Economic and Financial Affairs Council, 14 February 2023

Summary:

A meeting of the Economic and Financial Affairs Council (ECOFIN) was held on 14 February 2023. The agenda includes the following items:

• Presentation by the Council Presidency on the state of play regarding existing legislative initiatives in the field of financial services;
• Exchange of views on the economic and financial impact of Russia's invasion of Ukraine, focusing on the implementation and impact of the sanctions imposed against Russia;
• Exchange of views on the economic governance review, following a Commission's Communication on orientations for a reform of the EU governance framework;
• Adoption of Implementing Decision in the framework of the Recovery and Resilience Facility (RRF) as regards technical changes to Germany's NRRP;
• Adoption of the EU's terms of reference in view of a forthcoming G20 meeting of finance ministers and central bank governors;
• Adoption of revised EU list of non-cooperative jurisdictions for tax purposes;
• Adoption of Decision renewing restrictive measures against Zimbabwe in light of latest developments in the country.

• Primary Source

News

Bloomberg, 14/02/2023: EU Finance Chiefs Split on Fiscal Rules as March Goal Nears https://www.bloomberg.com/news/articles/2023-02-14/eu-finance-chiefs-split-on-fiscal-rules-as-march-target-nears?srnd=politics-vp

EUObserver, 14/02/2023: 'Crunch time' for EU's debt and deficit debate https://euobserver.com/green-economy/156716

Reuters, 15/02/2023: Some EU debt reform proposals go in wrong direction - German finance minister https://www.reuters.com/markets/europe/some-eu-debt-reform-proposals-go-wrong-direction-german-finance-minister-2023-02-15/

EurActiv, 15/02/2023: ‘Approaching crunch time’: Sluggish progress on EU fiscal rules https://www.euractiv.com/section/economy-jobs/news/approaching-crunch-time-sluggish-progress-on-eu-fiscal-rules/

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Official

General Secretariat of the Council: Background Brief for Council meeting - Economic and Financial Affairs Council, 14 February 2023 https://www.consilium.europa.eu/media/62087/background-note-ecofin-230214_final.pdf

Lithuanian Ministry of Finance: News, 13/02/2023: Minister of Finance G. Skaistė: “In the Axis of the Revised EU Multiannual Budget Should be Ongoing Aid to Ukraine, Incentives for Countries Hosting War Refugees and Issues of Financing Military Mobility” https://finmin.lrv.lt/en/news/minister-of-finance-g-skaiste-in-the-axis-of-the-revised-eu-multiannual-budget-should-be-ongoing-aid-to-ukraine-incentives-for-countries-hosting-war-refugees-and-issues-of-financing-military-mobility

European Commission: Remarks by Executive Vice-President Valdis Dombrovskis at the ECOFIN press conference (14 February 2023) https://ec.europa.eu/commission/presscorner/detail/en/speech_23_862

Irish Department of Finance: Press Release, 14/02/2023: Minister McGrath attends Eurogroup and ECOFIN https://www.gov.ie/en/press-release/6a97a-minister-mcgrath-attends-eurogroup-ecofin/

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