COUNCIL OF THE EUROPEAN UNION-EUROGROUP latest news

PRESS Council of the European Union      24/5/2018  eu-LISA: agreement between the Council Presidency and the European Parliament On 24 May 2018, the Bulgarian Presidency of the Council and the European Parliament reached an informal agreement on a draft regulation on the European agency for the operational management of large-scale IT systems in the area of freedom, security and justice (eu-LISA). "The EU has been working to improve migration management as well as its capacity to detect those who may pose a security risk to the EU through the update and creation of several information sharing databases. Strengthening the mandate of EU LISA, the agency managing these systems, will help them improve their operation and make the best use of the tools available" Valentin Radev, Bulgarian minister of interior This regulation will further develop the agency’s capacity to contribute to border management, law-enforcement cooperation and migration management in the EU. The agency will also have a vital role in implementing new IT architecture in the area of Justice and Home Affairs (JHA). The draft regulation will strengthen the mandate of eu-LISA and will entrust the agency with: developing and operating new systems, such as the recently adopted entry-exit system and the European travel information and authorisation system (ETIAS) contributing to the development of technical solutions to achieve interoperability, subject to a legislative instrument on interoperability currently under discussion providing support to member states at their request, for example ad-hoc support to deal with migratory challenges, and assistance for creating common solutions for the implementation of their obligations stemming from EU legislation on decentralized systems in the area of JHA a greater role in research, pilot projects and testing activities Next steps The informal agreement will now be presented to EU ambassadors for confirmation on behalf of the Council. Following this, the regulation will be submitted to the European Parliament for a vote at first reading, and subsequently to the Council for adoption. Council of the European Union

25/5/2018

	Declaration by the High Representative on behalf of the EU on the findings of the Joint Investigation Team on the downing of flight MH17
	The European Union reiterates its full support for the United Nations Security Council Resolution 2166, which demands that those responsible for the downing of flight MH17 on 17 July 2014 be held to account and that all States cooperate fully with efforts to establish accountability.  On 24 May 2018, the Joint Investigation Team presented further findings of its independent, professional and impartial investigation. It concluded that the BUK installation used to bring down flight MH17 belonged beyond doubt to the armed forces of the Russian Federation.  The European Union calls on the Russian Federation to accept its responsibility and to fully cooperate with all efforts to establish accountability. Council of the European Union      25/5/2018  Corporate tax avoidance: Transparency rules adopted for tax intermediaries On 25 May 2018, the Council adopted rules aimed at boosting transparency to prevent aggressive cross-border tax planning. The directive targets intermediaries such as tax advisors, accountants and lawyersthat design and/or promote tax planning schemes. It will require them to report schemes that are potentially aggressive. The information received will be automatically exchanged through a centralised database. Penalties will be imposed on intermediaries that do not comply. "The new rules are a key part of our strategy to combat corporate tax avoidance ", said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the Council presidency. “With greater transparency, risks will be detected at an earlier stage and measures taken to close down loopholes before revenue is lost." The directive was adopted at a meeting of the Economic and Financial Affairs Council, without discussion. Member States will have until 31 December 2018 to transpose it into national laws and regulations. March 2018 press release on Council agreement on the draft directive on tax intermediaries May 2018 draft directive on tax intermediaries Council of the European Union      25/5/2018  Tax fraud: Standard provision agreed for agreements with third countries The Council approved a standard provision on good tax governance to be included in EU agreements with third countries. Ministers’ conclusions emphasise the need to prevent cross-border tax fraud and tax evasion, as well as money laundering, corruption and the financing of terrorism. The new provision reflects developments in international tax standards since a previous standard provision was agreed in 2008. These include OECD standards aimed at preventing corporate tax base erosion and profit shifting. Council of the European Union      25/5/2018  Taxation: 2 jurisdictions removed from EU list of non-cooperative jurisdictions On 25 May 2018, the Council removed the Bahamas and Saint Kitts and Nevis from the EU's list of non-cooperative tax jurisdictions. The EU’s list is contributing to on-going efforts to prevent tax fraud and promote good governance worldwide. It was established in December 2017. “Having fewer jurisdictions on the list is a measure of the success of the listing process", said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the Council presidency. “As jurisdictions around the world work to reform their tax policies, our challenge for the rest of the year will be to see that their commitments have been correctly implemented.” Council of the European Union      25/5/2018  Western Balkans and Turkey: Joint conclusions of the economic and financial dialogue The presidency and next two Council presidencies met finance ministers from the Western Balkans and Turkey. Joint conclusions were adopted, assessing the strengthening of fiscal frameworks in contributing to economic convergence. Read the full text of the Joint conclusions Eurogroup      24/5/2018 | STATEMENTS AND REMARKS Remarks by President Centeno following the Eurogroup meeting of 24 May 2018 Good evening. We had a long meeting today. On Greece, we’ve heard some good news from the institutions. They have reached a staff-level agreement with the Greek government in Athens last week. We welcomed this package. It goes to show that when there is mutual trust and true ownership of reforms we can reach compromises in a short period of time.  We encouraged the Greek government to keep the pace and implement these reforms swiftly before our June meeting. That is a crucial element for the conclusion of the programme. We also held an initial exchange of views on a package of debt relief measures to be implemented at the end of the programme, conditional upon its successful implementation and to the extent necessary. Our common goal is to ensure the long term sustainability of the Greek debt. To that end, we have mandated the institutions to produce a final Debt Sustainability Analysis - on which we can fine-tune possible debt measures. All this, within the boundaries defined in June last year and approved by the Eurogroup. We have mandated our deputies to flesh out further all the loose ends of the Greek package. At our next meeting - in Luxembourg in June - we will decide on all that is needed to ensure a successful exit of Greece from the program by August. This is our top priority regarding Greece. Overall, we have an staff level agreement approved, there is some convergence on the debt discussions at technical level, Greece tabled a long term growth strategy and it is over-performing on fiscal targets. Pieces are falling into place, but we have an ambitious timeline ahead of us. I see commitment on all sides so I'm confident that we'll make it. After Greece, we discussed the developments of the euro area economy. Growth and employment both picked up strongly in 2017 – right across the euro area - and this also helped to keep deficits down. The Commission’s Spring Forecast shows growth will remain broad-based in 2018 and 2019. There are, however, substantial risks to this outlook, mainly coming from outside the euro area. In particular, the policy stance of the US administration is a matter of concern. In times like these, prudent domestic policies are essential and so is close co-ordination at the European level. We continued with a discussion on national budget spending reviews. Two years ago, the Eurogroup adopted a set of common principles and we come back to these regularly. Eurogroup Ministers are very interested in these discussions on spending reviews as they are important tools to improve the quality of public finances. They can be used to generate savings in difficult times and improve the quality and composition of expenditure in good times. Today, we focused on how to best ensure ownership. I asked the Spanish and Irish ministers to share their own experiences. We agreed that political commitment at the highest level throughout the duration of the expenditure review is critical. We will take this discussion further in one of our meetings next year. Finally, we welcomed non-euro area member states in the room to discuss with us the completion of Banking Union and the future role of the European Stability Mechanism.  This is part of our preparations for the June European Council discussions on deepening of the Economic and Monetary Union. On the Banking Union, we had a good discussion on the sequencing of the deliverables , both in terms of risk reduction and risk sharing. The Banking package, which will be discussed tomorrow at the Ecofin, is an important part of this. This should pave the way for a decision on the ESM becoming the backstop to the Single resolution fund. We also had a good discussion on indicators to assess the progress made with further reducing risks in the financial sector. The institutions will provide an updated assessment of progress made with the reducing risks in the Banking Union in June. This will give us a clear and objective picture of where we are on risk reduction and that will inform our decisions. It is my intention to have these updates on a regular basis. On the reform of the ESM, we took stock of progress made at technical level on all strands of this reform. That includes: the cooperation between the Commission and the ESM in future programmes; the review of the ESM toolkit; debt sustainability issues; and the common backstop to the Single Resolution Fund. An agreement on these interconnected elements is within reach for June. There is still work to be done but I am confident that we will be able to agree on important policy guidance and decisions in June. Decisions that will make the euro area more robust. Eurogroup     24/5/2018 | MEETING Main results - Eurogroup, 24/05/2018 The Eurogroup first met in regular format and later in inclusive format. Ministers were informed about the staff-level agreement between the institutions and the Greek authorities. They also discussed the European Commission's spring forecast, spending reviews and the future role of the ESM. Main results The Eurogroup meeting took place in two formats - the first part was a regular meeting of the euro area ministers, and the second part was a meeting of the ministers of 27 EU member states. Eurogroup meeting in regular format Greece's economic adjustment programme The Eurogroup was informed about the staff-level agreement concluded by the institutions and the Greek authorities on 19 May. The focus is now on Greece's successful implementation of the agreed reforms, ahead of the June Eurogroup meeting. The Eurogroup also continued its discussions on possible debt measures in preparation for the decisions that are planned for the Eurogroup meeting in June. Greece's economic adjustment programme is now under its fourth and final review . The programme's formal expiry date is 20 August 2018. Statement by European Institutions on staff-level agreement reached with Greek authorities (19 May 2018) Greece: the third economic adjustment programme (background information) Timeline: the third financial assistance programme for Greece (background information) Economic situation in the euro area: European Commission spring forecast The European Commission presented its 2018 spring forecast, published on 3 May. European Economic Forecast. Spring 2018 Thematic discussion on growth and jobs: spending reviews The Eurogroup held a follow-up discussion on spending reviews, this time focusing on the challenge of ensuring ownership when conducting spending reviews. Irish and Spanish ministers shared their countries' experiences and lessons learned from their recently completed spending reviews. The Eurogroup had previously discussed this topic in June last year, and in September 2016, when it adopted common principles for improving expenditure allocation. Spending reviews help governments detect areas where savings and efficiency gains could be made and where spending could bring greater value for money. Quality of public finances: Enhancing ownership in spending reviews (technical background note by the European Commission) Meeting in inclusive format Banking union and European Stability Mechanism (ESM) Finance ministers from 27 EU member states exchanged views on the completion of the banking union and the future role of the ESM. They took stock of the progress made so far and discussed the way forward in preparation for the upcoming leaders' meeting in June. Meeting information Brussels   24/05/2018 Preparatory documents Draft annotated Eurogroup agenda 24 May 2018 Draft annotated Eurogroup agenda in inclusive format 24 May 2018