ECOFIN

George Osborne Excerpts

Friday 12th September 2014 Written Statements

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

An informal meeting of the Economic and Financial Affairs Council will take place in Milan on 12 and 13 September 2014. This follows immediately after the eleventh Asia-Europe meeting (ASEM) of Finance Ministers, which will prepare input into the ASEM summit in mid-October.

At ECOFIN the following working sessions will take place:

Working Session 1

Ministers will discuss a strategy for the Finance for Growth agenda. The Government look forward to an exchange of views on measures to improve the financing of the real economy.

Working Session 2

There will be the usual discussion on the economic outlook and financial stability issue, which will likely consider the euro area’s outlook, developments on inflation and growth and potentially issues relating to the ongoing situation in Ukraine.

In preparation of the G20 Finance Ministers and Central Bank Governors’ meeting and the International Monetary Fund (IMF) and World Bank annual meetings, Council will be asked to endorse terms of reference.

The Commission will present to Council a note for discussion on international co-operation in financial services.

Working Session 3

There will be an update on the asset quality review and stress tests as part of the European Central Bank’s (ECB’s) comprehensive assessment prior to its assumption of responsibility for banking supervision under the single supervisory mechanism (SSM) in November 2014.

In addition, the Commission will update on national arrangements and communication issues on backstops flowing from the comprehensive assessment.

Subsequently, a discussion will take place on the appointment, by Countries signed up the SSM, of members of the mediation panel of the ECB.

Finally, Council will be updated on work on the implementing legislation that will determine the contributions to be paid by banks to resolution funds established under the directive on bank recovery and resolution and the regulation on the single resolution mechanism.

Working Lunch

Following discussions by Employment Ministers in July, Finance Ministers will hold an exchange of views on measures to enhance the resilience of the EU and stabilise the euro area economy, including the potential for a common unemployment insurance scheme.