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ECOFIN: 10 March 2015

My right honourable friend the Chancellor of the Exchequer (George Osborne) has today made the following Written Ministerial Statement.

A meeting of the Economic and Financial Affairs Council was held in Brussels on 10 March 2015. Ministers discussed the following items:

Investment Plan for Europe

The Council agreed a General Approach on the proposal on the European Fund for Strategic Investments (EFSI). This will allow the Presidency, on behalf of the Council, to start negotiations with the European Parliament.

Current Legislative Proposals

The Presidency updated delegations on the state of play of legislative proposals in the field of financial services.

Implementation of the Banking Union

The Commission informed delegations on the state of play on Banking Union implementation, providing updates on the Bank Recovery and Resolution Directive (BRRD) implementation and the ratification of the Intergovernmental agreement (IGA) on the Single Resolution Fund (SRF).

European Semester: Country reports

The Commission presented the 27 "Country Reports" published in February.

Implementation of the Stability and Growth Pact

The Commission set out the main conclusions of the Country Report and In-depth Review exercise as they related to the Stability and Growth Pact (SGP). The Council adopted, through a vote by Eurozone Member States, a recommendation under the excessive deficit procedure (EDP) for France to correct its deficit by 2017.

Other business

ECOFIN had a short exchange of views regarding the fight against tax avoidance, in relation to the Presidency “Road Map” on fighting Base Erosion and Profit Shifting.