Economic and Finance Ministers Council (ECOFIN)

On 8 December in Brussels, Vice-President Georgieva, Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Hill will participate in the EU’s Council of Economic and Finance Ministers meeting. The meeting will be followed by a press conference (transmittedby EbS). Ministers are expected to confirm a negotiating mandate for a European framework for simple, transparent and standardised (STS) securitisation as presented in the Commission’s proposal for a Capital Markets Union. The Commission will present its Communication “Towards completion of the Banking Union“and the proposed Regulation to establish a European Deposit Insurance Scheme (EDIS).The next steps to reinforce the European framework in the fight against the financing of terrorism will also be presented. During the meeting, ministers should adopt Council conclusions on Base Erosion and Profit Shifting for tax avoidance purposes, for which a legislative proposal will be presented by the Commission in early 2016. Ministers will take stock of progress on the Common Consolidated Corporate Tax Base (CCCTB) and on the enhanced cooperation for a future Financial Transaction Tax. They will also be debriefed on the agreement reached at the Economic and Financial Committee (EFC) on a common position towards flexibility in the Stability and Growth Pact. Finally, the Court of Auditors will present its annual report on the implementation of the EU budget for 2014. The EU’s accounts were earlier this year signed offby the Court of Auditors for the eight year in a row.