Finance ministers to discuss the EU’s economic outlook and the economic effects of the Ukraine crisis
Minister of Finance Annika Saarikko will represent Finland in the meeting of EU and euro area finance ministers in Brussels on 23–24 March.
The Economic and Financial Affairs Council (Ecofin) will discuss the economic effects of the Ukraine crisis. In this context, the Commission will present its communication on Ukraine relief and reconstruction, which was published on 18 May. The ministers will also be briefed on the implementation of the Recovery and Resilience Facility (RRF). The REPowerEU communication, which was published by the Commission on 18 May, may also come up in this context.
The ministers will also discuss the proposal for a Council directive on ensuring a global minimum level of taxation for multinational groups in the Union. The meeting will aim to reach a general approach on the proposal.
Eurogroup to discuss economic situation in the euro area
The Eurogroup will discuss macroeconomic and fiscal developments in the euro area in light of the European Commission Spring Forecast published on 16 May. The ministers will also discuss filling the upcoming vacancy of the Managing Director of the European Stability Mechanism (ESM). The term of the current Managing Director, Klaus Regling, will end in October.
The Eurogroup’s inclusive format, which consists of the ministers of all EU Member States, will discuss the draft work plan for the completion of the Banking Union.
Martti Salmi, Senior Ministerial Adviser, tel. +358 400 510 304, martti.salmi(at)gov.fi
Petra Schulze Steinen, Special Adviser to the Minister of Finance, tel. +358 40 671 7278, petra.schulze-steinen(at)gov.fi
The Economic and Financial Affairs Council (Ecofin) is one of the configurations of the Council of the European Union. Ecofin makes decisions on EU legislative proposals within its remit, usually in cooperation with the European Parliament. It is also responsible for coordinating the economic policies of EU Member States. Ecofin is composed of the Member States’ economic and financial affairs ministers.
The Eurogroup is an informal body tasked with coordinating economic policies among the euro area member states and promoting economic growth. The Eurogroup consists of the economic and financial affairs ministers of the euro area member states. Although the Eurogroup has no legislative function, it does set out policy guidelines.
Eurogroup agenda (Council website, to be updated after the meeting)
European Commission press release: Russian invasion tests EU economic resilience (16 May 2022)
European Commission press release: REPowerEU: A plan to rapidly reduce dependence on Russian fossil fuels and fast forward the green transition (18 May 2022)