The adoption of an amended Directive on taxation of savings, the review of the Council’s position on the Single Resolution Mechanism for banks (SRM), with a view to finalising negotiations with the European Parliament, the follow-up to the G20 Finance Ministers and Central Bank Governors’ meeting in Sydney and the economic elements of the EU 2030 energy and climate framework are the main topics of the ECOFIN Council on 11 March, under the presidency of the Greek Minister of Finance, Yannis Stournaras.

During the working breakfast, Ministers will be debriefed on the Eurogroup and the economic situation, in the light of the Commission’s winter economic forecast. The Commission will present the main findings of its in-depth reviews on the prevention and correction of macroeconomic imbalances in 17 member states. Ministers will also be informed of the economic and financial aspects of developments regarding Ukraine.

Following the European Council’s conclusions of December 2013, the Council will be called on to adopt a Directive aimed at strengthening EU rules on the taxation of savings income. The proposed amendments to Directive 2003/48/EC are intended to prevent its circumvention, by enlarging its scope to include all types of savings income and products that generate interest or equivalent income.

As regards the proposal for a Regulation on a Single Resolution Mechanism for banks (SRM), the Council will be called to revise the mandate given to the Presidency, with a view to finalising negotiations with the European Parliament at the next trilogue.

The Presidency and the Commission will debrief the Council on the outcome of the G20 Meeting of Finance Ministers and Governors held in Sydney on 22 and 23 February. Discussions focused on the global economy, investment in infrastructure and SMEs, economic growth, IMF reform, financial regulation and tax transparency.

Ministers will also have an exchange of views on the economic aspects of the EU’s 2030 energy and climate framework, on the basis of a communication from the Commission and in preparation of the European Council meeting on 20-21 March.

Finally, the Council will take note of on-going work on financial services dossiers.

The Eurogroup will meet on Monday 10 March. It will be preceded by the “Macro-Economic Dialogue”, a dialogue on macroeconomic issues with the social partners. The meeting will focus on two issues: policy responses conductive to sustained growth; and funding channels to restore lending to the real economy, in particular SMEs. A meeting at ministerial level on the Intergovernmental Agreement on the Single Resolution Fund for banks (SRF) is scheduled to take place after the Eurogroup meeting.

Press conference:
A press conference will be held at the end of the ECOFIN.