ECOFIN

George Osborne Excerpts

Tuesday 18th March 2014 Written Statements

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

A meeting of the Economic and Financial Affairs Council was held in Brussels on 11 March 2014. The following agenda items were discussed.

Follow-up to the G20 meeting of Finance Ministers and Governors (Sydney, Australia, 22-23 February 2014)

Council was informed of the main outcomes of the G20 Finance Ministers and Central Bank Governors’ meeting in Sydney. The Government are supportive of the Australian G20 agenda, particularly the focus on strong, sustainable and balanced growth.

Preparation of the European Council on 20-21 March 2014—Economic Elements of the EU 2030 Energy and Climate Framework

Council held an exchange of views on economic elements of the EU 2030 energy and climate framework, in order to input to the March European Council. The Government expressed support for the emerging conclusions on the EU 2030 framework and reiterated the importance of member states retaining the flexibility to pursue the most cost-effective transition to a low-carbon economy.

Savings Taxation

Council discussed a proposal on taxation of savings income in the form of interest payments. Austria and Luxembourg could not support the proposal and the presidency concluded that it will need to return to a future Council. The Government support an agreement of the amending proposal to the EU savings directive as soon as possible.

Current legislative proposals

The presidency provided an update on the ongoing work on financial services dossiers.

Single Resolution Mechanism

The Council examined the state of play of the single resolution mechanism in relation to the trilogue process with the European Parliament. The Government welcome the progress made on this file since the general approach was reached at ECOFIN in December 2013, and will be ensuring that they fully respect the unity and integrity of the single market.