A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 5 December. EU Finance Ministers discussed the following items:
Early morning session
The Eurogroup President debriefed Ministers on the outcomes of the 4 December meeting of the Eurogroup, and the Commission provided an update on the current economic situation in the EU. The Chair of the European Fiscal Board (EFB) presented to Ministers the annual report from the EFB. Ministers also exchanged views on the proposed US tax reforms.
Strengthening of the Banking Union
The Council took note of progress reports on the European deposit insurance scheme, and the banking package, and received information from the Commission on the state of play of the action plan to tackle non-performing loans. 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.
VAT administrative co-operation
The Commission provided information on its proposals relating to measures on VAT administrative co-operation.
Council conclusions on “The EU list of non-co-operative jurisdictions for tax purposes”
Ministers agreed Council conclusions on the EU’s list of non-co-operative jurisdictions for tax purposes.
Council decisions on the implementation of the stability and growth pact
Ministers agreed a Council decision to close the UK’s excessive deficit procedure (EDP), and a decision and recommendation on Romania’s compliance with EU fiscal rules.
European Semester 2018
The Council presidency presented the annual growth survey 2018 and the alert mechanism report 2018, and discussed a Council recommendation on the economic policy of the euro-area.
EIB proposal to establish a European development bank
Ministers received information on a proposal to create a new subsidiary to the European investment bank that will be dedicated to development.