Economic and Financial Affairs Council Discusses Economic Governance Reform, Recovery Facility Progress, and Climate Finance Ahead of COP28

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Economic and Financial Affairs Council, 17 October 2023

Main results

The Council took stock of the progress on the review of the economic governance framework and stressed the need to continue discussions both at technical and political levels.

The EU’s economic governance framework is a set of common rules for national fiscal and economic policies which apply to all member states. They serve to ensure the sustainability of public finances and promote convergence while addressing macroeconomic imbalances.

Nadia Calviño acting Spanish first vice-president and minister for economy and digitalisation

We are working relentlessly and in a spirit of consensus to reach a balanced agreement before the end of the year. Our ambitions are high but so are the stakes – the reinforcement of our economic and monetary union, and a path of sustainable growth and fiscal responsibility that will allow us to face united our present and future challenges. Nadia Calviño acting Spanish first vice-president and minister for economy and digitalisation

The reform consists of three proposals:

a regulation on the effective coordination of economic policies and multilateral budgetary surveillance
a regulation on speeding up and clarifying the implementation of the excessive deficit procedure
a directive on requirements for budgetary frameworks of the member states

Recovery and Resilience Facility

Ministers held an exchange views on the state of play of the implementation of the Recovery and Resilience Facility (RRF).

The Council adopted implementing decisions approving the amended recovery and resilience plans of Czechia, Spain, Netherlands, Portugal and Slovenia.

During 2023, it is expected that gradually each of the 27 member states will submit amendments to their national recovery and resilience plans at least once, to access the new REPowerEU grants, to request available loans, or to take into account the updated RRF allocation.

Infographic on the implementation of REPowerEU through member states’ recovery and resilience plans.

Russia’s aggression against Ukraine

Ministers exchanged views on the state of play of the economic and financial impact of Russia’s aggression against Ukraine. Discussions focussed on the economic and budgetary situation in Ukraine, based on the input from the Commission and the Presidency.

Climate finance in view of COP28

The Council approved conclusions on climate finance in preparation for the UN Climate Change Conference (COP 28), which will take place from 30 November to 12 December 2023.

G20 follow-up

The Presidency and the Commission informed ministers on the main results of the G20 Finance Ministers and Central Bank Governors meeting of 11-13 October 2023.

Taxation: EU list of non-cooperative jurisdictions

Ministers received a report based on work in the Code of Conduct (business taxation) Group, relating to the regular update of the EU list of non-cooperative jurisdictions for tax purposes. The Council approved the update of the EU list.

The Council added Antigua and Barbuda, Belize and Seychelles, and removed British Virgin Islands, Costa Rica and Marshall Islands from the list.

Taxation administrative cooperation in the field of taxation (DAC8)

The Council adopted a directive on administrative cooperation in the field of taxation. The directive strengthens the EU’s existing legislation in the field, by enlarging the scope for registration and reporting obligations and overall administrative cooperation of tax administrations.

The amendments concern mainly the reporting and automatic exchange of information on revenues from transactions in crypto-assets and on advance tax rulings for the wealthiest (high-net-worth) individuals.

Financial services

The Presidency presented the state of play of financial services legislative proposals. Ministers took note of the state of play and welcomed progress in implementing the directives for financial services.

Sursa: https://www.nineoclock.ro/2023/10/17/economic-and-financial-affairs-council-discusses-economic-governance-reform-recovery-facility-progress-and-climate-finance-ahead-of-cop28/

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