Economic and Financial Affairs Council

Minister of Finance Andrej Šircelj will chair the meeting of the Economic and Financial Affairs Council in Brussels on Tuesday, 7 December.

Ministers will start the meeting by discussing updates to the rules for reduced value-added-tax rates, with the aim of updating the list of goods and services for which reduced rates or exemptions are allowed. The Code of Conduct on business taxation is also on the agenda. The Presidency will present progress report on measures to strengthen the banking union, including the proposal on the European deposit insurance scheme and other risk mitigation measures listed in the 2016 Council roadmap to completing the banking union. The Presidency will also present a progress report on the package to counter money laundering and the financing of terrorism.

The ministers will discuss the legislative package for the Capital Markets Union to be presented by the European Commission. The legislative package includes the alternative investment fund managers directive (AIFMD), the European long-term investment funds (ELTIF) regulation, the European single access point (ESAP) and the review of markets in financial instruments regulation (MiFIR). The aim of the legislative package is to better connect EU companies with investors and improve their access to funding, broaden investment opportunities for retail investors and better integrate capital markets.

The ministers will also exchange views on the implementation of the Recovery and Resilience Facility and the European Semester for 2022. During the Slovenian Presidency, significant progress has been made with regard to the approval of Recovery and Resilience Plans, with 22 plans already being approved. Advance payments have been received by 17 member states so far, with the total value of current advances standing at EUR 52.35 billion. This means that these countries can already benefit from the Recovery and Resilience Facility. At the meeting, the European Fiscal Board will also present its 2021 Annual Report and the Presidency will provide a follow-up to the adoption of the budget for 2022.