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Volume 559: debated on Monday 25 February 2013

A meeting of the Economic and Financial Affairs Council was held in Brussels on 12 February 2013. Ministers discussed the following items:

Current legislative proposals

The presidency updated Ministers on the single supervisory mechanism (SSM); capital requirements directive IV (CRD IV); bank recovery and resolution; market abuse directive (MAD)/market abuse regulation (MAR); and revised rules for markets in financial instruments directive (MiFID).

Discharge to be given to the Commission in respect of the implementation of the budget for 2011

Council adopted a recommendation to the European Parliament on the discharge to be given to the Commission for implementation of the EU’s general budget for 2011. This recommendation was based on an annual report by the European Court of Auditors (ECA). The UK, along with the Netherlands and Sweden, voted against the recommendation and submitted a joint statement expressing disappointment that for the 18th year in succession, the ECA has been unable to grant a positive statement of assurance on the EU budget as a whole, and furthermore that the overall error rate in recent years has increased.

Council guidelines for the budget for 2014

ECOFIN agreed a set of Council conclusions on guidelines for the 2014 budget of the EU, which will serve as its overall reference for the subsequent budgetary procedure.

Preparation of G20 Meeting of Finance Ministers and Governors (Moscow, Russia, 15-16 February 2013)

Council endorsed EU terms of reference in preparation for a meeting of G20 Finance Ministers and central bank governors to be held in Moscow on 15 and 16 February.

Annual Growth Survey 2013

ECOFIN agreed a set of Council conclusions on the Commission’s annual growth survey 2013. The conclusions, which highlight the importance of EU growth and structural reform, will feed into the March European Council.

Alert Mechanism Report 2013

Council agreed a set of Council conclusions on the Commission’s alert mechanism report 2013.

Fiscal Sustainability Report 2012

ECOFIN agreed a set of Council conclusions on the fiscal sustainability report 2012.