Speaking in Brussels at the Council Meeting of the Economic and Financial Affairs (ECOFIN) on the 7 November 2014, in relation to the additional contribution towards the EU Budget announced recently, the Minister for Finance, Professor Edward Scicluna said that, "Although the statistical revisions did not come as a surprise to Malta, there is a need for more transparency and sensitivity to timing in such future revisions. Furthermore, any payment plans offered should be offered to all."

Ministers also had a state-of play agenda item on the proposal for a Financial Transaction Tax and a short exchange of views on the Parent-Subsidiary Directive. The discussions on both subjects are still ongoing.

Other topics dealt with during the meetings, included an information point on the Commission proposal for a Standard VAT Return and the adoption of Council Conclusions with respect to EU Statistics and the Preparation of the 20th Conference of Parties to the United Nations Framework Convention on Climate Change.

During the Eurogroup meeting which met on the previous day, the Finance Ministers were briefed of the developments regarding Cyprus, Greece, the establishment of the Banking Union, inflationary development, and the process and evaluation of the draft national budgetary plans.

For the meetings, the Minister for Finance was accompanied by Ambassador Marlene Bonnici, Permanent Representative of Malta to the EU, and the Permanent Secretary Mr Alfred Camilleri.