§ Mr. Simon BurnsTo ask the Chancellor of the Exchequer if he will make a statement on the most recent Council meeting of the European Economic and Finance Ministers.
§ Mr. Kenneth ClarkeI represented the United Kingdom at the Economic and Finance Council of the European Union—ECOFIN—in Luxembourg on 6 June.
The Council discussed follow-up work to the Brussels European Council conclusions on the Commission's White Paper on "Growth, Competitiveness and Employment." The Council endorsed a report from the Economic Policy Committee on labour markets which stressed the need for structural reforms and greater flexibility. The Council welcomed the indication from the President of the European Commission that he was ready to pursue the suggestion made by the German Minister for the establishment of an independent task force to consider deregulation. The Council considered reports from the European Commission and the European investment bank of trans-European networks.
Most Ministers agreed that there was insufficient evidence to show that a "financing gap" existed regarding TENs. The presidency will present a report to the Corfu European Council summarising the views expressed at ECOFIN.
The Council approved a recommendation on broad economic guidelines for consideration by the Corfu European Council in accordance with article 103(2) of the treaty.
The Council adopted the decision allowing the Community to participate in the European investment fund. I am placing in the Libraries of both Houses a copy of that decision and the associated EIF statute.
The Council took note of the work of a high-level group on possible taxes on carbon and energy, which would report to the Environment Council on 8–9 June, and concluded that final responsibility for taxation matters rests with the ECOFIN Council.
Finally, the Council also had a brief general discussion on fraud. However, a substantive discussion was deferred until July when detailed conclusions are expected to be adopted.
There were no formal votes.