§ Mr. HoodTo ask the Chancellor of the Exchequer what the outcome of the ECOFIN Council held in Brussels on 12 March was; what the Government's voting record at the Council was; and if he will make a statement. [153815]
§ Mr. Gordon BrownI attended the meeting of the Economic and Finance Council of Ministers.
The Council discussed the wise men's report on regulation of European securities markets. The UK shares the analysis of the benefits of a competing single market in securities and the desire to speed up and prioritise completion of a single market in financial services. Welcoming the report, ECOFIN commissioned further work with the aim of sending conclusions to the Stockholm European Council.
The Council agreed a joint Council-Commission report on "The Contribution of Public Finances to Growth and Employment", which will be submitted to the Stockholm European Council. A short list of 12 structural performance indicators was also adopted from the list of 35 that the Council and the Commission agreed should be used in the synthesis report. Indicators enable member states to measure progress on structural reform, and the short list will give extra focus and momentum to the exercise.
The Council also agreed to forward to the Stockholm European Council: the Commission synthesis report; the Economic Policy Committee's annual report on structural reform; a report by the European Investment bank on the Innovation 2000 initiative; the presidency key issues paper for the broad economic policy guidelines (BEPGs); and the Commission report on the implementation on the BEPGs.
The Council recommended that the European Parliament give discharge to the Commission in respect of its implementation of the 1999 budget, and welcomed the Commission's proposal for an annual action plan to reduce errors.
The Council agreed priorities for the 2002 budget, with emphasis on compliance with the budgetary ceilings agreed at the Berlin European Council.
32WThe Council discussed the Galileo project to inform further discussion at the April Transport Council.
The Council examined and agreed opinions on stability reports for Belgium Luxembourg, Spain and Portugal.
The Commission was asked to speed up its consideration of venture capital projects such as the UK regional venture capital schemes.
No votes were taken during the course of the meeting.