My right honourable friend the Chancellor of the Exchequer has made the following Written Ministerial Statement.

The informal Economic and Financial Affairs Council (ECOFIN) took place in Helsinki on 8 and9 September 2006.

The informal council discussed global competition, innovation and productivity, including the role that financial markets can play in promoting innovation, productivity and research and development.

Ministers discussed the economic and financial aspects of energy, including both external energy policy and the development of a single market for energy in Europe.

The informal council also discussed the working methods of ECOFIN; financial market and stability issues; the present economic situation and prospects for the global economy; and the preparation of the annual meetings of the Bretton Woods institutions.

The UK was represented by the Economic Secretary to the Treasury, Ed Balls MP.

My right honourable friend the Chancellor of the Exchequer has made the following Written Ministerial Statement.

Items on the agenda are as follows:

Price stability criterion: Finance Ministers will be briefed on the application of the price stability criterion used for assessing entry to the euro.

Stability and growth pact: Council will receive Commission communications regarding Germany and the UK, and will be invited to adopt an opinion on the updated convergence programme for Hungary and a Council recommendation under Article 104(7).

Energy, innovation, financial stability arrangements and working methods: Finance Ministers will be invited to adopt conclusions taking into account the discussions held at the informal ECOFIN Council meeting in Helsinki on 8 and9 September.

Better regulations, administrative burdens: Council will be invited to adopt conclusions to support the Commission's approach to measuring and reducing administrative burdens resulting from EU legislation.

The quality of public finances: Ministers will be invited to adopt conclusions on a report regarding the design of national fiscal rules and institutions in EU member states.

EIB external lending mandates: following an initial debate at the July ECOFIN, Council will continue to discuss issues relating to the renewal of the EIB's mandate for the lending that it carries out outsidethe EU.

Clearing and settlement: Ministers will hold an exchange of views on the Commission's approach to tackling barriers in the clearing and settlement industry.

Single euro payments area: Council will be invited to adopt conclusions on the single euro payments area initiative, which will deliver a common system for cross-border payments in euro.