ECOFIN: 27-28 April 2018

Lord Hammond of Runnymede Excerpts

Tuesday 8th May 2018 Written Statements

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

An informal meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Sofia on 27-28 April 2018. The Council discussed the following:

Working lunch—Deepening of the economic and monetary union

Based on a presidency issues note, the Council exchanged views on the ECOFIN Council roadmap of June 2016 on completing the banking union. This was followed by an update from the Eurogroup president on reform of the European stability mechanism.

Working Session I

The Council were then joined by Central Bank Governors for the first working session.

a) Convergence in the EU—Inside and outside the euro area

Following a presentation from the Centre for European Policy Studies, the Council discussed the possibilities to increase convergence in the EU among both euro area and non-euro area member states.

b) Further reducing fragmentation within the capital markets union

Following a presentation from Bruegel on deepening of the capital markets union, the Council discussed measures to further reduce capital markets fragmentation.

c) Miscellaneous

The Council were then debriefed on the outcomes of the G20 Finance Ministers and Central Bank Governors meeting on 19-20 April.

Working Session II—Improving revenue collection and fighting tax fraud in the single market

The Council exchanged views on ways to improve administrative co-operation and the exchange of tax information between member states in order to improve revenue collection and fight tax fraud in the single market.

Working Session III—Corporate taxation and tax challenges of the digital economy

Following the recent publication of Commission proposals regarding fair taxation of the digital economy, the Council exchanged views on the. approach to corporate taxation in the single market and the tax challenges arising from digitalisation of the economy.

[HCWS667]