Tánaiste and Minister for Finance attends May Eurogroup and Ecofin meetings
- Foilsithe:
- An t-eolas is déanaí:
Tánaiste Simon Harris T.D., will travel to Brussels this morning for a two-day meeting of EU Finance Ministers where the economic impact of the conflict in the Middle East crisis will be discussed and Ministers will take stock of measures implemented at national level over the last number of weeks.
Ministers also intend to progress negotiations on the Saving and Investment Union and the Tánaiste will hold a bilateral meeting with his Swedish counterpart on Ireland’s proposed new Investment Account.
Speaking ahead of the meetings, the Tánaiste said:
“This is the first in-person meeting of EU Finance Ministers since governments across the EU implemented significant budgetary measures to protect citizens and businesses from the unacceptable rising cost of energy as a result of the crisis in the Middle East. I look forward to receiving an update from the European Commission on the EU response so far and sharing views with colleagues on policy measures taken at national level.
“This is also the last meeting of EU Finance Ministers to be held in Brussels before Ireland assumes the Presidency of the Council of the European Union in July. With this in mind, I will have a number of bilateral meetings on the margins of the meetings including with my Swedish counterpart with the proposed new Investment Account for 2027 and the Irish Presidency as our focus.
“Eurogroup will also receive a presentation on the Kukies-Noyer report, which aims to boost opportunities for EU companies looking to scale-up, as well as an update on progress of the Banking Union and the Digital Finance workstream.
Commenting on ECOFIN, the Tánaiste continued:
At ECOFIN on Tuesday we will discuss the Market Integration and Supervision Package, a key EU pillar of the broader Savings and Investment Union agenda which is of particular importance to Ireland and our financial services sector. This package aims to mobilise private savings for more productive use which will in turn support the long-term financial wellbeing of citizens in Ireland and the EU.
Under the simplification agenda, I look forward to the discussions on the economic costs of EU legislation. This initiative, started under the Danish presidency, allows us to clearly identify and track the effect of EU regulations to ensure that the burden on businesses and administrations are necessary and proportionate. I have committed to continuing and developing this work under the Irish Presidency.
Note to the Editor
Eurogroup starts on Monday afternoon with an update on Banking Union where the Chair of the ECB Banking Supervision division, Claudia Buch, and chair of the Single Resolution Board, Dominique Laboureix, will present their recent activities and their outlook for the banking sector. Moving into inclusive format, the Eurogroup will start with an update on energy prices and their impact on the euro area economy and a stocktake of policy responses. This discussion will be followed by a presentation on the Kukies-Noyer Financing Innovative Ventures in Europe Report. Eurogroup will conclude with an update on progress under the Digital Finance workstream.
On Tuesday morning, in Irelands role of the incoming Presidency, the Tánaiste will attend the Annual Economic and Financial Dialogue with Regional Partners. Following this, the ECOFIN working breakfast will begin with updates on the economic situation and a debrief from the previous day’s Eurogroup meetings. In ECOFIN proper, Ministers will be invited to reach a general approach on the Council Regulation on access of EPPO and OLAF to VAT information at EU level. This will be followed by a policy debate on the Market Integration and Supervision Package, a key legislative element of the EU’s efforts to develop the Savings and Investment Union. This will be followed by an update from the Cyprus Presidency on current financial services legislative proposals.
Under non-legislative activities, ECOFIN will engage in the regular stocktaking of the economic and financial impact of Russia’s aggression against Ukraine, exchange views on the economic consequences of EU legislation and adopt the amended Recovery and Resilience Plan of Denmark. ECOFIN will conclude with a debrief on the outcomes of the G20 Finance Ministers and Central Bank Governors, in Washington.
On the margins of the ECOFIN meetings, an Tánaiste will hold bilateral meetings with the Chair of the ECON Committee on Economic and Monetary Affairs, Aurore Lalucq, Commissioner for Financial Services and the Savings and Investments Union, Maria Luís Alqbuquerque, Vice-Chancellor and Minister for Finance of Germany Lars Kingbeil, Minister of Economy and Finance of Italy, Giancarlo Giorgetti and Minister for Finance of Sweden, Elisabeth Svantesson.