An exchange of views on the phasing out of the support measures made available to the financial sector was presented during a meeting of the Economic and Financial Affairs Council held in Brussels.

The council agreed that the phasing out of these support measures should be coordinated among member states to avoid negative spill-over effects.

The council was also debriefed on the outcome of the October European Council and the G20 ministers and governors’ meeting..

Ministers adopted conclusions which took note of the current economic crisis and the negative impact on the output and public finances this is having in all member States.

In the field of taxation, the council agreed on the structure and rates of excise duty applied on manufactured tobacco. Ministers also discussed the general approach on the proposal for a directive on administrative cooperation in the field of taxation.

The council adopted conclusions on better regulation.

Malta was represented by Malta’s permanent representative Richard Cachia Caruana.