The Eurogroup will meet on Monday in Brussels where finance ministers will look into the ongoing assessment of the euro area member states' draft budgetary plans for 2019. The group will also discuss the opinion issued by the Commission on Italy's draft budgetary plan. Eurozone member states are obliged to submit their national budgetary plans to the European Commission by Oct. 15 each year.
The Eurogroup will also hold thematic discussions on financial stability in the Economic and Monetary Union.
Eurogroup President Mario Centeno will brief ministers on the state of play of the ongoing work on the deepening of the Economic and Monetary Union. The Eurogroup will continue its discussion on establishing a common backstop for the Single Resolution Fund, that ensures the financial industry, as a whole, finances the stabilization of the financial system. Discussions will also include enhancing the effectiveness of the precautionary tools of the European Stability Mechanism, the international financial institution by euro area Member States to help euro area countries in severe financial distress.
The European Parliament’s (EP) International Trade Committee is expected to propose that Parliament consents to finalize the trade deal between the EU and Japan on Monday. This is the single biggest bilateral trade deal that the EU has ever entered into, covering a third of the world’s Gross Domestic Product (GDP).
The EP’s Budget Committee will vote on Monday on the interim report on the EU’s next long-term budget that aims for a post-2020 budget reform, in keeping with the EU's future ambitions. This would mean support for less wealthy regions with more given in key areas like research, Erasmus+, fighting youth unemployment, micro, small and medium-sized enterprises (SME) support, and infrastructure investments to generate growth and jobs.
The EP’s Economic and Monetary Affairs Committee will vote on European crowdfunding service providers for business on Monday. Alternative financing is needed in the EU, especially with SME companies. However, the EP argues that crowdfunding must be authorized, supervised and that investors be protected, with more information shared about risks given that cross-border crowdfunding in the EU with non-EU countries also poses risks if not properly regulated.
The Economic and Financial Affairs Council (ECOFIN) will meet on Tuesday in Brussels. Ministers will exchange views on digital services tax and discuss progress achieved in negotiations so far. Current tax rules struggle to recognize new ways in which profits are created in the digital world, especially value created by digital companies that make profits in a country without being physically present. The EU is working on ways to reform corporate tax rules making them fit for the digital age.
EU’s Foreign Affairs Council will gather on Friday in Brussels to discuss trade issues. The Council is expected to discuss the ongoing work towards modernization of the World Trade Organization (WTO). The aim is to make the WTO more relevant and adaptive to a changing world and to strengthen its effectiveness. Ministers will also take stock of the latest developments in ongoing bilateral trade negotiations, in particular with South American trade bloc
Mercosur, Indonesia, Chile, Australia, New Zealand, China and Tunisia
Ministers will also discuss recent developments in the EU's trade relations with the U.S.
