A formal meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 7 November. European Finance Ministers discussed the following items:
European Free Trade Association (EFTA) dialogue
In their annual meeting, Ministers met with representatives from the EFTA group of countries to exchange views on how best to make economic growth inclusive.
Early Morning Session
The Eurogroup president briefed Ministers on the outcomes of the 6 November meeting of the Eurogroup, and the Commission provided an update on the current economic situation in the EU. Ministers decided that Pilar Jurado Borrego, director-general of Spanish customs, is to be the EU’s single candidate for the position of secretary-general of the World Customs Organisation. Ministers were also debriefed by the Economic and Finance Committee (EFC) chair on the EFC’s discussion of the single supervisory mechanism review.
VAT e-commerce package
Ministers considered the various items which make up the VAT e-commerce legislative package.
Review of the European System of Financial Supervision
The Commission presented its legislative proposals on financial supervision to Ministers. This was followed by an exchange of views.
Current Financial Services Legislative Proposals
The Council presidency provided an update on current legislative proposals in the field of financial services.
The Commission presented its proposals on resolving existing non-performing loans, preventing the build-up of future non-performing loans, and measures to increase the efficiency of the general insolvency framework in member states.
Follow-up to the G20 Meeting of Finance Ministers and Central Bank Governors and of the IMF Annual Meetings in Washington
Minsters received information from the presidency and the Commission on the outcomes of the 12-15 October G20 and IMF meetings.
European Court of Auditors’ annual report
The president of the Court of Auditors presented the auditors’ report on the implementation of the budget of the European Union for the 2016 financial year.
The Council discussed the autumn statistical package and reviewed progress achieved, and Ministers exchanged views on the prospects for European co-operation on statistics. Council conclusions were also approved.