Raad Economische en Financiële Zaken, Brussel - Montesquieu Institute

date	November 13 2012 10:00
city	Brussel, Belgium
address	Wetstraat 175 [kaart]
location	Justus Lipsius
room	50.1
organisation	European Council, Council Economic and Financial Affairs (Ecofin)

The Council will be updated on negotiations with the European Parliament on two draft regulations on economic governance:

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  a regulation for enhanced monitoring and assessment of draft budgetary plans of euro area member states, especially those subject to an excessive deficit procedure;
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  a regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or request financial assistance.

It will be informed of developments regarding the Banking Supervision Mechanism, which involves two regulations: one conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions and another establishing a European Supervisory Authority. The Council will discuss key open issues.

The Council will also be updated on the state of play regarding the introduction of a financial transaction tax (FTT) in a number of member states, following the recent Commission proposal to authorise enhanced cooperation in this field.

It will take note of the state of negotiations with the European Parliament on two legislative proposals - the so-called "CRD 4" package - which set out to amend and replace the existing EU's rules on capital requirements for banks and investment firms: a regulation establishing prudential requirements for financial institutions and a directive governing access to deposit-taking activities. Both proposals are aimed at transposing into EU law an international agreement approved by the G 20 in November 2010.

Furthermore, the Council will hold a policy debate on a proposed mandate for negotiations on amendments to the savings taxation agreements with third countries, as requested in the European Council conclusions of 28-29 June 2012

Amongst the other items on its agenda, the Council is expected to adopt conclusions on climate finance, endorsing the EU "fast-start" report in preparation of the UN Conference on Climate Change, which will be held in Doha (Qatar) from 26 November to 7 December 2012.

A Presidency briefing, agenda and background note will be published on the Council website closer to the date of the meeting.

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1. Officiële agenda
2. Council Economic and Financial Affairs (Ecofin)

3. More about...

The Council configuration on Economic and Financial Affairs (ECOFIN) is composed of the Ministers (or State Secretaries) of Economic Affairs of the Member States of the EU. Member states that have the euro as their currency form a sub-group known as the Eurogroup.

In the Council of the European Union, the ministers from the EU Member States take a joint decision on the policy to be implemented within the EU. The Council is supported by the Committee of Permanent Representatives, which prepares decisions and guards the implementation and adherence of the decisions monitored by the Council.