Extraordinary ECOFIN (22 October 2011)

Friday 21st October 2011 Written Statements

[The Chancellor of the Exchequer (Mr George Osborne)]

An extraordinary meeting of the Economic and Financial Affairs Council will be held in Brussels on 22 October 2011.

Finance Ministers will discuss preparation of the 23 October European Council.

The current draft European Council conclusions include language on:

economic policy: growth; energy, research and innovation; investment; economic governance; the European semester; financial regulation; ratification of the European financial stability facility; and external trade;

preparation for the Cannes G20 summit;

climate change; and

foreign policy.

ECOFIN is likely to focus its attention on the situation in the euro area. I will continue to emphasise the importance of the euro area delivering a truly comprehensive solution to the situation in the euro area, which ring-fences vulnerable euro area countries, recapitalises Europe’s banks and resolves uncertainty about Greece, ahead of the G20 summit in Cannes on 3-4 November.