Economic and Financial Affairs Council, 10/11/2015: climate summit, capital markets union
Agenda of the meeting
Indicative programme, Economic and Financial Affairs Council, 10 November 2015
Provisional agenda, Economic and Financial Affairs Council, 10 November 2015
List of A items, legislative activities, Economic and Financial Affairs Council, 10 November 2015
Climate change
The Council adopted conclusions ahead of the 21st conference of the parties to the UN framework convention on climate change.
Council conclusions on climate finance
"With an ambitious mandate for the Paris conference, the European Union is assuming its role as one of the main forces behind a new climate agreement"
Pierre Gramegna, Minister of Finance of Luxembourg
The conference, to be held in Paris from 30 November to 11 December 2015, will set out to approve a new UN climate agreement for the post-2020 period. The aim is to limit the global average temperature increase to maximum 2°C compared to pre-industrial levels, and guarantee sufficient public and private financing to achieve that.
"With an ambitious mandate for the Paris conference, the European Union is assuming its role as one of the main forces behind a new climate agreement", said Pierre Gramegna, minister of finance of Luxembourg and president of the Council. "We are also ready to provide a major contribution to the financing of climate change needs".
The Council conclusions focus on the EU's climate finance contributions towards the $100 billion per year pledged by developed countries by 2020, and on the predictability of climate finance contributions. They address the financing aspects of a new UN climate agreement for the post-2020 period.
Significant resources will be needed to help developing countries deal adequately with climate change, both to reduce greenhouse gas emissions and to adapt to the consequences of climate change. The $100 billion per year pledged by developed countries by 2020 will come from a broad variety of sources: public and private, bilateral and multilateral and including alternative sources of finance.
Capital markets union
The Council adopted conclusions welcoming the Commission's action plan for the development of a capital markets union.
The plan is aimed at establishing a fully functioning EU capital markets union by the end of 2019. A variety of measures are planned to strengthen capital markets so as to attract more investment, including foreign investment, for European companies and infrastructure projects.
One of the main aims is to improve access to finance for SMEs and start-ups, especially in innovative industries.
"We have already started work on a proposal on simple, transparent and standardised securitisation, with the aim of reaching a political agreement as soon as possible and maybe even before the end of this year", Mr Gramegna said. "We also await a proposal on prospectuses, which will be important for facilitating access to credit for small and medium-sized enterprises, in order to start work on that too."
Council Conclusions on the Commission Action Plan on building a Capital Markets Union
Repeal of the savings taxation directive
Directive 2003/48/EC, which since 2005 has allowed tax administrations better access to information on private savers, was repealed by the Council.
This follows a strengthening of measures to prevent tax evasion. A significant overlap had developed with other legislation in this field, and the repeal eliminates that overlap.
Savings taxation directive repealed
Outcome of the Council meeting
Topic(s):
Economic and Financial Affairs Council: Other meetings
Last reviewed on 10/11/2015
Share
Is there something wrong with this page?
Give feedback
Your comment Your comment is required.
This field should not have been filled.
Send
The General Secretariat of the Council is a body of staff responsible for assisting the European Council and the Council of the EU. It helps organise and ensure the coherence of the Council's work and the implementation of its 18-month programme.
General Secretariat of the Council Jobs Traineeships Public procurement Corporate policies Data protection Transparency Visual identity Contact us How to reach us General enquiries Visit the Council
Subscribe
×
Language selection
Close