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ECOFIN: 04 December 2018

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 04 December 2018. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council discussed the following:

Early Morning Session

The Eurogroup President briefed the Council on the outcomes of the 03 December meeting of the Eurogroup, and the European Commission provided an update on the current economic situation in the EU. Following this, the Commission presented its forthcoming communication on the international role of the euro, and the Council held an exchange of views on the European Investment Bank.

Digital Services Tax

The Council held a policy debate on the proposal to establish an EU-wide digital services tax.

Strengthening of the Banking Union

The Council endorsed the results of the trilogue with regards to the banking package. The Austrian Presidency then presented a progress report on the European Deposit Insurance Scheme.

Current Financial Services Legislative Proposals

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

Stability and Growth Pact

The Council noted the ongoing significant deviation procedures of Hungary and Romania under the Stability and Growth Pact.

European Semester 2019

The Commission presented the Annual Growth Survey 2019, the Alert Mechanism Report 2019 and their Recommendation on the economic policy of the euro area.

Non-Performing Loans

The Commission presented the third progress report on implementation of the non-performing loans action plan.