Where: Justus Lipsius building, Brussels, Belgium
Topic: Economy, finance, tax and competition
Organiser: Council of the EU
The Council will be updated on negotiations with the European Parliament on two draft regulations on economic governance:
- a regulation for enhanced monitoring and assessment of draft budgetary plans of euro area member states, especially those subject to an excessive deficit procedure;
- a regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or request financial assistance.
It will be informed of developments regarding the Banking Supervision Mechanism, which involves two regulations: one conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions and another establishing a European Supervisory Authority. The Council will discuss key open issues.
The Council will also be updated on the state of play regarding the introduction of a financial transaction tax (FTT) in a number of member states, following the recent Commission proposal to authorise enhanced cooperation in this field.
It will take note of the state of negotiations with the European Parliament on two legislative proposals - the so-called "CRD 4" package - which set out to amend and replace the existing EU's rules on capital requirements for banks and investment firms: a regulation establishing prudential requirements for financial institutions and a directive governing access to deposit-taking activities. Both proposals are aimed at transposing into EU law an international agreement approved by the G 20 in November 2010.
Furthermore, the Council will hold a policy debate on a proposed mandate for negotiations on amendments to the savings taxation agreements with third countries, as requested in the European Council conclusions of 28-29 June 2012
Amongst the other items on its agenda, the Council is expected to adopt conclusions on climate finance, endorsing the EU "fast-start" report in preparation of the UN Conference on Climate Change, which will be held in Doha (Qatar) from 26 November to 7 December 2012.
A Presidency briefing, agenda and background note will be published on the Council website closer to the date of the meeting.