ECOFIN: 5 December 2017

HM Treasury written statement – made on 4th December 2017.

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Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer

A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 05 December. EU Finance Ministers will discuss the following items:

Early Morning Session

The Eurogroup President will brief Ministers on the outcomes of the 04 December meeting of the Eurogroup, and the Commission will provide an update on the current economic situation in the EU. The Chair of the European Fiscal Board (EFB) will present the EFB’s annual report followed by an exchange of views.

Strengthening of the Banking Union

The Council will be invited to take note of both the Presidency progress report on the European Deposit Insurance Scheme and information from the Commission on the state of play of the action plan to tackle non-performing loans in Europe. ECOFIN Council will also hold a policy debate on the banking risk reduction package.

Current financial services legislative proposals

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

VAT administrative cooperation

The Commission will provide information on new proposals relating to VAT administrative cooperation measures.

Council conclusions on "The EU list of non-cooperative jurisdictions for tax purposes"

The Council will be invited to adopt Council conclusions which include the finalised EU list of non-cooperative jurisdictions for tax purposes.

Council Decisions on the implementation of the Stability and Growth Pact

Ministers will be invited to adopt a Council Decision to close the UK’s Excessive Deficit Procedure (EDP) and a Decision and Recommendation on Romania’s compliance with the EU’s fiscal rules.

European Semester 2018

The Commission will present the Annual Growth Survey 2018, the Alert Mechanism Report 2018 and a Recommendation for a Council Recommendation on the economic policy of the euro-area. Ministers will provide their initial reactions.

EIB proposal to establish a European Development Bank

Ministers will receive information on an EIB initiative to create a subsidiary dedicated to development.

This statement has also been made in the House of Lords: HLWS302