ECOFIN

Monday 3rd November 2014 Written Statements

[The Financial Secretary to the Treasury (Mr David Gauke)]

A meeting of the Economic and Financial Affairs Council was held in Luxembourg on 14 October 2014. Ministers discussed the following items:

Measures in support of investment

Ministers discussed measures in support of investment, including the Commission-European Investment Bank proposal for a new taskforce to identify significant European investments which are not being realised for economic, regulatory or other business reasons.

Research and innovation as sources of renewed growth

The Council briefly discussed a Commission communication on research and innovation.

Follow-up to the G20 Finance Ministers and Governors’ meeting and annual meetings of the IMF and World Bank Group in Washington

The Commission updated the Council on the outcome of the G20 Finance Ministers and governors’ meeting on 9-10 October 2014 and annual meetings of the IMF and World Bank Group on 10-12 October 2014 in Washington.

Banking union: single resolution fund contributions

The Commission updated the Council on progress towards laying the delegated act on contributions to the resolution financing arrangements under the bank recovery and resolution directive (BRRD) and the single resolution mechanism (SRM).

Payment appropriations

The Commission updated Ministers on the state of play on payment appropriations, specifically the draft amending budget 3.

Mandatory automatic exchange of information in the field of taxation

The Council reached political agreement to the revised directive for administrative co-operation (DAC2), which will implement the OECD’s global standard for automatic exchange of taxpayer information (AEOI) in the EU.

Energy taxation

The Council held an exchange of views on the energy taxation directive, which sets minimum rates of tax for energy products used as heating fuel, motor fuel and electricity.

Ministerial dialogue with EFTA countries

Ministers met with EEA European Free Trade Association states at this ECOFIN and agreed a set of Council conclusions on incorporation of the EU European supervisory authorities regulations into the EEA agreement.

Business taxation

Following agreement at June ECOFIN, Ministers signed on a joint statement between member states and Switzerland on business taxation.