Ecofin Council Expected To Approve Conclusions On Economic Governance
EU economic and finance ministers will meet in Brussels on Tuesday 14 March. During the meeting, the ministers are expected to approve Council conclusions on the ongoing EU economic governance review.
“The Presidency has worked hard to find a compromise that all Member States can agree on. I am proud that we have come this far and that we can now take the next step towards getting an updated framework in place”
Elisabeth Svantesson, Minister for Finance
The EU economic governance review includes the rules intended to ensure sound public finances and growth in EU Member States. The Commission is expected to present a legislative proposal in the spring, and the Council conclusions aim to guide the Commission in this work.
Selection of other agenda items
Economic recovery in Europe
The Commission will provide a customary state of play as regards the implementation of the Recovery and Resilience Facility (RRF). The ministers will also discuss how the Facility and the REPowerEU plan contribute to the green transition and to phasing out the EU’s dependence on Russian fossil fuels. Under this agenda item, the Council is also expected to adopt the Commission’s proposed amendments to the Council’s implementing decision on Finland’s recovery and resilience plans.
Fiscal policy guidance for 2024
The Commission will present its communication on fiscal policy guidance for 2024, which was published on 8 March, and ministers will have the opportunity to comment on its content. The communication contains broad guidelines on how Member States’ fiscal policies should be designed in the coming year. In addition, the Commission states that the general escape clause, which was activated in response to the COVID-19 pandemic, will be deactivated for 2024. The Commission also states that an excessive deficit procedure will not be opened in 2023, but will propose doing so in 2024.
Economic and financial impact of Russia’s aggression against Ukraine
Under the permanent agenda item on the economic and financial impact of Russia’s aggression against Ukraine, the Council will receive an update on energy-related developments. Special focus will be on the gas price ceiling and its impact on financial markets.