Skip to main content


Volume 616: debated on Thursday 27 October 2016

A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 11 October 2016. The Government are committed to leaving the European Union; in the interim, they continue to participate fully in ECOFIN meetings. EU Finance Ministers discussed the following items:

Opening session

Ministers were briefed on the outcomes of the 10 October meeting of the Eurogroup and the Commission presented an update on the current economic situation. Ministers also discussed issues relating to the improvement and implementation of the stability and growth pact and Commission proposals for a European fund for sustainable development.

Current financial services legislative proposals

The Council presidency provided an update on current legislative proposals in the field of financial services.

Fight against fraud

The Council presidency and Commission delivered information on VAT-related aspects of the draft directive on the fight against fraud affecting the Union’s financial interests by means of criminal law (PIF directive).

Banking union

Ministers discussed the current state of play regarding implementation of banking union within the eurozone.

G20 and IMF meetings

Council followed up on the G20 and IMF meetings which took place in Washington on 6 to 9 October 2016. The presidency and Commission provided information on the outcomes including; continuing the work on resilience and sustainability, continuing the work on tax avoidance and tax evasion and considering issues around the digitalisation of financial services.

Climate finance

Ministers discussed preparations for the 22nd conference of parties to the United Nations framework convention on climate change (UNFCCC) (Marrakesh, 7 to 18 November 2016), and agreed draft European Council conclusions.

European semester 2016—lessons learnt

Ministers exchanged views on key challenges, lessons learnt and the way forward for the European semester.

Joint report on health systems and fiscal sustainability

A presentation was given by the Commission on the joint Commission-EPC report of the health systems and fiscal sustainability. This was followed by an exchange of views.

Other business—the Basel Committee’s banking reform agenda

The Commission provided an update on the state of play in ongoing Basel negotiations.