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Treasury

Answer

Mr. Hood: To ask the Chancellor of the Exchequer what the outcome was of the ECOFIN Council held in Brussels on 22 January; what the Government's position was on each issue discussed, including its voting record; and if he will make a statement. [30373] Mr. Andrew Smith: I attended the ECOFIN on 22 January. The incoming Spanish presidency and the Commission introduced their work programmes. In the ensuing debate, I stressed the need for the EU to pursue vigorous structural reforms in product, labour and capital markets to stimulate growth and create jobs. ECOFIN adopted Opinions on the Stability and Convergence Programmes of Austria, Belgium, Finland, Luxembourg, the Netherlands and Sweden. Ministers endorsed the Economic Policy Committee's report on Research and Development, and agreed that it should be sent to the March European Council in Barcelona. The Government support the report's proposals for boosting innovation in the EU. The European Commission gave an oral update on the transition to euro notes and coins. ECOFIN welcomed the smooth progress achieved so far. Ministers discussed the state of ratification of the Own Resources Decision. This was due to take effect from 1 January 2002, but has still to be ratified by some member states. The UK completed the process of ratification on 4 December 2001. The European Commission gave an oral update on negotiations with third countries regarding the draft directive on the taxation savings. ECOFIN agreed a statement on Argentina, in response to the economic crisis there. No votes were taken at the meeting.

Secondary information

Type

Written question

Reference

30373; 379 c225-6W;379 c224W

Session

2001-02

Subjects

EU action Economic and monetary union EU economic policy Euro Taxation Research Stability and Growth Pact Own resources EC Finance Council

Link

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