On 8 December 2015, the European Union and San Marino signed an agreement aimed at improving tax compliance by private savers. The agreement will contribute to efforts to clamp down on tax evasion, by requiring the EU member states and San Marino to exchange information automatically. This will allow their tax administrations improved cross-border access to information on the financial accounts of each other's residents. "The sharing of information between national tax authorities remains one of the fundamental elements of an effective fight against tax fraud and tax evasion", said Pierre Gramegna, Minister for Finance of Luxembourg and president of the Council. "The EU is undoubtedly a leader in this field."

European Union (EU) Economy and Finance Ministers met in Brussels on 8 December 2015 for the 'Economic and Financial Affairs' (ECOFIN) Council, chaired by the Minister for Finance, Pierre Gramegna. The agenda of the meeting was largely devoted to taxation, with the adoption of conclusions on the future of a code of conduct on business taxation and on tax base erosion and profit shifting (BEPS). The Council also discussed the progress on international aspects of a proposed common consolidated corporate tax base. In addition, Ministers addressed the state of play of banking union legislation and the European Commission's proposal for a regulation establishing a European deposit guarantee scheme.

On 8 December 2015, the Council approved the conclusion of agreements with Liechtenstein and Switzerland aimed at improving tax compliance by private savers. The two agreements will contribute to efforts to clamp down on tax evasion, by requiring the EU member states and the two countries to exchange information automatically. This will allow their tax administrations improved cross-border access to information on the financial accounts of each other's residents.

On 8 December 2015, the Council adopted a directive aimed at improving transparency on tax rulings given by member states to companies in specific cases about how taxation will be dealt with. The directive is one of a number of initiatives aimed at preventing corporate tax avoidance. The new rules will be applied from 1 January 2017. In the meantime, existing obligations for member states to exchange information will stay in place.

In a statement adopted on 8 December 2015, ECOFIN Ministers reaffirm the importance of deepening the Banking Union in the context of a well-functioning Economic and Monetary Union. Following the successful establishment of the Single Supervisory Mechanism (SSM), they welcome the forthcoming entry into force of the intergovernmental agreement on the transfer and mutualisation of contributions to the SRF (IGA), which will allow the Single Resolution Fund (SRF) to be fully operational on 1 January 2016.

New rules on export credits to coal-fired power plants, developed within an OECD framework, have been endorsed by the EU. This is an important EU contribution for the COP21 negotiations on climate change, which start in Paris on 30 November 2015. It marks a further step in work ongoing since 2012 in aligning export credit policies with climate change objectives. The participants to an arrangement on officially supported export credits agreed a sector understanding on coal-fired electricity generation projects on 17 November 2015. The Council endorsed the EU's position on 26 November 2015, thus allowing the EU formally to join the consensus on the new rules.

On 14 November 2015, the Council and the European Parliament reached an agreement on the EU budget for 2016. Meeting in the Conciliation Committee they agreed to set the total level of commitments at €155.00 billion and of payments at €143.89 billion. "The budget agreed today is a concrete expression of solidarity both within the EU and with third countries", said Pierre Gramegna, minister for finance of Luxembourg and President of the Council. "It provides the EU with the financial means to boost growth, create jobs and tackle the migration crisis. And it keeps sufficient financial leeway to allow the EU to react to unforeseen needs and events."

European Union (EU) Economy and Finance Ministers met in Brussels on 10 November 2015 for the "Economic and Financial Affairs" (ECONFIN) Council, chaired by the Minister for Finance, Pierre Gramegna. During this meeting, the Council adopted conclusions on financing the fight against climate change, with a view to the climate conference in Paris, and also on the European Commission's action plan aimed at creating a Capital Markets Union. In the Banking Union dossier, ministers agreed on the bridge financing for the Single Resolution Fund, opening the way for the functioning of the fund from 1 January 2016.

European Union (EU) Ministers for Economy and Finance met in Luxembourg on 6 October 2015 for an ECOFIN Council chaired by the Luxembourg Minister for Finance Pierre Gramegna. The Ministers expressed their political agreement on a proposed Directive on the automatic exchange of information (AEI) on tax rulings, they debated the subject of the financial impact of the refugee crisis and exchanged views about the action plan which aims to create a Capital Markets Union.

On 6 October 2015, the Council reached a political agreement on a directive aimed at improving transparency in the assurances given by member states to companies about how their taxes are calculated.

Economic and Financial Affairs Council, 6/10/2015 - Background brief

On 4 September 2015, the Council adopted by unanimity its position on the draft 2016 EU budget. This confirms a political agreement reached by the Permanent Representatives Committee in July. "I am pleased that today the Council formally adopted its position on the draft EU budget for 2016. The unanimous support provides the Presidency with a particularly strong mandate for the negotiations with the European Parliament in the autumn which we wish to hold in a spirit of loyalty and good inter-institutional cooperation", said Pierre Gramegna, minister for Finance of Luxembourg and President of the Council.

The finance ministers of the Member States of the European Union (EU) met in Brussels on 14 July 2015, to attend the first formal meeting of the "Economic and Financial Affairs" Council (Ecofin) under the Luxembourg Presidency. The ministers then concluded the 2015 European Semester process by adopting the country-specific recommendations and had an initial exchange concerning the five presidents' report on the deepening of the Economic and Monetary Union (EMU). The Luxembourg Minister of Finance and President of the Ecofin Council, Pierre Gramegna, also presented the work programme of the Luxembourg Presidency of the Council.