Economic and Financial Affairs Council, 6 December 2022 - Hoofdinhoud
Main results
At the end of the meeting, Zbyněk Stanjura, Minister for Finance of Czechia and current chair of the Council in Ecofin formation, handed over the chairmanship to Elisabeth Svantesson, Minister for Finance of Sweden. Sweden takes over the Presidency of the Council in January 2023
Financial support to Ukraine
The Council discussed a legislative package on €18 billion in financial support to Ukraine. It adopted one of the three pieces of legislation which aim to provide for a structural solution to financially support Ukraine in 2023.
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-An amendment to the financial regulation, allowing the financing of the macro-financial assistance to take place within the so-called diversified funding strategy.
It did not adopt the remaining items in the package:
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-An amendment to the multiannual financial framework, allowing the use of the headroom to guarantee the borrowing for Ukraine in the years 2023 and 2024.
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-The macro-financial assistance + instrument (“MFA+ instrument”) which creates the framework to provide the support to Ukraine, including the areas of support and the conditions for Ukraine to benefit from that support.
Ukraine needs our help urgently. There was a clear political will expressed in the room today on our determination to help Ukraine, also financially. I am pleased that we have adopted at least one of the three financial measures, for which a qualified majority was required. The Commission can now start the process of borrowing funds so that we can provide financial support to Ukraine in early January. I am sure that we cannot afford any more delays.
Zbyněk Stanjura, Minister for Finance of Czechia
Economic governance review
The Commission presented its communication on the economic governance review. This was the first opportunity for ministers to have a discussion on the Commission’s communication. Ministers shared their initial positive observations, voiced their remaining questions and concerns, and looked forward to constructive discussions on the various aspects of the suggested reforms in the coming months, in order to provide the Commission with the political backing it needs for its next steps. Discussions will now continue at the level of experts.
Economic recovery in Europe
The Council took stock of the implementation of the Recovery and Resilience Facility, following a presentation by the Commission on the state of play.
The Recovery and Resilience Facility is the EU’s programme of large-scale financial support in response to the challenges the pandemic has posed to the European economy. The facility’s €672.5 billion are used to support the reforms and investments outlined in the member states’ recovery and resilience plans.
Energy taxation
Ministers held a policy debate on the revision of the energy taxation directive. They welcomed the progress made and expressed their commitment to continue work towards reaching an agreement as soon as possible.
EU’s new own resources
The Presidency presented its report on the discussions on new own resources for the Union.
Current financial services legislative proposals
The Presidency presented the state of play as regards legislative proposals in the field of financial services.
European Semester 2023
The Commission presented the annual sustainable growth survey 2023, the alert mechanism report 2023 and its recommendation for a Council recommendation on the economic policy of the euro area.
EU budget for 2023
As a follow-up to the adoption of the EU budget for 2023, the Council agreed a statement on heading 7 which concerns administrative expenditure of the EU institutions.
Implementation of the EU budget in 2021
The President of the European Court of Auditors presented the annual report on the implementation of the budget for the financial year 2021.
Business taxation: Code of Conduct group
As an item without discussion, the Council approved conclusions on the progress achieved by the Code of Conduct Group.
Report to the European Council on tax issues
As an item without discussion, the Council approved its report to the European Council on tax issues. Economy and finance ministers report to the European Council on tax issues twice a year.
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EU budget: rule of law conditionality mechanism
Over breakfast, the Council discussed the proposal for a Council implementing decision on measures for the protection of the Union budget against breaches of the principles of the rule of law in Hungary. Ministers used this opportunity to give a first reaction to the assessment of remedial measures taken by Hungary, which the Commission published on 30 November. The Council’s deadline for its decision on the measures is 19 December.
New internationally agreed rules aim for a fair and effective taxation for multinational groups
Taxation: global minimum level of taxation (Pillar 2)
Over breakfast, the Council discussed a directive on ensuring a global minimum level of taxation for multinational groups in the Union.
The Council also adopted without discussion the items on the list of non-legislative A items.
Meeting information
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-Meeting n°3918
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-Brussels
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-6 December 2022
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-10:00