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ECOFIN: 12 February 2019

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 12 February 2019. 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 11 February meeting of the Eurogroup, and the European Commission provided an update on the current economic situation in the EU.

European Central Bank - Executive Board Member

The Council endorsed the appointment of Philip Lane as a new member of the European Central Bank executive board.

European System of Financial Supervision Review

The Council agreed a General Approach on the review of the European system of financial supervision.

Current Financial Services Legislative Proposals

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

Decision Making in EU Taxation Policy

The Council held an exchange of views on the European Commission’s proposal to move to Qualified Majority Voting (QMV) in EU taxation policy.

Fiscal Sustainability Report

The Council adopted Council conclusions on the 2018 Fiscal Sustainability Report.

Discharge of the EU Budget

The Council approved a Council recommendation to the European Parliament to discharge the Commission of the implementation of the 2017 EU budget.

EU Budget Guidelines

The Council adopted Council conclusions on the EU Budget guidelines for 2020.

AOB – Carbon Pricing and Aviation Tax

Following a presentation by the Netherlands, the Council held an exchange of views on carbon pricing and aviation tax.