The European Commission (Commission) has published a communication outlining its work programme for 2018. The focus of the work programme for 2018 is two-fold:

  • first, the work programme sets out a limited number of targeted legislative actions to complete the Commission’s work in priority policy areas over the next months. The Commission will table all legislative proposals no later than May 2018. This will allow the European Parliament and the Council of the EU the time and space to complete the legislative work before the European elections in June 2019; and
  • secondly, the work programme also presents a number of initiatives that have a more forward-looking perspective, as the new Union of 27 shapes its own future for 2025. These initiatives reflect the debate kick-started by the Commission’s White Paper on the Future of Europe and the State of Union address. The Commission will deliver all of these initiatives by the end of the mandate.

In terms of EU Banking Union the communication states:

“The Commission has recently set out an ambitious but realistic path to ensuring agreement on all outstanding elements of the Banking Union – notably on the European Deposit Insurance Scheme – based on existing commitments by the Council and we will present further proposals to address non-performing loans and on the development of EU sovereign bond-backed securities. A complete Banking Union, together with the Capital Markets Union, will help build the stable and integrated financial system that citizens and businesses need.”

Annex 1 to the communication presents a focused list of 26 key initiatives across the Commission’s 10 political priorities. Annex 2 sets out 12 new REFIT initiatives being launched. Annex 3 sets out 66 priority pending proposals including amendments to the European Market Infrastructure Regulation (item 23), Capital Requirements Regulation reform (item 34) and recovery and resolution of central counterparties (item 39). Annex 4 lists 15 intended withdrawals or modifications of pending proposals. This includes at the proposed Regulation on structural measures improving the resilience of EU credit institutions (item 3). Annex 5 contains a list of existing legislation that the Commission intends to repeal.

View European Commission 2018 work programme: financial services aspects, 24 October 2017