not support the proposals as they stand. The UK currently has one of the toughest remuneration regimes in the world and the current remuneration proposals in CRD IV would risk the perverse effect of driving up fixed pay, making banks less resilient. The proposals would also make it more difficult to claw back pay where appropriate, thus reducing accountability in the banking sector. The presidency noted that a majority of member states supported the revised package: however further work was required to negotiate outstanding technical issues before Council would formally approve the measures.
Current legislative proposals
The presidency updated Council on the state of play of the following legislative proposals currently under consideration: revised rules for markets in financial instruments, the single supervisory mechanism, the bank recovery and resolution directive, the mortgage credit directive and the market abuse directive and regulation.
VAT fraud: quick reaction mechanism (VAT QRM)
Ministers discussed political guidelines for an anti-fraud package including the QRM. The UK and others stressed the importance of decisions on tax matters being made by the Council and being subject to unanimity. The presidency will continue its work in this area.
Economic governance “two pack”
Council noted the agreement reached with the European Parliament.
European semester: discussion of certain thematic issues—report on quality of public expenditure
Ministers agreed Council conclusions on the report, which addresses fiscal adjustments and finds that fiscal consolidation and promoting growth are not alternatives and can go hand in hand.
Closer economic and monetary union: response to President of the European Council
Ministers held an exchange of views on closer economic and monetary union integration.
Follow-up to G20 meeting of Finance Ministers and governors in Moscow, 15-16 February 2013
The presidency and the Commission updated Ministers on the meeting.