Economic and Financial Affairs Council, 12 May 2015

Main results

Macroeconomic imbalances and structural reforms

Today's debate among ministers raised awareness of the need to tackle without delay the individual policy challenges confronting each member state.
Jānis Reirs, minister for finance of Latvia

The Council adopted conclusions on in-depth reviews of economic imbalances in the member states, underscoring the need for strong commitment to structural reforms.
It discussed implementation of country-specific recommendations under the "European Semester", the EU's annual policy monitoring process.

"There is clear scope for improving implementation of the recommendations", said Jānis Reirs, minister for finance of Latvia and president of the Council. "Today's debate among ministers raised awareness of the need to tackle without delay the individual policy challenges confronting each member state", he said.

• Council conclusions on in-depth reviews
• European Semester in 2015

Sustainability of public finances - 2015 ageing report

The Council discussed age-related expenditure projections for the member states over the 2013-60 period, on the basis of a report and democratic data.
It adopted conclusions, highlighting the need to minimise the negative impact on economic growth of expenditure developments related to ageing populations. The conclusions advocate continued policy action, in particular reforms to pension and health systems and long-term care.

• Council conclusions on the sustainability of public finances in light of ageing populations:

Investment plan for Europe  

The Council discussed progress in negotiations with the European Parliament on a proposed European fund for strategic investments (EFSI).
The presidency will continue negotiating on behalf of the Council, with the aim of finalising negotiations by the end of May. Adopting the EFSI regulation in June would enable new investments to begin as early as mid-2015, as planned.
The EFSI will support projects in a broad range of areas, enhancing risk-bearing capacity so as to stimulate involvement by private investors. It is one of the core elements of the Commission's €315 billion 'investment plan for Europe'.

• European fund for strategic investments (background information)
• Outcome of the Council meeting