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House of Commons Hansard
15 June 2016
Volume 611
  • A meeting of the Economic and Financial Affairs Council will be held in Luxembourg on 17 June 2016. EU Finance Ministers are due to discuss the following items:

    Anti-tax avoidance package

    The presidency will seek a political agreement on a compromise text relating to the anti-tax avoidance directive.

    Financial transaction tax

    An update will be provided on the progress regarding implementing a financial transaction tax in participating member states. The UK is not taking part in the financial transaction tax.

    Strengthening the banking union

    A presentation will be given on a road map regarding strengthening of the banking union, alongside an oral update from the presidency on progress made in Council working groups.

    Current legislative proposals

    The presidency will update the Council on the state of play of financial services dossiers.

    State of play of the banking union

    The Commission will give an update on several dossiers linked to the banking union: the single resolution fund, the bank recovery road map and resolution directive and the deposit guarantee scheme directive.

    Analysis by the Commission on temporary VAT derogations—reverse charge mechanism

    Following a request by the Czech Finance Minister, the Commission will present analysis relating to widening the use of the reverse charge mechanism to combat VAT fraud. This will be followed by an exchange of views.

    Implementation of the stability and growth pact

    The Council will be asked to endorse the draft decisions to close the excessive deficit procedures for Cyprus, Ireland and Slovenia based on recommendations by the Commission. As these decisions cover euro area member states, the UK does not have a vote.

    Report of the European Court of Auditors on the excessive deficit procedure

    Following preparation by the Economic and Financial Committee, the Council will adopt conclusions relating to a European Court of Auditors report on effective implementation of the excessive deficit procedure.

    Contribution to the European Council meeting on 28-29 June 2016

    The Council will prepare a number of items ahead of June European Council. Specifically, Ministers will endorse the 2016 country specific recommendations, part of the European semester process.

    Following this, views will be exchanged on: national productivity boards within the euro area; economic and fiscal governance; unified euro area representation at the IMF; and the Commission’s recent communications on external aspects of migration and the investment plan for Europe.

    [HCWS43]