ECOFIN: 7 November 2017

HM Treasury written statement – made on 1st December 2017.

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Photo of Elizabeth Truss Elizabeth Truss The Chief Secretary to the Treasury

A formal meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 07 November. European Finance Ministers discussed the following items:

European Free Trade Association (EFTA) dialogue

In their annual meeting, Ministers met with representatives from the EFTA group of countries to exchange views on how best to make economic growth inclusive.

Early Morning Session

The Eurogroup President briefed Ministers on the outcomes of the 06 November meeting of the Eurogroup, and the Commission provided an update on the current economic situation in the EU. Ministers decided that Pilar Jurado Borrego, Director General of Spanish Customs, is to be the EU’s single candidate for the position of Secretary General of the World Customs Organisation. Ministers were also debriefed by the Economic and Finance Committee (EFC) Chair on the EFC’s discussion of the Single Supervisory Mechanism review.

VAT e-commerce package

Ministers considered the various items which make up the VAT e-commerce legislative package.

Review of the European System of Financial Supervision

The Commission presented its legislative proposals on Financial Supervision to Ministers. This was followed by an exchange of views.

Current financial services legislative proposals

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


The Commission presented its proposals on resolving existing non-performing loans, preventing the build-up of future non-performing loans and measures to increase the efficiency of the general insolvency framework in Member States.

Follow-up to the G20 Meeting of Finance Ministers and Central Bank Governors and of the IMF Annual Meetings in Washington

Minsters received information from the Presidency and the Commission on the outcomes of the 12-15 October G20 and IMF meetings.

European Court of Auditors’ annual report

The President of the Court of Auditors presented the Auditors’ report on the implementation of the budget of the European Union for the 2016 financial year.

Statistical package

The Council discussed the autumn statistical package, reviewed progress achieved and Ministers exchanged views on the prospects for European cooperation on statistics. Council conclusions were also approved.

This statement has also been made in the House of Lords: HLWS295