§ Mrs. LawrenceTo ask the Chancellor of the Exchequer what was the outcome of the ECOFIN Council held in Brussels on 29 November; and if he will make a statement. [101478]
§ Miss Melanie JohnsonThe Chancellor of the Exchequer attended the Economics and Finance Council of Ministers. The Paymaster General; in her capacity of chair of the Code of Conduct Group, was also present.
The Council adopted a directive on electronic money.
There was a discussion of the so-called "tax package" (code of conduct on business taxation, taxation of savings, and elimination of withholding taxes on cross-border interest and royalty payments between companies). The United Kingdom position, set out in its paper on international bonds presented by the Chancellor of the Exchequer to the informal meeting of the Council in September, remains unchanged. A draft report from the Council to the European Council was agreed.
Following discussion, the Presidency concluded that Greece no longer had an excessive deficit. The formal decision would go to a future Council as an 'A' point.
The Council finalised their report on Economic Policy Co-ordination, which will go to next week's European Council in Helsinki.
The President of the European Court of Auditors gave an oral report on the Court's Annual Report published earlier this month outlining the priorities for reform.
The Council discussed the progress of the Financial Services Action Plan, and draft Council conclusions, submitted by the Presidency, were agreed without discussion.
The Commission gave a report on Financial Management and stated that improving it was one of their top priorities.