Philip Hammond – 2019 Statement on ECOFIN

Below is the text of the statement made by Philip Hammond, the Chancellor of the Exchequer, in the House of Commons on 16 July 2019.

A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 9 July 2019. 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 8 July meeting of the Eurogroup, and the European Commission provided an update on the current economic situation in the EU. Ministers then discussed potential new sources of revenue for the upcoming multiannual financial framework the EU’s long-term budget.

Own resources

The Finnish presidency gave an update to the Council on the potential new sources of revenue for the upcoming multiannual financial framework, following a discussion during the early morning session.

Presidency work programme

The Finnish presidency presented its work programme on economic and financial matters for July to December 2019.

Appointment of the President of the European Central Bank

The Council adopted a Council recommendation on the appointment of Christine Lagarde as the next President of the European Central Bank.

European semester

The Council adopted the 2019 country-specific recommendations as part of the European semester process.

Any Other Business

The Dutch Finance Minister briefed ministers on the topic of aviation taxation and carbon pricing.