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Treasury

Answer

Roger Casale: To ask the Chancellor of the Exchequer what the outcome was of the ECOFIN Council held in Barcelona on 14 March; what the Government's stance was on the issues discussed, including its voting record; and if he will make a statement. [45951] Mr. Gordon Brown: I attended ECOFIN on 14 March. Following previous discussions at the March ECOFIN and at the General Affairs Council, ECOFIN discussed further the draft EU position for the UN Financing for Development Conference in Monterrey. This was subsequently endorsed by heads of government at the Barcelona European Council. This position commits EU member states to increasing overseas development assistance as a proportion of Gross National Product to an EU average of 0.39 per cent. by 2006. This is a significant step forward for global social justice, that will provide around $7 billion a year in additional aid. ECOFIN also considered proposals for strengthening EU development assistance to the Mediterranean region. It was agreed that a European Investment Bank Facility should be set up, and that this would be evaluated after a year and a decision then taken on whether it should be developed into a subsidiary involving other shareholders. This agreement was endorsed by the Barcelona European Council. The implications of the Enron affair for corporate governance were discussed. It was agreed that ECOFIN would look again at this issue in light of work being undertaken by the Finance Stability Forum. ECOFIN discussed whether Government-backed airline insurance schemes for covering third party war and terrorism risks should be extended beyond the end of March. It was agreed that further analysis should be provided before the discussion at the Transport Council on 26 March. No votes were taken at the meeting.

Secondary information

Type

Written question

Reference

45951; 382 c748W;382 c743-4W

Session

2001-02

Subjects

Aviation Armed conflict Development aid Airlines Insurance EU action EU economic policy Terrorism EU aid Mediterranean region European Investment Bank EC Finance Council Enron International Conference on Financing for Development

Contains statistics

Yes

Link

View this Written question on www.publications.parliament.uk