Focus on taxation and banks

European Union ministers met on 14 May 2013 to discuss economic and financial matters. The main points on the agenda included the updating of some tax agreements with third countries, tax evasion and tax fraud, and the recovery and resolution of credit institutions and investment firms.

Mr Michael NOONAN, Irish Minister for Finance
© European Union 2013

The Council gave a mandate to the Commission to negotiate updated savings tax agreements with Switzerland, Liechtenstein, Monaco, Andorra and San Marino. The aim is to ensure that the five countries continue to apply measures that are equivalent to the EU's directive on the taxation of savings income, which is being amended.

 For more details, see the Savings taxations press release (pdf)

Ministers also adopted conclusions on tax evasion and tax fraud, highlighting the need for a combination of efforts at national, EU and global levels, and confirming support for work within the G8, the G20 and the OECD on the automatic exchange of information.

 For more details, see the Council conclusions on tax evasion and tax fraud (pdf)

These issues will be reviewed by the European Council at its meeting on 22 May.

The discussion of the proposal for a directive establishing a framework for the recovery and resolution of credit institutions and investment firms focussed on the design of the bail-in tool. The presidency concluded that to reach an agreement, a balance would have to be struck between establishing a harmonised EU approach and allowing for limited national flexibility. It is intended to resume the discussion and reach an overall agreement on the directive at the Council meeting on 21 June.

 For more details, see the press release, p.7 (pdf)

Video highlights

Other topics:

• Political agreement on a draft amending budget for the EU's 2013 budget (press release, pdf)
• Conclusions on macroeconomic imbalances, in the light of in-depth reviews of imbalances in 13 member states (press release, pdf)
• Conclusions on SEPA, the single euro payments area (press release, pdf)
• Conclusions relating to the fast-start financing of climate change measures (press release, pdf)

Ministers also welcomed a compromise reached with the European Parliament on a draft directive on mortgage credit.

More information:

• Press release (pdf)
• Audiovisual page (includes footage of the press conference)