ECOFIN

Lord Hammond of Runnymede Excerpts

Thursday 24th May 2018 Written Statements

[The Chancellor of the Exchequer (Mr Philip Hammond)]

A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 25 May 2018. EU Finance Ministers will discuss the following:

Early morning session

The Eurogroup President will brief the Council on the outcomes of the 24 May meeting of the Eurogroup, and the European Commission will provide an update on the current economic situation in the EU.

Banking package

The Council will be invited to agree a general approach to the banking risk reduction package including proposals for legislative amendments to the capital requirements regulation (CRR) and directive (CRD), single resolution mechanism regulation (SRMR), and the bank recovery and resolution directive (BRRD).

Strengthening administrative co-operation

The Council will be invited to agree a general approach to strengthen administrative co-operation in the area of VAT.

General reverse charge mechanism

The Council will be invited to agree a general approach on the VAT general reverse charge mechanism.

E-publications

The Council will be invited to agree a general approach on reduced rates for VAT e-publications.

Current financial services legislative proposals

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

European semester

The Council will be invited to adopt Council conclusions on the in-depth reviews of macroeconomic imbalances in member states as part of the macroeconomic imbalances procedure, and the implementation of 2017 country-specific recommendations as assessed in the Commission’s country reports, published on 7 March.

2018 ageing report

The Council will be invited to adopt Council conclusions on the 2018 ageing report on age-related spending and the sustainability of public finances.

[HCWS718]