Economy Update

Treasury written statement – made on 8th October 2019.

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Photo of Sajid Javid Sajid Javid The Chancellor of the Exchequer

A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Luxembourg on 10 October 2019. The Council will discuss the following:

Budgetary Instrument for Convergence and Competitiveness for the Euro Area

The European Commission will present the governance framework on the budgetary instrument for convergence and competitiveness for the euro area.

Current Financial Services Legislative Proposals

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

European Court of Auditors’ Annual Report

The President of the Court of Auditors will present the Auditors’ report on the implementation of the budget of the European Union for the 2018 financial year.

The European Financial Architecture for Development

The chair of the high-level group of wise persons on the European financial architecture for development will present the main findings of their report to the Council. This will be followed by an exchange of views.

Implementation of the Anti-Money Laundering (AML) Action Plan

The Council will hold an exchange of views on the progress made in implementing the AML Action Plan and consider the future strategic priorities in this area.

Anti-Money Laundering Directive: Policy towards "high-risk third countries"

The Council will hold an exchange of views on the policy towards AML-related "high-risk third countries".

European Semester 2019 – Lessons Learnt

The Council will hold an exchange of views on lessons learnt from the European Semester 2019.

Preparation of the G20 Meeting of Finance Ministers and Central Bank Governors and of the IMF Annual Meetings

The Council will be invited to approve the EU’s G20 Terms of Reference and International Monetary and Financial Committee Statement, ahead of the Annual Meetings in Washington DC.

Coalition of Finance Ministers for Climate Action

The Finnish will present the state of play of the Coalition of Finance Ministers for Climate Action.

Appointment of a Member of the Executive Board of the European Central Bank

The Council will be invited to adopt a recommendation to the European Council on the appointment of a new member of the Executive Board of the European Central Bank.

Capital Markets Union

The Commission will inform the Council on its plans on the Capital Markets Union and the Presidency will outline next steps.

Status of the Implementation of Financial Services Legislation

The Council will take stock of the status of the implementation of financial services legislation.

This statement has also been made in the House of Lords: HLWS1819