ECOFIN: 22 June 2018:Written statement - HCWS790

WS
Treasury
Made on: 21 June 2018
Made by: Mr Philip Hammond (The Chancellor of the Exchequer)
Commons

ECOFIN: 22 June 2018

A meeting of The Economic and Financial Affairs Council (ECOFIN) will be held in Luxembourg on 22 June 2018.

ECOFIN will be preceded by a morning meeting of the EIB Board of Governors:

Annual EIB Governors meeting

The EIB Board of Governors meeting will include a speech by the EIB President Werner Hoyer, a Governors discussion, reappointment of the Board of Directors, and approval of the Audit Report.

Following this, EU Finance Ministers will discuss the following at ECOFIN:

Early Morning Session

The Eurogroup President will brief the Council on the outcomes of the 21 June meeting of the Eurogroup, and the European Commission will provide an update on the current economic situation in the EU.

VAT “Quick-Fixes”

The Council will be invited to agree a General Approach on the Presidency compromise text in regards to; the Directive on harmonising and simplifying certain rules in the VAT system and introducing the definitive system for the taxation of trade between Member States; the Regulation regarding certain exemptions for intra-Community transactions and the Regulation regarding certified taxable persons.

European Deposit Insurance Scheme

The Council will be invited to take note of the Presidency progress report on the European Deposit Insurance Scheme.

Current Financial Services Legislative Proposals

The Presidency will provide an update on current legislative proposals in the field of financial services.

Insolvency Directive

The Presidency will provide an update on the Solvency, Restructuring and Second-Chance Directive.

National Reform Programmes 2018

The Council will be invited to approve 2018 Country-Specific Recommendations as part of the European Semester process.

Implementation of the Stability and Growth Pact

The Council will be invited to adopt Council Decisions and Recommendations in the context of both the Excessive Deficit Procedure and the Significant Deviation Procedure, also part of the European Semester.

Convergence Reports

Also as part of the European Semester, the Commission and the European Central Bank will present the Convergence reports, which will then be followed by an exchange of views by the Council.

This statement has also been made in the House of Lords: HLWS764

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