Meeting: Economic and Financial Affairs Council, 8 December 2015

A meeting of the Economic and Monetary Affairs Council was scheduled to take place on 8 December 2015, in Brussels. The agenda included the following topics:

+ Discussion on the negotiations regarding a proposal for a directive on the financial transaction tax (FTT);

+ Exchange of vies on how to implement the OECD's BEPS project conclusions in the EU context, including through legislation;

+ Briefing on the state of play of discussions on the international anti-BEPS aspects of the proposal for a common consolidated corporate tax base (CCCTB);

+ Adoption of conclusions regarding BEPS in the EU context and the future of the code of conduct on business taxation;

+ Adoption of the general approach on two proposals concernig securitisation in the context of the Capital Markets Union;

+ Discussion following a presentation by the European Commission on a proposal for a regulation establishing a European deposit insurance scheme and on a communication entitled 'Towards the completion of the Banking Union';

+ Briefing on the implementation of banking union legislation, including the ratification of the intergovernmental agreement on the single resolution fund as well as the transposition of the bank recovery and resolution directive and the deposit guarantee scheme directive;

+ Information on the agreement reached regarding flexibility;

Flexibility in applying the rules of the Stability and Growth Pact within the Stability and Growth Pact (SGP), to be taken into account by the European Commission in its fiscal surveillance assessments;

+ Exchange of views following a presentation by the European Commission on steps to reinforce the European framework in the fight against the financing of terrorism;

+ Presentation of the annual growth survey for 2016, the Alert Mechanism Report 2016 and the draft Council recommendations to the euro area.

• Primary Source

EurActiv, 09.12.15: Member states limit new flexibility clauses in EU fiscal pact http://www.euractiv.com/sections/euro-finance/member-states-limit-new-flexibility-clauses-eu-fiscal-rules-320243

Politico, 08.12.15: Finance ministers speed up efforts on terrorism funding http://www.politico.eu/article/finance-ministers-speed-up-on-the-fight-terrorism-isil-paris-radicalization/

European Commission: DG Communication: RAPID: SPEECH/15/6277, 08.12.15: Remarks by Vice-President Dombrovskis at the ECOFIN press conference http://europa.eu/rapid/press-release_SPEECH-15-6277_en.htm

Council of the European Union: Statement, 08.12.15: Statement on Banking Union and bridge financing arrangements for the Single Resolution Fund http://www.consilium.europa.eu/en/press/press-releases/2015/12/08-statement-by-28-ministers-on-banking-union-and-bridge-financing-arrangements-to-srf/

ESO: Background information: Fighting tax evasion: EU and the Republic of San Marino sign new tax transparency agreement https://www.europeansources.info/showDoc?ID=1209182

ESO: Background information: Council conclusions on business taxation – future of the code of conduct http://www.europeansources.info/record/press-release-council-conclusions-on-business-taxation-future-of-the-code-of-conduct/

ESO: Background information: Council conclusions on corporate taxation – base erosion and profit shifting http://www.europeansources.info/record/press-release-council-conclusions-on-corporate-taxation-base-erosion-and-profit-shifting/

ESO: Background information: Cross-border tax rulings: transparency rules adopted http://www.europeansources.info/record/press-release-cross-border-tax-rulings-transparency-rules-adopted/

ESO: Background information: Liechtenstein, Switzerland taxation agreements approved by EU http://www.europeansources.info/record/press-release-liechtenstein-switzerland-taxation-agreements-approved-by-eu/

---