§ Mr. HoodTo ask the Chancellor of the Exchequer what was the outcome of the ECOFIN Council held in Brussels on 8 May; and if he will make a statement. [121571]
§ Miss Melanie JohnsonI attended the meeting of the Economic and Finance Council of Ministers on 8 May.
The Council agreed Exceptional Financial Assistance for Montenegro in the form of a 20 million euro grant. This must come from within the existing category IV ceiling.
The Council broadly welcomed the Commission's report on the implementation of the 1999 Broad Economic Policy Guidelines (BEPGs) and the Commission recommendation for the 2000 BEPGs.
The Commission presented its priorities for the 2001 EC Budget. Most Finance Ministers, myself included, rejected proposals to revise the financial perspectives.
The Council reached a political agreement on the amended proposal for a directive on the reorganisation and winding-up of credit institutions. The directive will be adopted once it is clear of all scrutiny reserves, and the final formalities are completed.
The Council agreed and published an opinion on the update to the Austrian stability programme for 2000–03.
The Council took note of a Commission presentation of its strategy to improve the operation of the VAT system.