ECOFIN: 10 October 2017

Tuesday 24th October 2017 Written Statements

[The Chief Secretary to the Treasury (Elizabeth Truss)]

A formal meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 10 October.

Ministers discussed the following items:

Early morning session

The Eurogroup President briefed Ministers on the outcomes of the Eurogroup meeting held on 9 October, and the Commission presented its regular update on the economic situation in the EU. Ministers also discussed the European Commission’s use of discretion in assessing member states’ compliance with the preventive arm of the stability and growth pact (SGP).

Definitive VAT system

The Commission presented its legislative proposals for a definitive VAT system and the creation of a “single EU VAT area”.

Current financial service legislative proposals

The Council presidency provided an update on current legislative proposals in the field of financial services.

Digital taxation

The Commission presented its communication of 21 September on “A Fair and Efficient Tax System in the EU for the Digital Single Market”, and the presidency provided a follow-up to the Tallinn digital summit held on 29 September.

European semester 2017

The Council exchanged views on lessons learnt from the 2017 European semester process.

Preparation of the G20 meeting of Finance Ministers and Central Bank Governors and of the IMF annual meetings between 12 and 15 October in Washington

Minsters agreed the EU’s G20 terms of reference and International Monetary and Financial Committee (IMFC) statement, ahead of the annual meetings in Washington.

Climate finance for C0P23

The Council approved Council conclusions on climate finance ahead of the UN climate change conference of parties (COP23) which will take place in Bonn on 6 to 17 November.

Implementation of financial services legislation

Ministers received an update from the Commission on the status of implementation of existing financial services legislation.

[HCWS196]