§ Ms LawrenceTo ask the Chancellor of the Exchequer if he will make a statement on the council meeting of the Economic and Finance Ministers of the European Union held on 19 January. [24943]
§ Mr. Gordon BrownI chaired the Economic and Finance Council—ECOFIN—of the European Union in Brussels on 19 January. The Economic Secretary represented the UK.
I began by introducing my work programme to the Council, amplifying on the priorities I had previously indicated to them by letter (a copy of my letter to colleagues has been placed in the Library of the House). This session took the form of an open debate, and the Commission and other colleagues responded to my presentation, welcoming the Presidency's aims. During this discussion we touched on the financial situation in Asia, as well as my aims for economic reform in the Union, the preparations for Stage 3 of EMU, the economic and financial aspects of enlargement, and the need for budget discipline and increased vigilance against fraud and financial mismanagement in the context of the EC Budget.
The Council considered the implementation of the Italian convergence programme, following up its conclusions in July of last year calling for a report to the Council once concrete budgetary measures had been defined in the 1998 Budget Law. Further Council Conclusions were agreed.
The FISIM Regulation (Financial Intermediation Services Indirectly Measured) was agreed by simple majority.