§ Mr. Lilley
The Ecofin Council met in Brussels on 11 July. I represented the United Kingdom. The Council discussed the Commission's second quarterly review of the economic situation in the Community and broadly endorsed the Commission's analysis. The Commission made a procedural statement on indirect tax approximation, but substantive discussion was postponed to the informal meeting of Finance Ministers in September. The Council agreed by qualified majority a common position on a directive on major shareholdings which sets requirements for the disclosure of holdings in EC companies.