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Economic and Financial Affairs Council, 12 July 2022
Main results
Economic and financial consequences of Russia’s war in Ukraine
The Council discussed the economic and financial consequences of Russia’s war against Ukraine. It decided to provide € 1 billion of additional macro-financial assistance to Ukraine, as a matter of urgency.
The continuation of material and financial aid is not an option, but our duty. Therefore I am very pleased that we have fast-tracked the decision to provide € 1 billion of macro-financial assistance. This will give Ukraine the necessary funds to cover urgent needs and ensure the operation of critical infrastructure.
Zbyněk Stanjura, Minister of Finance of Czechia
The Council adopted the final three legal acts which will enable Croatia to introduce the euro as its currency on 1 January 2023. One of the legal acts sets the conversion rate between the euro and the Croatian kuna at 7.53450 kuna per 1 euro.
I would like to congratulate my counterpart, Zdravko Marić, and the whole of Croatia for becoming the 20th country to join the euro area. Adopting the euro is not a race, but a responsible political decision. Croatia has successfully completed all the required economic criteria and they will pay in euros as of 1 January 2023.
Zbyněk Stanjura, Minister of Finance of Czechia
Croatia will become the 20th EU member state to adopt the euro as its currency
Current legislative proposals in the field of financial services
The Presidency presented the state of play as regards current legislative proposals in the field of financial services.
Among others, this concerns the anti-money laundering transfer of funds regulation and the markets in crypto-assets (MiCA) regulation, on which political agreements were found with the European Parliament a few days ago.
In the context of the European Semester 2022, the Council approved conclusions on the 2022 in-depth reviews under the macroeconomic imbalance procedure.
G20 meeting of finance ministers and central bank governors
The Council approved the EU terms of reference for the G20 meeting of finance ministers and central bank governors, which will take place on 15-16 July.
Conclusions on the 2021 fiscal sustainability report
The Council adopted conclusions in response to the Commission’s 2021 fiscal sustainability report.
Council Decision on using funds from the 10th and 11th EDFs' to help ACP countries address the food security crisis
The Council adopted a decision addressing the current food security crisis and economic shock in African, Caribbean and Pacific (ACP) countries following Russia’s war of aggression against Ukraine. Thanks to today's decision the Council will allocate € 600 000 000 of funds decommitted from projects under the 10th and 11th European Development Funds to finance actions benefitting food production and the resilience of food systems, humanitarian assistance, and macro-economic support.
The Council also adopted without discussion the items on the lists of legislative and non-legislative A items.
The continuation of material and financial aid is not an option, but our duty. Therefore I am very pleased that we have fast-tracked the decision to provide € 1 billion of macro-financial assistance. This will give Ukraine the necessary funds to cover urgent needs and ensure the operation of critical infrastructure.
