ECOFIN

George Osborne Excerpts

Tuesday 16th December 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 9 December 2014. Ministers discussed the following items:

Financial transactions tax

The presidency provided a state of play update on the financial transactions tax, outlining work which will be taken forward under the next presidency. The UK is not taking part.

Current legislative proposals

The presidency provided an update on the status of current legislative files.

Single resolution mechanism—single resolution fund contributions

The presidency presented ECOFIN with an amended proposal for an implementing act specifying how contributions to the single resolution fund should be calculated.

Measures in support of investment

Ministers discussed measures to support investment ahead of discussion at December European Council.

Review of the Europe 2020 strategy

The Council held a follow-up discussion on the Europe 2020 review ahead of General Affairs Council.

Economic governance

Ahead of discussion at December European Council, the Commission presented a suite of documents, including the annual growth survey 2015, the alert mechanism report 2015 and a communication on the six-pack and two-pack review. Ministers then held an exchange of views on these items.

Annual report of the Court of Auditors on budget implementation

The President of the European Court of Auditors presented the Court’s annual report on the implementation of the budget for the financial year 2013.

Code of conduct—business taxation

The Council endorsed the report on the progress of the code of conduct group during the Italian presidency.

Letter by Finance Ministers Sapin, Schaeuble and Padoan to Commissioner Moscovici

Ministers received an update on a letter from France, Germany and Italy to Commissioner Moscovici outlining views on ways forward to tackle tax avoidance.