On Tuesday 14 February, EU finance ministers will continue their discussions on the contours of a reform of the European economic governance framework, based on suggestions made by the European Commission in late 2022 (see EUROPE 13060/1).
The aim of the Swedish Presidency of the Council of the European Union, which has already put this dossier on the agenda for the March Ecofin Council meeting, is to identify the elements of convergence that will guide the drafting of a legislative proposal by the Commission in the second quarter.
In a special note posing three specific questions to ministers, it notes the convergence between Member States on the idea of drawing up multi-annual national plans detailing their budgetary policy and the reforms and investments envisaged over the period in question (see EUROPE 13119/8).
See the Swedish Presidency note: https://aeur.eu/f/5aq
The balance to be found between adoption of the rules at national level and a robust regulatory framework at European level is part of the discussions, a diplomatic source said on Monday 13 February.
Several countries, such as Germany and the Netherlands, are asking the Commission for more information on the criteria and parameters it intends to use to analyse the sustainability of national public debts and to calculate medium-term paths for reducing public debt. EU Economy Commissioner Paolo Gentiloni gave assurance on Monday 13 February that work was underway in the relevant technical bodies to respond to the many requests from Member States.
Over breakfast, the ministers will take stock of the impact of European sanctions on the Russian economy and their repercussions on the European economy, with a particular focus on the financial aspect, as the Commission prepares a tenth package of European sanctions. They will continue their discussions on the European response to the US IRA, based on the guidance provided by the European Council (see EUROPE 13118/2).
RRF. Regarding the Next Generation EU recovery plan, the ‘Ecofin’ Council will adopt the revised German recovery plan, notably to take into account investments that have become unfeasible.
Taxation. Without debate, ministers are expected to adopt a revision of the EU ‘blacklist’ of uncooperative tax jurisdictions. The British Virgin Islands, Costa Rica, the Marshall Islands and the Russian Federation will be added to the list, increasing from 12 to 16 jurisdictions (see EUROPE 13118/8).
The organisation Oxfam International would like this list to be “fairer and more balanced” (see other news).
Finance. In an open debate, the Swedish Presidency will summarise the progress of legislative negotiations in the financial area.
The EU Council is awaiting the European Parliament’s position on a number of dossiers in order to start inter-institutional negotiations on the recovery and resolution of insurance and reinsurance undertakings (IRRD) (see EUROPE 13089/22), the revision of the ‘Solvency II’ directive in the insurance field (see EUROPE 13088/16) and the anti-money laundering package (see EUROPE 13114/6). On the other hand, trilogues on the finalisation of the EU’s ‘Basel III’ prudential package for the banking sector are expected to start soon after MEPs have agreed their position (see EUROPE 13106/19).
The Swedish Presidency is also continuing the work started under the Czech Presidency on European green bonds (see EUROPE 13085/10).
Finally, the Ministers are expected to approve the EU mandate for the G20 ‘Finance’ meeting on 23-24 February. (Original version in French by Mathieu Bion and Anne Damiani)