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ECOFIN: 5 December 2017

My right honourable friend the Chancellor of the Exchequer (Philip Hammond) has today made the following Written Ministerial Statement.

A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 05 December. EU Finance Ministers discussed the following items:

Early Morning Session

The Eurogroup President debriefed Ministers on the outcomes of the 04 December meeting of the Eurogroup, and the Commission provided an update on the current economic situation in the EU. The Chair of the European Fiscal Board (EFB) presented to Ministers the Annual Report from the EFB. Ministers also exchanged views on the proposed US tax reforms.

Strengthening of the Banking Union

The Council took note of progress reports on the European Deposit Insurance Scheme, and the Banking package, and received information from the Commission on the state of play of the action plan to tackle non-performing loans. This was followed by an exchange of views.

Current financial services legislative proposals

The Council Presidency provided an update on current legislative proposals in the field of financial services.

VAT administrative cooperation

The Commission provided information on their proposals relating to measures on VAT administrative cooperation.

Council conclusions on "The EU list of non-cooperative jurisdictions for tax purposes"

Ministers agreed Council conclusions on the EU’s list of non-cooperative jurisdictions for tax purposes.

Council Decisions on the implementation of the Stability and Growth Pact

Ministers agreed a Council Decision to close the UK’s Excessive Deficit Procedure (EDP), and a Decision and Recommendation on Romania’s compliance with EU fiscal rules.

European Semester 2018

The Council Presidency presented the Annual Growth Survey 2018 and the Alert Mechanism Report 2018, and discussed a Council Recommendation on the economic policy of the euro-area.

EIB proposal to establish a European Development Bank

Ministers received information on a proposal to create a new subsidiary to the European Investment Bank that will be dedicated to development.