Economic and Financial Affairs Council, 11/07/2017 - Main results - Main contents
Banking - Non-performing loans
The Council approved an action plan to address the problem of non-performing loans (NPLs) in the banking sector.
It outlined a mix of policy actions to help reduce stocks of NPLs, which remain at high levels within the EU, and to prevent their future emergence.
"Non-performing loans are a problem for the banking industry for which solutions have until now been mainly defined at the national level", said Toomas Tõniste, minister for finance of Estonia, which currently holds the Council presidency. "We need to free up these resources, make our financial system more resilient and prevent the re-emergence of NPL issues in the future."
On the basis of an expert report, the Council highlighted the need for action as regards:
bank supervision
the reform of insolvency and debt recovery frameworks
the development of secondary markets for NPLs
restructuring of the banking industry.
It agreed to revert to the issue regularly.
Capital markets union - Mid-term review
The Council adopted conclusions on the Commission's review of the EU's capital markets union action plan.
The Council renewed its commitment to the action plan, which is aimed at securing a fully-fledged capital markets union by the end of 2019. It supported a number of priority initiatives set out by the Commission.
It highlighted good progress made so far, with nearly two thirds of actions already delivered. However a number of challenges have emerged, and with them a need to strengthen the plan.
"The European economy is steadily improving. What we now need most of all is more investment. That's why the capital markets union is top of the Estonian agenda", Mr Tõniste said. "To ensure sustainable economic growth in the longer term, it is essential to broaden the range of sources available for financing, in particular for young and innovative companies."
Presidency programme
The Council discussed the priorities of the Estonian presidency as concerns economic and financial affairs.
The focus of activities until the end of 2017 will be:
the EU's banking union and capital markets union
taxation, with a focus on the digital economy and modernising VAT
the EU budget
economic governance
the future and the financing of the EU and its economic and monetary union.
2017 Estonian presidency programme
Meeting information
Meeting n°3555
Brussels
11/07/2017
Preparatory documents
Indicative programme - Economic and Financial Affairs Council meeting, 11 July 2017
List of A items, non-legislative activities, Economic and Financial Affairs Council, 11 July 2017
Provisional agenda, Economic and Financial Affairs Council Council, 11 July 2017
Outcome documents
Outcome of the Council meeting
Press releases
Banking: Council sets out action plan for non-performing loans
11/07/2017, 12:25
Council conclusions on Action plan to tackle non-performing loans in Europe
11/07/2017, 12:20
Capital markets union: Council agrees on action plan adjustments
11/07/2017, 11:50
11/07/2017, 11:43
Economic, employment and fiscal policies: 2017 country-specific recommendations
11/07/2017, 11:35
Ukraine: Council adopts EU-Ukraine association agreement
11/07/2017, 11:25
Press information
Press contacts
Press officer
+32 22816083
If you are not a journalist, please send your request to the public information service.
Read more ...