Economic and Financial Affairs Council

Economic and Financial Affairs Council
  • Start date : 05/03/2013 00:00:00
  • End date : 05/03/2013 23:59:59
  • Where : Justus Lipsius building, Brussels, Belgium

Council of the EU and European Council, Economy, finance, tax and competition

The Council will take note of progress on a draft directive on bank recovery and resolution, a proposal that is part of a broader plan to establish a banking union.


It will also examine a package of measures aimed at combating VAT fraud – the "quick reaction mechanism" and the "reverse charge mechanism" – and will be called on to adopt conclusions.


The Council will discuss country-specific issues under the European Semester, as well as the further development of economic and monetary union. It will also take stock of the outcome of a meeting of G-20 finance ministers and central bank governors, held in Moscow on 15 and 16 February.


A number of other dossiers may also be on the agenda, depending on developments:

  • the "CRD IV" package, which sets out to amend and replace EU bank capital requirements in accordance with the "Basel III" agreement concluded at international level. The package includes a regulation establishing prudential requirements for financial institutions and a directive governing access to deposit-taking activities;
  • proposals on bank supervision, which include two regulations: one conferring supervisory tasks on the European Central Bank, the other amending the regulation on the European Banking Authority;
  • the "two pack" on economic governance in the euro area: a regulation on enhanced monitoring and assessment of draft budgetary plans of member states, especially those subject to an excessive deficit procedure, and a regulation on enhanced surveillance of member states that are experiencing financial difficulties.


A Presidency briefing, agenda and background note will be published on the Council website closer to the date of the meeting.