My right honourable friend the Chancellor of the Exchequer (Philip Hammond) has today made the following Written Ministerial Statement.
A meeting of The Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 25 May 2018. EU Finance Ministers discussed the following:
Early Morning Session
The Eurogroup President briefed the Council on the outcomes of the 24 May meeting of the Eurogroup, and the European Commission provided an update on the current economic situation in the EU.
The Council agreed a General Approach to the Banking Risk Reduction Package including proposals for legislative amendments to the Capital Requirements Regulation (CRR) and Directive (CRD), Single Resolution Mechanism Regulation (SRMR), and the Bank Recovery and Resolution Directive (BRRD).
Strengthening Administrative Cooperation
The Council discussed measures to strengthen administrative cooperation in the area of VAT, but were unable to reach agreement on a General Approach.
General Reverse Charge Mechanism
The Council discussed proposals to allow Member States to apply a temporary VAT General Reverse Charge Mechanism, but were unable to reach agreement on a General Approach.
The Council discussed proposals to allow Member States to apply reduced rates of VAT on e-publications, but were unable to reach agreement on a General Approach.
Current Financial Services Legislative Proposals
The Bulgarian Presidency provided an update on current legislative proposals in the field of financial services.
The Council adopted Council conclusions on the In-Depth Reviews of macroeconomic imbalances in Member States as part of the Macroeconomic Imbalances Procedure, and the implementation of 2017 Country-Specific Recommendations as assessed in the Commission’s Country Reports, published on 07 March.
2018 Ageing Report
The Council adopted Council conclusions on the 2018 Ageing Report on age-related spending and the sustainability of public finances.
This statement has also been made in the House of Commons: