EC WORK PROGRAM IN 2019

The key areas of focus for 2019 will be:  completing the work in the area of migration; reinforcing the Economic and Monetary Union; addressing increasing tensions in the global trading system; tackling continued challenges to the Rule of Law in some member states; and finding an agreement with the UK on its withdrawal from the EU.

Financial Markets

Establishing a Capital Markets Union remains a top priority. The Commission emphasizes the need to reach an agreement on the pending proposals with regards to:

• The Sustainable Finance Package;
• Tools aiming to promote alternative sources of financing and to reduce barriers to cross-border investments, including proposals on crowdfunding and covered bonds as well as those seeking to facilitate the cross-border distribution of investment funds and promote SME listing on public markets;
• The tasks, governance and financing of the European Supervisory Authorities (ESAs);
• The rules and supervision for investment firms;
• Amendments to the European Market Infrastructure Regulation; and
• Minimum loss coverage for nonperforming exposures, the pan-European Personal Pension Product as well as business insolvency, restructuring and second chance.

Economic and Monetary Union and Banking Union

• The budgetary instruments proposed under the Multiannual Financial Framework that will promote the European Stabilisation Function and the Reform Support Programme;
• The Banking Package which seeks to reduce risk in the banking sector;
• Proposals on sovereign bond-backed securities, the recovery and resolution of central counterparties and the European Monetary Fund; and
• Creating a common backstop to the Single Resolution Fund, progressing towards the European Deposit Insurance Scheme and strengthening the role of the European Stability Mechanism as a crisis management tool.

Money Laundering and the Rule of Law

• Enhancing the supervisory role of the European Banking Authority in the area of anti-money laundering, as a response to the recent serious revelations of money laundering in the EU financial sector; and
• Using financial and other information for the prevention, detection, investigation or prosecution of certain criminal offences.

Future of Europe

• New initiatives, including a Reflection Paper on how to ensure a sustainable Europe by 2030
• A communication  on strengthening the international role of the euro.