The Council agreed measures granting Greece an additional two years to correct its excessive budget deficit, following an agreement reached between the Greek government and the "troika" of international creditors. On the other hand, the Council closed excessive deficit procedures for Malta, confirming that it has reduced its deficit below 3% of GDP.

The Economic and Financial Affairs Council meeting ended with an agreement reached by EU ministers granting Greece an additional two years to correct its excessive budget deficit, i.e. by 2016, instead of 2014, following an agreement reached between the Greek government and the "troika" of international creditors. With regard to Malta, the Council adopted a decision closing the excessive deficit procedures for Malta, confirming that it has reduced its deficit below 3% of GDP, the EU's reference value for government deficits. In October 2012, Eurostat published that the government deficit of both the euro area and the EU decreased in 2011 compared with 2010.

The Council also held a policy debate on proposals aimed at establishing a single supervisory mechanism (SSM) for the oversight of credit institutions, as part of a broader plan to establish a banking union. Ministers agreed to hold an extra meeting on a date yet to be set before the European Council on 13 and 14 December, in order to reach an agreement that would enable negotiations with the European Parliament to start with the aim of approving the texts before the end of the year.

Moreover, the Cyprus Presidency informed the Council of a political agreement reached with the European Parliament on proposals to amend the EU's rules on credit rating agencies. The draft directive and regulation are aimed at reducing investors' over-reliance on credit rating agencies, mitigating conflicts of interest and increasing transparency and competition. The texts will be submitted to the Parliament and the Council for approval and adoption.