Economic and financial affairs ministers of the EU member states will hold their informal meeting in Tallinn today and tomorrow, 15-16 September. The first gathering will be of ministers from the euro area for a Eurogroup meeting, which will be followed by a meeting for ministers and central bank governors from all EU member states to discuss strengthening the euro area and improving the use of the EU’s financial resources as well as the use of new technological solutions in the financial sector. Tomorrow, September 16, the ministers will focus on the need to modernise the EU tax system arising from developments in the digital economy. Additionally, the sustainable and cost-effective development of IT systems for the EU-wide customs union will be on the agenda as well.
The Executive Director of the European Union Agency for Network and Information Security (ENISA) is opening a call for Expression of Interest for Membership of the Permanent Stakeholders’ Group (PSG) to be assigned for a period of two and a half years.
The Commission is launching today a public consultation on how to improve post-trade services used in financial transactions, including clearing, settlement and collateral management. As part of the Capital Markets Union Action Plan, the Commission is currently reviewing progress made in removing barriers to post-trade market infrastructure. This consultation seeks to gather views on a range of issues including the current state of post-trade markets, the main trends and challenges faced by post-trade services providers and users as well as the best ways to remove barriers, including through financial technology. On average, cross-border trades remain more expensive than domestic trades and a more efficient post-trading environment could reduce such costs. Vice-President Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union, said: “Efficient and integrated post-trade markets are essential for EU financial markets and for a well-functioning Capital Markets Union. We need to find the best solutions to remove all barriers to efficient and resilient post-trade services”. As part of its review, in February 2016 the Commission created a European Post-Trade Forum (EPTF) to assess the evolution of the EU post-trade landscape and progress in removing barriers. The EPTF has today published its report which can be found here. The results of today’s consultation will contribute to a Communication on post-trade planned for the end of 2017, and to future legislative reviews. The consultation questionnaire is availablehere and will remain open until 15 November 2017. (For more information: Lucia Caudet – Tel.: +32 229 56182; Patrick McCullough – Tel.: +32 229 87183)
Source: European Commission