ECOFIN: 7-8 April 2017

Tuesday 25th April 2017 Written Statements

[The Chancellor of the Exchequer (Mr Philip Hammond)]

An informal meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Valletta, Malta on 7-8 April 2017. EU Finance Ministers discussed the following items:

Working Lunch

The Eurogroup president briefed Ministers on the outcomes of the 7 April meeting of the Eurogroup. Ministers discussed the challenges and opportunities faced by the Economic and Monetary Union (EMU), on the basis of the progress made with respect to the Five Presidents’ report, and the Commission’s White Paper on the future of Europe.

Working Session I: Non-performing loans

Ministers were joined by Central Bank Governors to discuss the current situation of non-performing loans (NPLs) in European banks.

Working Session II: Boosting private investment in North Africa and beyond—What role for the EU institutions?

Ministers discussed ways to encourage further private investment in North Africa and beyond, given the importance of these neighbouring regions to the EU. The discussion drew on analysis by Bruegel and included participation from a number of actors in the region including the European Investment Bank (EIB), the World Bank and the European Bank for Reconstruction and Development (EBRD).

Working Session III: Tax certainty in a changing environment

In the context of rapid changes in the international tax system and work being conducted by the OECD and the IMF, Ministers reflected on ways to improve tax certainty in support of the EU’s attractiveness as a place for doing business.

Any Other Business: IMF and G20 issues

Ahead of the April spring meetings in Washington DC, Ministers agreed the EU terms of reference for the G20 meeting of Finance Ministers and Central Bank Governors to be held on 20-21 April, the EU statement to the IMFC, and an updated agreement on EU co-ordination in the IMF.

[HCWS613]