EU-flash: Results of the November ECOFIN meeting and sustainable investments


Les ministres UE des Finances se sont réunis le 6 novembre 2017 pour discuter du développement futur de l’Union bancaire. Le lendemain, les ministres des Finances ont discuté des règles TVA améliorées de manière à promouvoir le e-commerce et les entreprises en ligne. Le 13 novembre, la Commission a lancé une consultation publique sur la manière dont les gestionnaires de fortune et les investisseurs institutionnels peuvent implémenter entre autres les aspects environnementaux, sociaux et de gouvernance dans leur processus décisionnel.

Vous trouverez ci-dessous un résumé en anglais du programme de travail.

Results of the Eurogroup & ECOFIN meeting on 6 and 7 November

Eurogroup: 6 november 2017

EU Finance Ministers of the eurozone met on 6 November 2017 in Brussels to discuss euro area aspects of the banking union. The ministers heard from Daniele Nouy, Chair of the European Central Bank’s Supervisory Board, on banking supervision activities since last April and from Elke Koenig, Chair of the Single Resolution Board (SRB), on the SRB’s ongoing activities and how the Single Resolution Fund (SRF) is being built up.

Afterwards, in an inclusive format, ministers prepared for the December Euro Summit, covering topics such as the completion of the banking union and fiscal governance in the euro area.

More information.

Ecofin: 7 november 2017

The day after, Ministers discussed improved VAT rules to help facilitate electronic commerce and online businesses. The proposals are aimed at making it easier to buy and sell goods and services online. They are part of the EU's 'digital single market' strategy. The aim is also to improve the collection of VAT on digital services.

The presidency confirmed that discussions would continue with a view to reaching an agreement before the end of 2017.

Ministers discussed proposals aimed at strengthening financial supervision and encouraging capital market integration in Europe.The aim is to enable financial markets to operate more effectively and to better address new challenges.

The reforms feed into the EU’s plan to secure a capital markets union by the end of 2019, for which ministers again expressed strong support. National experts will continue work on the proposals.

Full details.

European Commission seeks views on how best to encourage sustainable investments

On 13 November, the Commission launched a public consultation on how asset managers and institutional investors could include environmental, social and governance factors when taking decisions. The aim of this public consultation is to collect the views and opinions of interested parties on this issue in order to inform the impact assessment process.

In its interim report, published in July 2017, the High Level Expert Group on sustainable finance recommended the Commission to clarify that the fiduciary duties (duties of loyalty and prudence) of institutional investors and asset managers explicitly integrate material environmental, social and governance (ESG) factors and long term sustainability.

The public consultation is open until 28 January 2018.

To view the consultation document, click here.

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