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Coreper agrees on a General Approach on the European Long-Term Investment Funds (ELTIFs)

ielmatzoglou — Wed, 25 Jun 2014 10:02:57 +0000

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During today’s (25.06.2014) Coreper meeting, Ambassadors of the 28 EU Member States agreed on a General Approach on the European Long-Term Investment Funds (ELTIFs) Regulation. This agreement constitutes the negotiating mandate for the incoming Italian Presidency to conduct trilogues with the European Parliament.

One of the main objectives of the Regulation is to establish harmonised rules of functioning and supervision of the ELTIFs, so that it is possible to promote an ELTIF which has been created and authorised in one Member State to other Member States (passporting), enhancing thus the efficiency and functioning of the internal market.

Welcoming the agreement on the ELTIFs, the President of the ECOFIN Gikas Hardouvelis said:

“In recent years, the lack of liquidity –and the associated contraction of investment - has been instrumental for the unfolding of the crisis. Finding new alternative sources for long-term financing, such as the current agreement, is a very crucial parameter for putting the European economy back to the path of growth. Long Term Investment Funds will have an important role to play in the development of infrastructure projects and other growth - enhancing projects with significant added value for the EU citizens. The new tool will also be important for the financing of small and medium sized enterprises, many of which have limited alternative sources of finance. This benefits the real economy, providing a predictable and stable flow of credit to businesses and thus creating more jobs.”

Economic & Financial Affairs (ECOFIN)

Last ECOFIN under Greek Presidency: Mission accomplished

ekampaki — Fri, 20 Jun 2014 14:33:48 +0000

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At today’s ECOFIN meeting, the last one under the Greek Presidency, a political agreement was reached on the Commission’s proposal to amend the Parent Subsidiaries Directive (2011/96/EU) on the common system of taxation applicable in the case of parent companies and subsidiaries of Member States.

ECOFIN President, Gikas Hardouvelis, welcomed the agreement: “Today’s agreement counters double non-taxation of corporate groups deriving from hybrid loan arrangements. This agreement allows for closing the ‘hybrid loan mismatch’ loopholes generating important losses of revenues in our countries. Thus, we are making a tangible step forward in the fight against tax fraud and tax avoidance, also in response to a request by the European Council in December 2013”.

After the working breakfast, where Finance Ministers were debriefed on the Eurogroup and the economic situation, the Commission presented to the Council the EU’s draft general budget for 2015.

The Greek Presidency provided information on current legislative proposals. Moreover, the Commission briefed the Council on the state of play of the implementing legislation concerning bank contributions to resolution funds, under the recently agreed bank resolution rules (the Bank Recovery and Resolution Directive, and the Regulation on the Single Resolution Mechanism).

As part of the European Semester 2014 process, ECOFIN Ministers discussed Country-Specific Recommendations on Member States’ economic and fiscal policies. The Council approved recommendations to 26 Member States and a specific Recommendation on the broad guide lines for the economic policies of the Member States whose currency is the euro.

Furthermore, the Council, on the basis of the Commission’s proposal, adopted a Recommendation that will enable Lithuania to become the 19th member of the euro area as of 1 January 2015.

Both the Country-Specific Recommendations and the Recommendation on Lithuania adopting the euro will be referred to the European Council on 26-27 June before decisions are taken.

In the framework of the implementation of the Stability and Growth Pact, the Council adopted decisions on the abrogation of Excessive Deficit Procedures (EDP) for Belgium, the Czech Republic, Denmark, the Netherlands, Austria and Slovakia. It also endorsed Terms of Reference on the review of the methodology for the assessment of Member States’ effective action in the context of the EDP.

Additionally, the Council approved conclusions on the implementation of a Code of Conduct for business taxation aimed at eliminating situations of harmful tax competition.

Concluding the ECOFIN meeting, the President, Gikas Hardouvelis, made a brief reference to the work accomplished during the Greek Presidency:

“It has been a demanding exercise for Greece considering the tight timeframe in the run up to the European elections in May. Nevertheless, we have managed to reach an agreement on a number of important files, as well as to make considerable progress on many others.

The Presidency has put strong emphasis on the revision of the regulatory framework for the operation and the supervision of the financial sector, in order to strengthen confidence and increase liquidity in the European economy.

During the first quarter of the presidency, we made Banking Union a key priority and we managed to reach an agreement acceptable by all parties on the most difficult file of the banking union, which is the Single Resolution Mechanism (SRM).

The Regulation, together with the Single Resolution Fund, substantially completes the building up of the Banking Union, which constitutes one of the most challenging goals towards economic and financial integration, since the adoption of the common currency.

During the second quarter of the Presidency, we put emphasis on the progress of pending tax legislation as it is highly important to take appropriate action at European level, against taxation practices that undermine citizens’ and investors’ confidence and encourage tax fraud and tax evasion.

The effective management of the fourth European Semester cycle has also been a priority throughout this period.

The effective management of the fourth European Semester cycle has also been a priority throughout this period.”

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Meeting of the Economic and Financial Affairs Council (ECOFIN) - Luxembourg, 20.6.2014

General approach on Anti-Money Laundering (AML) legislative package agreed by EU member states

ekampaki — Wed, 18 Jun 2014 12:08:30 +0000

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During today’s (18.06.2014) Coreper meeting, Ambassadors of the 28 EU member states agreed on a General Approach on the Anti-Money Laundering (AML) legislative package, comprising the 4th AML Directive and the new Fund Transfer Regulation.

This agreement constitutes the negotiating mandate for the incoming Italian Presidency to conduct trilogues with the European Parliament. The agreement is important as it strengthens the rules and the tools to be used in the fight against money laundering and terrorist financing, in line with the revised Recommendations of the Financial Action Task Force (FATF). It also responds to the demand of the international community for greater transparency of ownership of companies and follows the G7 commitments.

Economic & Financial Affairs (ECOFIN)

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Last ECOFIN Council to take place in Luxembourg (20.06.2014)

kkalantzopoulou — Mon, 16 Jun 2014 14:24:14 +0000

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The last ECOFIN under the Hellenic Presidency, chaired by the Greek Minister of Finance, Gikas Hardouvelis, is taking place in Luxembourg on 20 June.

During the working breakfast, Ministers will be debriefed on the Eurogroup and the economic situation.

The main session will commence with the Commission presenting to the Council the EU’s draft general budget for 2015.

The Council will be called upon to agree on an amendment to EU tax rules (Parent Subsidiaries Directive 2011/96/EU) to prevent double non-taxation of corporate groups deriving from hybrid loan arrangements.

Under “other business”, the Presidency will provide information on the on-going work on financial services dossiers. The Commission will brief the Council on the preparation of implementing legislation that will determine the contributions to be paid by banks to resolution funds established under the recently-agreed directive on Bank Recovery and Resolution Directive (BRRD) and the Regulation on the Single Resolution Mechanism (SRM).

As part of the European Semester 2014 process, the Council is due to approve country-specific recommendations to the member states on their economic and fiscal policies, as well as a specific recommendation on the economic policies of the member states of the euro area.

The Council is also expected to adopt a recommendation regarding the Commission's proposal on the adoption of the euro by Lithuania from 1 January 2015.

Both the country-specific recommendations and the recommendation on Lithuania adopting the euro will be referred to the European Council before decisions are taken.

Furthermore, the Council, in the framework of the implementation of the Stability and Growth Pact, is expected to abrogate excessive deficit procedures for Belgium, the Czech Republic, Denmark, the Netherlands, Austria and Slovakia, and to endorse terms of reference on the review of the methodology for assessing effective action in the context of the excessive deficit procedure (EDP).

Finally, the Council is expected to approve without discussion:

- a six-monthly report to the European Council on tax issues and a report on tax issues by Finance Ministers of countries participating in the Euro Plus Pact;

- conclusions on implementation of a Code of Conduct for business taxation aimed at eliminating situations of harmful tax competition, in the light of a six-monthly report of the work of the Code of Conduct Group under the Hellenic Presidency;

- conclusions and a report on progress on a draft directive aimed at introducing a standard VAT return;

- a report on progress on a draft directive on the taxation of energy products and electricity.

In the margins of the ECOFIN and in advance of the scheduled Eurogroup on Thursday, 19 June, the European Stability Mechanism will hold the Annual Meeting of its Board of Governors, which is composed of euro area Finance Ministers.

A press conference will be held at the end of the ECOFIN.

Milestone agreement on SRF completes SRM

ekampaki — Wed, 21 May 2014 12:31:57 +0000

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On the occasion of the signing, today, of the Intergovernmental Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund, Greek Minister of Finance, Yannis Stournaras made the following statement:

“I welcome the signing today in Brussels of the Intergovernmental Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund, which constitutes the final step in the completion of the Single Resolution Mechanism. This is yet another important milestone, clearly indicating the political will and determination of the European Union to move decisively and confidently forward in establishing a strong and credible Banking Union and we look forward to its swift ratification and entry into force, in accordance with the agreed timeframes”.

Economic & Financial Affairs (ECOFIN)

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Member states sign agreement on bank resolution fund

The European Banking Union explained

pmastroperrou — Wed, 21 May 2014 10:13:53 +0000

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The recent financial crisis demonstrated the need for better regulation and supervision of the EU financial sector, particularly in the euro area.

The crisis in the euro area and differing national responses to it highlighted the inter-dependency between banks and national governments. Moreover, different national solutions led to fragmentation of the single market in financial services, which in turn contributed to disruptions in lending to the real economy.

EU leaders therefore agreed that the Economic and Monetary Union (EMU) needed to be strengthened further and that part of that effort would involve the creation of an integrated financial framework, later renamed the banking union.

For this reason, the Greek Presidency highlighted as one of its key priorities to successfully complete the negotiations with the European Parliament to reach a political agreement on the last decisive step towards the completion of this ambitious project, the Regulation on the Single Resolution Mechanism.

After long and arduous negotiations, the Greek Presidency, representing the Council, has managed to reach a historic agreement for the conclusion of this important dossier.

This landmark legislation comes to complement the Single Supervisory Mechanism, as well as the new European rules on capital requirements of European banks, and two other legislative initiatives, the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive.

What is the banking union?

Does this affect the lives of EU citizens or is it just about saving the banks?

What is the purpose of the banking union?

What does it involve?

Economic & Financial Affairs (ECOFIN)

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The European Banking Union explained

Final adoption of the bank recovery and resolution directive and progress on important tax files at ECOFIN (Brussels, 6.5.2014)

mvaroucha — Tue, 06 May 2014 15:24:02 +0000

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In today’s ECOFIN meeting, the Greek Presidency welcomed the final adoption of the Bank Recovery and Resolution Directive. “Together with two other key texts recently approved by the European Parliament (the Single Resolution Mechanism and the recast Directive on Deposit Guarantee Schemes), the BRRD completes the legislative work underpinning the Banking Union and constitutes a very important achievement in restoring confidence in the EU’s banks after the recent financial crisis”. “Establishing these common rules for a clear and comprehensive bank recovery and resolution regime, the BRRD is crucial for ensuring long term financial and economic stability, and for reducing the potential costs of possible future financial crises for public funding and for taxpayers”, said ECOFIN President Yannis Stournaras.

During the working breakfast, Finance Ministers welcomed the new French Minister of Finance, Michel SAPIN, and the Vice President Sim KALLAS now covering ECOFIN business. The usual debrief on the Eurogroup and the economic situation followed on the basis of the Commission’s spring economic forecast.

The Council discussed the proposal to amend the Parent Subsidiaries Directive (2011/96/EU), which aims at addressing tax avoidance by parent companies and subsidiaries in different Member States, by countering the double non-taxation of corporate groups deriving from hybrid loan arrangements. This rule is included in the first part of the Commission’s amending proposal, after its splitting on the basis of a Presidency compromise package aimed at closing the ‘hybrid loan mismatch’ loopholes, generating important losses of revenues in our countries and thus taking a tangible step forward in the fight against tax fraud and tax avoidance. The remaining part of the amending proposal deals with common anti-abuse provisions for the proper functioning of the Directive. “After today’s constructive discussions, the Council is close to an agreement on this important file and we have asked experts to examine the text as necessary in order to reach this agreement by the ECOFIN in June”, underlined President Stournaras.

Furthermore, the Council exchanged views on the proposal for a Directive on Financial Transaction Tax (FTT), - on the basis of a Presidency note on the current state of play and a joint statement by Ministers of Member States participating in enhanced cooperation in the area of FTT. Minister Stournaras stressed that the Greek Presidency is ready to carry forward work on this basis.

As far as the Commission’s in-depth reviews of macroeconomic imbalances in the Member States published in March are concerned, the Council adopted conclusions, in which it underscores the need for policy action and commitment to structural reforms in all countries faced with macroeconomic imbalances, especially those affecting the smooth functioning of the Euro-area, and invites the Commission to present well-focused and consistent recommendations to address these.

Moreover, the Presidency and the Commission debriefed the Council on the main outcomes of the G20 Finance Ministers and Central Bank Governors meeting, and the annual spring meetings of the IMF and the World Bank that took place in Washington D.C. from 10 to 13 April.

In the margins of the ECOFIN, two important meetings took place: The annual European Investment Bank (EIB) governors’ meeting and the Ministerial Dialogue with Candidate Countries, where the Economics and Finance Ministers of the EU met their counterparts from the candidate countries – Turkey, the former Yugoslav Republic of Macedonia, Montenegro and Serbia – for their 16th economic policy dialogue.

Economic & Financial Affairs (ECOFIN)

Parent Subsidiaries Directive, Financial Transaction Tax and In-Depth Reviews 2014 on the ECOFIN agenda (06.05.2014)

zchristidou — Fri, 02 May 2014 14:25:25 +0000

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A proposal for an amended Directive on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States, a proposal for a Directive implementing enhanced cooperation in the area of Financial Transaction Tax, the In-Depth Reviews 2014 in the context of the Macroeconomic Imbalances Procedure and the follow-up to the international finance meetings last month in Washington D.C. are the main topics of the ECOFIN Council on 6 May, under the presidency of the Greek Minister of Finance, Yannis Stournaras.

During the working breakfast, Ministers will be debriefed on the Eurogroup and the economic situation, in the light of the Commission’s spring economic forecast.

The Council is expected to adopt, without discussion, among others, harmonized rules on bank recovery and resolution, following their approval by the European Parliament on 15 April.

Furthermore, the Council will be called on to agree on the first part of a proposal to amend Directive 2011/96/EU, on rules to counter the double non-taxation of corporate groups deriving from hybrid loan arrangements, and to approve a statement acknowledging that splitting the proposed directive is necessary in order to allow for early progress in the field of hybrid loans, whilst allowing work to continue on the second part of the proposal, which deals with anti-abuse provisions.

As regards the proposal for a Council Directive implementing enhanced cooperation in the area of Financial Transaction Tax, Finance Ministers will exchange views on the basis of a Presidency’s note reflecting the state of play of the file.

The Presidency and the Commission will debrief Ministers on the main outcomes of the G20 Meeting of Finance Ministers and Central Bank Governors, and the annual spring meetings of the IMF and the World Bank held in Washington D.C. on 10-11 April and 11-13 April respectively.

Moreover, Ministers will discuss the in-depth reviews 2014 published by the Commission on 5 March in the context of the Macroeconomic Imbalances Procedure and adopt related conclusions.

Finally, the Council will take note of on-going work on legislative dossiers.

In the margins of the ECOFIN Council, Finance Ministers will meet for the annual European Investment Bank (EIB) governors meeting.

Furthermore, over lunch, the Economics and Finance Ministers of the EU will meet their counterparts from the candidate countries – Turkey, the former Yugoslav Republic of Macedonia, Montenegro and Serbia – for their 16th economic policy dialogue.

A press conference will be held at the end of the ECOFIN.

Economic & Financial Affairs (ECOFIN)

Thumbs up for Banking Union: EP adopts key texts

ekampaki — Tue, 15 Apr 2014 13:05:44 +0000

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The European Parliament, in today’s plenary session, adopted 3 key texts that complete the legislative work underpinning the Banking Union (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive).

Addressing the EP plenary, representing the Council of the EU, Deputy Prime Minister and Foreign Minister Evangelos Venizelos said that “the Banking Union has been created in under two years. It has been a Herculean task, but one that will enable Europe to emerge stronger from the crisis. It is a major step towards the completion of a true Economic and Monetary Union based on greater integration and solidarity in the euro area. And the Single Rule Book, the foundation on which the Banking Union has been built, will deliver greater stability to the whole of the EU and its internal market”.

Following today’s vote at the European Parliament, ECOFIN President Yannis Stournaras said:

"I wholeheartedly welcome today's adoption by the European Parliament and with a very large majority, of three key texts which make up the EU's Banking Union, namely, the Bank Restructuring and Resolution Directive, the Single Resolution Mechanism Directive and the recast Directive on Deposit Guarantee schemes. With these legislative acts, the European Union has come a long way in ensuring that taxpayers are safeguarded from failing banks, and, at the same time, that their hard- earned savings held in Banks up to EUR 100,000 will be fully protected.

These are significant milestones for the European Union, its banking sector and for its common currency. As President of the ECOFIN Council, I would like to thank and congratulate the co-legislators for their arduous work on these files and for their constructive and forward looking approach, which made difficult compromises possible.”

Read below DPM & FM Venizelos' statements.

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G20 Meeting in Washington: Greek Presidency supports efforts to foster growth and employment

ekampaki — Mon, 14 Apr 2014 10:52:38 +0000

The G20 Finance Ministers and Central Bank Governors Meeting took place on 10-11 April in Washington D.C. back-to-back with the World Bank – IMF Spring Meetings 2014. Representing the Council of the EU, the Greek Presidency delegation was leaded by Christina Papaconstantinou, Secretary General of the Ministry of Finance.

G20 Finance Ministers and Central Bank Governors, in view of the Brisbane Summit, resumed discussions on comprehensive growth strategies. These will include ambitious, realistic and concrete measures in order to foster growth and employment. The G20 nations reaffirmed their commitment to take new actions in order to achieve the ambition that was set in Sydney to raise overall growth by at least two additional percentage points compared to the baseline scenario over the next five years. To that end, the importance of structural reforms was underlined, while in this meeting emphasis was placed on reforms that will render product and services markets more competitive.

While signs of recovery are visible and prospects for the global economy are optimistic, measures need to be taken to account for the significant risks that are still present and to reinforce growth. Furthermore, the G20 urge for closer cooperation in the macroeconomic field and underline the need for policy communication, also addressing potential global effects from domestic actions.

The G20 acknowledged the key role of investment, especially in infrastructure and small and medium enterprises, in fostering growth and creating jobs. Country specific but also collective actions will be incorporated in the package of growth strategies which will be presented at the Brisbane Summit, including the creation and implementation of best practices to accommodate quality investment as well as the amelioration of the investment environment. The Greek Presidency notes that the experience of the European Union in the area of long-term financing can contribute significantly to the work currently being undertaken.

Finally, the G20 Finance Ministers and Central Bank Governors endorsed the progress on reforms in the international financial area, including the too-big-to-fail- financial institutions, in particular the global systemically important banks (G-SIBS) and the structure of the representation of the FSB.

Economic & Financial Affairs (ECOFIN)