Tuesday, 14 March 2023 EPP Finance Ministers, co-chaired by Eurogroup President Paschal DONOHOE and EU Executive Vice-President Valdis DOMBROVSKIS, met this morning in Brussels to prepare today’s EU ECOFIN Council agenda. The Chairs shared an update of yesterday’s Eurogroup meeting and of the EU’s general economic situation both in terms of the general outlook and more specifically on the consequences of Russia’s war on Ukraine. EPP Ministers discussed the Economic Governance Review, revising the EU’s fiscal rules. They recalled that this framework is crucial for effective economic policy coordination and monitoring across the EU. They underlined that many of the challenges the EU economy faces today require ambitious reforms and sizeable investments, as much as ensuring that fiscal rules lead to debt reduction and responsible levels of borrowing and sustainable growth. The preventative element of the framework is also key. Ministers welcome the proposed move towards multi-annual fiscal planning, while maintaining the annual monitoring cycle, and the simplification of the EU’s fiscal framework overall, while preserving its multilateral character. Ministers stressed the importance of enhancing transparency, enforcing the rules, ensuring equal treatment of Member States and increasing national ownership. They look forward to the European Commission’s methodology regarding debt sustainability analysis and assessment principles that should be based on credible and reliable data. Ministers expect the Council to be involved through the monitoring and endorsement of those national fiscal structural plans and their possible updates.

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Angelos Athanasopoulos

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