§ Miss Widdecombe
To ask the Chancellor of the Exchequer if he will make a statement on the outcome of the latest meeting of the European Community's Economic and Finance Council.
§ Mr. Lilley
The ECOFIN Council met in Luxembourg on 19 June. I represented the United Kingdom.
The Council adopted a regulation re-weighting the ecu.
The Council reached substantive agreement on a common position, subject to some further procedural details, on the draft second banking co-ordination directive and on the solvency ratios directive; and reached agreement on a common position on the insider trading directive.
The Council reached agreement on a common position on a revised financial regulation. The Council adopted the 18th VAT directive.
The Council had a further discussion of the Commission's proposals on fiscal frontiers.
The Council discussed proposals for the three company tax measures to encourage cross-border co-operation.
The Council heard a progress report on the latest proposals for anti-fraud measures, supported the useful progress made since the March ECOFIN, and endorsed the need to continue progress.