WIREDGOV

Addressing the issue of terrorist financing was one of the key items on the agenda of the meeting of European Ministers of Economic Affairs and Finance on Friday 12 February in Brussels. This second Ecofin meeting of the Netherlands Presidency of the Council of the European Union was chaired by finance minister Jeroen Dijsselbloem.

Minister Dijsselbloem and Vice President of the Europese Commission Dombrovskis (source: European Union)

Restrictions on use of €500 notes?

The assembled ministers were keen for the European Commission to expedite the release of proposals on tackling terrorist financing. ‘Time is of the essence,’ said Mr Dijsselbloem. Most of the proposals in question relate to large transactions in cash. At the request of the Ecofin Council, the European Central Bank has agreed to look into whether it might be useful to impose restrictions on the use of €500 notes. The ministers are interested in going further than the European Commission, particularly with regard to money laundering. All these measures are intended to head off terrorists.

Key issues

For the first time the ministers discussed the proposals by the European Commission to deal with tax avoidance. Mr Dijsselbloem feels that the Netherlands Presidency should be used to address key issues. This is the reason he has already appointed a number of experts to examine the technical side of the Commission’s proposals.

The Ecofin Council also discussed the European Banking Union, with Mr Dijsselbloem noting that good progress was being made on that front.