Below is the text of the statement made by Philip Hammond, the Chancellor of the Exchequer, in the House of Commons on 24 June 2019.

A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 14 June 2019. ECOFIN was preceded by a meeting of the European Investment Bank (EIB) Board of Governors:

Annual EIB Board of Governors meeting

The meeting included: statements from the Chairman, President and Chairman of the Audit Committee; a governors discussion; a presentation on the annual report of the Audit Committee; and a vote for partial renewal of the Audit Committee. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury) during the EIB meeting.

Following this, EU Finance Ministers discussed the following at ECOFIN:

Early morning session

The Eurogroup President briefed the Council on the outcomes of the 13 June meeting of the Eurogroup, and the European Commission provided an update on the current economic situation in the EU.

Banking union

The Council endorsed the progress report on the banking union.

Financial transaction tax

The Council received a progress update in relation to the enhanced co-operation on financial transaction tax.

G20 follow-up

The Romanian presidency and Commission presented the main outcomes of the G20 meeting of Finance Ministers and Central Bank Governors, which took place on 8 to 9 June in Fukuoka, Japan.

European semester

The Council discussed a horizontal note on the draft 2019 country specific recommendations, and progress towards the Europe 2020 targets.

Stability and growth pact

The Council adopted Council decisions and recommendations on the implementation of the stability and growth pact.

Clean planet

The Council held an exchange of views on a strategic long-term vision for a climate-neutral economy.

Non-performing loans

Under any other business, the Commission provided an update on the implementation of the action plan to tackle non-performing loans in Europe.