ECOFIN: 2 October 2018 and Informal ECOFIN: 7-8 September 2018 :Written statement - HCWS991

WS
Treasury
Made on: 11 October 2018
Made by: Mr Philip Hammond (The Chancellor of the Exchequer)
Commons

ECOFIN: 2 October 2018 and Informal ECOFIN: 7-8 September 2018

An informal meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Vienna on 7- 8 September 2018. The Council discussed the following:

Working Lunch - The European Investment Bank: Achievements and future challenges

Based on a Presidency Issues Note, the Council discussed the achievements and future challenges of the European Investment Bank (EIB).

Working Session I

The Council were then joined by Central Bank Governors for the first Working Session.

a) Financial stability implications of increasing interest rates

Following a presentation from the Centre for European Policy Studies, the Council discussed the financial stability implications of increasing interest rates.

b) The economic potential and risk of crypto assets

Following a presentation from Bruegel, the Council discussed the economic potential and risks of crypto assets.

Working Session II

MFF 2021 – 2027: Deeping of the Economic and Monetary Union

The Council discussed issues in the context of the Multiannual Financial Framework (MFF) for the period 2021-2027 and the deepening of the Economic and Monetary Union. Specifically, the Council held an exchange of views on proposals in relation to the InvestEU programme and the approach for strengthening structural reforms and macroeconomic stabilisation in the eurozone.

Working Session III

Fair taxation of the digital economy

The Council held an exchange of views on fair taxation of the digital economy.

A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 2 October 2018. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council discussed the following:

Early Morning Session

The Eurogroup President briefed the Council on the outcomes of the 1 October meeting of the Eurogroup, and the European Commission provided an update on the current economic situation in the EU.

VAT “Quick-Fixes”

The Council agreed a General Approach in regards to: the Directive on harmonising and simplifying certain rules in the VAT system and introducing the definitive system for the taxation of trade between Member States; the Regulation regarding certain exemptions for intra-Community transactions; and the Regulation regarding certified taxable persons.

VAT Generalised Reverse Charge Mechanism

The Council agreed a General Approach on the VAT Generalised Reverse Charge Mechanism.

Anti-money laundering and prudential supervision

The Commission presented its amended proposal on improving supervision of the financial sector to ensure that anti-money laundering aspects are fully addressed.

Current Financial Services Legislative Proposals

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

European Semester 2018 – Lessons Learnt

The Council held an exchange of views on lessons learnt from the European Semester 2018.

Preparation of the G20 Meeting of Finance Ministers and Central Bank Governors and of the IMF Annual Meetings between 11 and 14 October in Bali, Indonesia

The Council approved the EU’s G20 Terms of Reference and International Monetary and Financial Committee Statement, ahead of the Annual Meetings in Bali, Indonesia.

Status of the Implementation of Financial Services Legislation

The Council discussed the status of the implementation of financial services legislation.

This statement has also been made in the House of Lords: HLWS960

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