EU Flash: European Council work programme, Single Resolution Mechanism & results ECOFIN meeting

18/01/2016

The European Council has recently set out its work programme for the next 18 months. The Single Resolution Mechanism has entered into force on January 1st 2016. Two weeks later, the Ministers of Finance held an ECOFIN meeting.

Below you can find a brief summary of these topics: 

Council of the EU sets its work programme for the next 18 months

Growth, jobs, freedom, security, justice, energy union and a stronger EU in the world - these are the top priorities for the Council of the European Union over the next 18 months.

These priorities were agreed by the three upcoming presidencies of the Council: the Netherlands, Slovakia and Malta, the so-called 'trio'.

The trio sets long-term goals and prepares a common agenda for the Council for the next 18 months. Covering the period between January 2016 and June 2017, the current work programme is based on the recent European Council conclusions and strategic agenda and covers five pillars:

  • jobs, growth and competitiveness;
  • empowering and protecting citizens;
  • energy union and climate policy;
  • freedom, security, justice;
  • EU as a strong global actor.

Full details can be found here

Single Resolution Mechanism

Single Resolution Mechanism entered into force on 1 January 2016

The Single Resolution Mechanism (SRM) became fully operational starting 1 January 2016. The SRM implements the EU-wide Bank Recovery and Resolution Directive (BRRD) in the euro area.

This can be regarded as a milestone on building the Banking Union. The SRM will bolster the resilience of the financial system and help avoid future crises by providing for the timely and effective resolution of cross-border and domestic banks.

Full details can be found here

European Central Bank: Memorandum of Understanding between the Single Resolution Board and the European Central Bank

The Single Resolution Board (SRB) and the European Central Bank (ECB) have published a memorandum of understanding (MoU) in respect of Cooperation and Information Exchange.
To read the full publication, click here

Agreement between the European Parliament and the Single Resolution Board on the Single Resolution Board within the framework of the Single Resolution Mechanism

The Official Journal of the European Union as published an agreement between the European Parliament and the Single Resolution Board on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the Single Resolution Board within the framework of the Single Resolution Mechanism.

To read the full publication, click here

Results ECOFIN meeting 15.01.2016

On January 15th 2016, the Ministers of Finance held an ECOFIN meeting. The Council discussed several topics, such as growth prospects and macroeconomic imbalances under the "European Semester" and the EU's annual policy coordination process. It adopted conclusions, and approved a draft recommendation on the economic policies of the euro area.

The policy priorities for 2016 are investment, structural reforms and responsible fiscal policies. Regarding macroeconomic imbalances, the Commission is due to publish in-depth reviews in February of the situation in 18 member states.

The draft recommendation for the euro area will be referred to the European Council in February, with a view to adoption in March. The 2016 European Semester will conclude with country-specific recommendations in July.

Presidency programme

The Council discussed the Netherlands presidency work programme. The Council briefly reviewed implementation of Europe's banking union, following entry into force of measures to ensure the orderly resolution of failing banks.

Full details can be found here

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