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8 July 2016
Economy and finance
Notices and memo

Economic and Financial Affairs Council (12 July, Brussels)

The Council is expected to adopt decisions that Portugal and Spain have not taken effective action in response to its recommendations on measures to correct their excessive deficits.

It is expected to adopt country-specific recommendations on the member states' economic, employment and fiscal policies, thus ending the 2016 "European Semester" cycle.

The Council is expected to adopt a directive to tackle corporate tax avoidance, following an agreement reached on 21 June.

It is also due to adopt a recommendation on national productivity boards, part of the follow-up to the 'five presidents’ report' on economic and monetary union.

It will discuss new proposals to prevent money laundering and to boost tax transparency.

The agenda also includes the Slovak presidency work programme, removing barriers to investment, Basel Committee banking reforms and preparation of a G20 meeting.

The Eurogroup will meet on Monday11 July, starting at 15.00. It will discuss the economic and financial situation, the euro area's fiscal stance, the outcome of post-programme surveillance missions to Ireland and Portugal, and the budgetary situation in Portugal and Spain. It will also hold a thematic discussion on investment.

On Tuesday at 8.00, the presidency, the two next presidencies and the Commission will hold an informal meeting with representatives of the European Parliament. They will discuss the EU's banking union, legislative dossiers including on capital markets union, next steps as concerns economic and monetary union, and issues related to the United Kingdom referendum on EU membership.

At 9.30, ministers will then hold a breakfast meeting to discuss the economic situation.

The Council meeting is scheduled to start at 10.30.

A taxation agreement with Monaco is due to be signed after the Council, scheduled for 14.30.

 Press conferences:

  • after the Eurogroup meeting (Monday evening);
  • at the end of the Council (Tuesday afternoon).

 Agenda highlights

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