{"value":{"id":536386,"memberId":1529,"member":null,"memberRole":"The Financial Secretary to the Treasury ","uin":"HCWS93","dateMade":"2016-07-14T00:00:00","answeringBodyId":14,"answeringBodyName":"HM Treasury","title":"ECOFIN: 17 June 2016","text":"<p>A meeting of the Economic and Financial Affairs Council took place in Luxembourg on 17 June 2016. EU Finance Ministers discussed the following items:</p><p> </p><p><strong>Anti-Tax Avoidance Directive </strong></p><p>The Council reached political agreement to the Anti-Tax Avoidance Directive.</p><p> </p><p><strong>Financial Transaction Tax</strong></p><p>A brief update was provided on the progress regarding implementing a Financial Transaction Tax in participating Member States. The UK is not taking part in the Financial Transaction Tax.</p><p> </p><p><strong>Strengthening the Banking Union</strong></p><p>Council conclusions were agreed on measures to strengthen the Banking Union.</p><p> </p><p><strong>Current Legislative Proposals</strong></p><p>The Presidency updated the Council on the state of play regarding a number of financial services dossiers.</p><p> </p><p><strong>State of play of the Banking Union</strong></p><p>Belgium provided an update on its transposition of the Bank Resolution and Recovery Directive and the Deposit Guarantee Scheme Directive as the only remaining Member State yet to complete this.</p><p> </p><p><strong>Analysis by the Commission on temporary VAT derogations (reverse charge mechanism)</strong></p><p>The Commission agreed to bring forward a legislative proposal to allow certain Member States to apply a generalised reversal of liability for VAT payments.</p><p> </p><p><strong>Implementation of the Stability and Growth Pact</strong></p><p>The Council endorsed decisions to close the Excessive Deficit Procedures for Cyprus, Ireland and Slovenia.</p><p> </p><p><strong>Report of the European Court of Auditors on the Excessive Deficit Procedure </strong></p><p>The Council adopted conclusions on a report of the European Court of Auditors regarding the Excessive Deficit Procedure. This item moved to an ‘A’ point with no discussion.</p><p> </p><p><strong>Contribution to the European Council meeting on 28-29 June 2016</strong></p><p>The Council prepared a number of items ahead of June European Council. Specifically, Ministers endorsed the 2016 Country Specific Recommendations, part of the European Semester process.</p><p>Following this, views were exchanged on a number of issues including economic and fiscal governance and the investment plan for Europe. The item on National Productivity Boards moved to an ‘A’ point with no discussion.</p><p> </p><p> </p>","house":"Commons","noticeNumber":1,"hasAttachments":false,"hasLinkedStatements":true,"linkedStatements":[{"linkedStatementId":536385,"linkType":"JointStatement","linkDate":"2016-07-14T00:00:00"}],"attachments":[]},"links":[{"rel":"self","href":"/Statements/536386","method":"GET"}]}