Tánaiste to travel to Brussels amidst latest US EU economic developments
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From: Department of Finance
- Published on: 19 January 2026
- Last updated on: 19 January 2026
Tánaiste and Minister for Finance, Simon Harris, is travelling to Brussels, where European Finance Ministers will discuss the threat of fresh tariffs by the US.
The Tanaiste will say that Europe worked hard to reach an agreement with the US to ensure economic activity between the EU and the US could advance with certainty and clarity and that the latest developments in the US threatened a clear breach of that agreement and would be damaging to the EU economy , supply chains and open trade.
Simon Harris will attend meetings of the Economic and Financial Affairs Council (ECOFIN) and the Eurogroup over the next two days.
During his engagement with EU Finance Ministers, the Tánaiste will raise concerns regarding the latest developments, including emerging trade risks linked to Greenland, and their potential implications for the European ecconomy, supply chains and open trade.
He will underline the importance of a coordinated EU engagement and response to protect the rules-based international trading system and economic stability.
The Tanaiste, with his colleagues, will also discuss a substantive agenda including:
- The economic and financial situation in Ukraine;
- Adoption of the updated Recovery and Resilience Plans of six Member States including Ireland;
- Approval of the conclusions on the Alert Mechanism Report which uses a scoreboard of selected indicators to screen EU countries for potential economic imbalances.
Speaking ahead of his meetings, the Tanaiste said :
“I intend to raise with my European counterparts the latest economic developments with the US , including those linked to Greenland. At a time of heightened global uncertainty, it is vital that we avoid actions that risk further instability ; The focus must be on working together to protect all of our economies across the EU.
“At ECOFIN this week, we will continue our important discussions on the economic and financial situation in Ukraine.
“Ireland has long recognised the scale of the challenges faced by Ukraine and our support for its sovereignty and territorial integrity is unwavering.
“I look forward, also, to discussing the Recovery and Resilience Facility with my EU counterparts.
“The RRF has been an important component both in Europe’s recovery from the Covid-19 Pandemic and in its response to the subsequent economic shocks caused by the geopolitical turmoil.
“At Ecofin, we will adopt the recovery and resilience plans of six member states, including Ireland, ensuring we maximise our €1.15 billion allocation over the remaining lifetime of the Facility.”
“We also approve the conclusions on the Alert Mechanism Report which uses a scoreboard of selected indicators to screen EU countries for potential economic imbalances.
“This is an important monitoring tool introduced after the Global Financial Crisis to guard against such vulnerabilities re-occurring.”
The Tánaiste added:
“The first Eurogroup and ECOFIN meetings of the new year provide a valuable opportunity to engage with my fellow European Finance Ministers on the important issues facing our economies.
“Both meetings also mark the beginning of two new Presidencies. I look forward to hearing from the Cypriot Presidency on their priorities for the next 6 months in the ECOFIN track. Ireland will hold the Presidency in the second half of 2026 and I plan to engage constructively with my Cypriot colleagues over the year ahead.
“I also welcome the first meeting of the Eurogroup under the term of the new President Kyriakos Pierrakakis.
This will be the first meeting since Bulgaria’s adoption of the Euro and we will be updated on the economic impact of the euro cash changeover. We will also begin the selection process for the next Vice-President of the ECB.
Note to Editor
Eurogroup starts with an update on the euro cash changeover in Bulgaria. Ministers will then discuss the priorities of the Euro Area Recommendations for 2026 before receiving a debrief from the recent G7 meetings. Eurogroup will conclude by focusing on the selection process for the Vice-President of the ECB. This process aims to approve a successor to ECB Vice-President De Guindos whose mandate ends in May 2026. Finland, Latvia, Croatia, Portugal, Lithuania and Estonia have put forward candidates.
ECOFIN will begin on Tuesday morning with a working breakfast focusing on the regular updates on the economic situation and a debrief of the Eurogroup meetings from Monday. Moving into regular format, the Cypriot Presidency will present their Presidency work programme. Finance Ministers will then discuss the economic and financial impact of Russia’s aggression against Ukraine.
The Council will then seek the adoption of the Council Implementing Decisions under the Recovery and Resilience Facility for Spain, Germany, Sweden, Finland, the Netherlands and Ireland. The Council will also approve the Conclusions on the Alert Mechanism Report which aims to identify potential macroeconomic imbalances in Member States. Finally, Minsters will discuss the Commission’s assessment of the compliance of all Member States with the fiscal rules and exchange views on the Council Decisions and Recommendations under the Excessive Deficit Procedure for Finland.