HC Deb 05 March 2003 vol 400 c1049W
Mr. Hood

To ask the Chancellor of the Exchequer what the outcome was of the ECOFIN Council held on 18th February; what the Government's stance was on the issues discussed, including its voting record; and if he will make a statement. [100140]

Mr. Gordon Brown

I attended the ECOFIN meeting on 18 February. ECOFIN held its first discussion on preparation for the Spring Council on 21–22 March. The Commission presented their Spring report, and the Presidency's draft Key Issues Paper was also tabled. I welcomed both contributions, and referred to the UK progress report on economic reform in Europe, published on 17 February. I also set out the UK's priorities for the Spring Council: employment, research and development, competition, state aids and better regulation. ECOFIN also agreed Council conclusions on the Broad Economic Policy Guidelines Implementation Report.

There was a discussion of the Commission Communication on reinterpreting the Stability and Growth Pact. It was agreed that draft Council Conclusions should be tabled at 7 March ECOFIN and adopted ahead of the Spring Council.

Council adopted conclusions on voting reforms of the Governing Council of the European Central Bank. This will be tabled again at the 7 March ECOFIN ahead of the Spring Council.

Under Implementation of the Stability and Growth Pact, the Council adopted Opinions on the Stability and Convergence programmes of the UK, Denmark, Spain, Ireland and Belgium.

The Council agreed a joint Commission/Council report on eurozone statistics to go forward to the Spring Council. It also agreed conclusions on the fifth progress report on the implementation of information requirements in EMU and a code of best practice on improving the quality of budgetary statistics.

The Council adopted a Decision to establish the Financial Services Committee, as foreseen by the Conclusions on Financial Supervision agreed at the 3 December ECOFIN.

Agreement was postponed on energy taxation until the 7 March ECOFIN.

Political agreement was reached on VAT Administrative Co-operation without discussion.

The UK's Convergence Programme was adopted on the basis of Qualified Majority (including the UK) in support of the final text.