The Economic and Financial Affairs Council took stock of progress on the banking union. It also adopted a work plan on climate action and conclusions on energy taxation, money laundering, capital markets union, non-performing loans and the financial architecture for development.
Climate action
The Council adopted conclusions on the EU energy taxation framework.
The Council gave its support to an update of the legal framework for energy taxation which will contribute to wider economic and environmental policy objectives.
The Council approved a work plan on climate action which will establish regular policy discussions on climate action at the ECOFIN Council. The finance ministers also discussed the future agenda for sustainable finance.
More cooperation is needed on anti-money laundering.
Anti-money laundering
The Council adopted conclusions on strategic priorities for anti-money laundering and countering the financing of terrorism.
Fighting money laundering and terrorist financing is a key priority for the European union. I’m glad that we could agree on ambitious new priorities on anti-money laundering, which provide clear political guidance for the new Commission to take this work forward.
Mika Lintilä, Minister for finance of Finland
The Council invites the Commission to explore possible further actions that could be undertaken to enhance the existing framework, in particular by considering:
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ways to ensure a more robust and effective cooperation between the relevant authorities and bodies involved in anti-money laundering and terrorist financing, including through addressing impediments on exchange of information between them;
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whether some aspects could be better addressed through a regulation;
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possibilities, advantages and disadvantages of conferring certain supervisory responsibilities and powers to an EU body.
Capital Markets Union
The Council adopted conclusions setting out objectives for a further deepening of the capital markets union (CMU). The conclusions will shape the format and scope of a new roadmap for future action to further integrate the capital markets of EU member states.
Stablecoins
The Council and the Commission also adopted a joint statement on "stablecoins". The statement highlights the opportunities that stablecoins present in terms of cheap and fast payments but also the challenges and risks they pose.
The Council and the Commission highlight their readiness to take all necessary measures to ensure appropriate standards of consumer protection and orderly monetary financial conditions. The Council and the Commission state that no global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed.
Joint statement by the Council and the Commission on "stablecoins"
Financial architecture for development
The Council adopted conclusions on the European financial architecture for development.
The conclusions highlight the need to make the European financial architecture for development stronger, more, flexible, integrated, coherent, strategic and responsive to climate change and development needs. They give support to the short-term measures put forward by the report of the Wise Persons' Group and outline the way forward for preparing a political reflection on possible future institutional reforms.
Financial architecture for development: Council adopts conclusions on the way forward
Banking union
The Council took stock of progress in strengthening the banking union under the Finnish Presidency.
The Commission also presented the state of play of implementation of the action plan to tackle non-performing loans in Europe.
Non-cooperative tax jurisdictions
Without discussion, the Council adopted conclusions and endorsed a six-monthly report on the progress achieved by the Code of Conduct Group on business taxation.
The report includes in particular a detailed state of play on the EU list of non-cooperative jurisdictions for tax purposes.
It also includes guidance on further coordination of national defensive measures in the tax area towards non-cooperative jurisdictions (contained in annex 4 of the report). The guidance invites all member states to apply a legislative defensive measure in taxation vis-à-vis the listed jurisdictions as of 1 January 2021, aiming to encourage those jurisdictions’ compliance with the Code of Conduct screening criteria on fair taxation and transparency.
Stability and Growth Pact
The Council issued decisions on Hungary and Romania, which are subject to ongoing significant deviation procedures. The decisions confirm that effective actions have not been taken. The Council gave new recommendations on measures to correct the deviations.
Full press release
Opening remarks by Executive Vice-President Valdis Dombrovskis at the ECOFIN press conference
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Money laundering: Council sets strategic priorities for further reforms
Joint statement by the Council and the Commission on "stablecoins"
Financial architecture for development: Council adopts conclusions on the way forward
Energy taxation: Council calls for an updated framework contributing to a climate neutral EU
Wojciech Wiewiórowski appointed European Data Protection Supervisor
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