My right honourable friend the Chancellor of the Exchequer (Alistair Darling) has made the following Written Statement.

The informal Economic and Financial Affairs Council (ECOFIN) was held in Ljubljana on 4 and 5 April.

The main discussion was on the economic and financial situation, with a particular focus on financial stability and supervision. Ministers discussed progress against the financial stability road map agreed at ECOFIN in October, as well as the supervision of cross-border institutions within the EU. This will be the subject of further discussion at ECOFIN in coming months. Ministers signed an updated Memorandum of Understanding on cross-border crisis management, and discussed issues pertaining to financial market infrastructures, notably progress on improving clearing and settlement structures in the EU.

The informal council also discussed optimising the quality of public finances, with a particular focus on social spending. This is a particular Slovenian priority, and a theme common to the German, Portuguese and Slovenian presidencies. Finally, Ministers discussed the forthcoming spring meetings of the IMF and World Bank, including reform of quotas and voice at the IMF.

The Exchequer Secretary to the Treasury represented the UK.