HC Deb 15 June 1998 vol 314 c110W
Mr. Timms

To 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 5 June. [45507]

Mr. Gordon Brown

I chaired the Economics and Finance Council—ECOFIN—of the European Union in Luxembourg on 5 June. The Economic Secretary represented the UK.

The Council began by preparing Economics and Finance Ministers' inputs into the Cardiff European Council.

ECOFIN agreed conclusions on the fundamental importance of Agenda 2000 to the future economic and financial development of the EU, after a wide-ranging discussion of the Commission's 18 March proposals on future financing, and reform of the Community's core spending policies (the Common Agricultural Policy and the Structural and Cohesion Funds). ECOFIN conclusions will be sent to the European Council.

The Broad Economic Guidelines for 1998 were agreed, and conclusions on them will be discussed at the Cardiff European Council before the recommendation is adopted by ECOFIN next month.

The Council held a discussion of the National Employment Action Plans on the basis of some issues highlighted by the Presidency. Agreement was reached on a set of principles to be included in a Presidency report to Cardiff.

ECOFIN welcomed the Commission's paper on Pan-European Risk Capital Markets, and agreed conclusions inviting the European Council to ask the Council and Member States to consider its recommendations.

In addition to Cardiff preparation, the Council also heard a presentation from Commissioner Monti on his proposed Directive on the taxation of savings. The proposal will now be examined in detail at official level.

ECOFIN took note of the Conclusions of the 19 May Telecommunications Council on the report by the Chairman of the Ad-Hoc Group, and invited the commission to bring forward a Communication as soon as possible on the indirect tax treatment of electronic commerce.