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Economic and Financial Affairs Council, 14 March 2023
Main results
Recovery and Resilience Facility
The Council discussed how the Recovery and Resilience Facility and REPowerEU chapters can effectively contribute to the green transition and ensure Europe’s independence from Russian energy sources in the context of high inflation and supply chain disruptions.
In addition, the Council adopted an implementing decision approving the revised recovery and resilience plan of Finland.
The Council agreed conclusions on orientations for a reform of the EU economic governance framework. The conclusions contain areas of convergence of views among member states and areas for further work on a reformed framework. They constitute political guidance for the European Commission for the preparation of relevant legislative proposals.
Fiscal rules are important and should remain an essential instrument in our economic policy toolkit. Now they should be adapted to a changing world. I am very pleased that we reached an important milestone today. Following intense discussions, we agreed on Council conclusions highlighting areas of convergence of views among us. They provide an important input for the Commission, ahead of forthcoming legislative proposals. Today shows that once again member states can agree on important issues in economic policy.
Elisabeth Svantesson, Minister for Finance of Sweden
Council orientations for a reform of the EU economic governance framework (infographic)
Fiscal policy guidance
The Commission presented its fiscal policy guidance for 2024 to ministers with a view to informing the preparation by member states of Stability and Convergence Programmes. Ministers gave their initial reactions to this communication from the Commission which was published on 8 March.
Economic and financial impact of Russia’s aggression against Ukraine
The Council exchanged views on the economic and financial impact of Russia’s aggression against Ukraine. It focused in particular on energy-related financial market aspects.
The presidency and the Commission informed the Council of the main outcomes of the G20 meeting of finance ministers and central bank governors held on 24-25 February 2023. The Council gave guidance for further work regarding the preparations for the upcoming G20 meeting of finance ministers and central bank governors as well as the IMF spring meetings of 10-16 April 2023.
The Council approved its guidelines for the 2024 budget. The approved guidelines will provide political guidance to the Commission in preparing the budget for next year.
The Council also adopted its recommendation on the discharge to be given to the Commission for the implementation of the EU budget for 2021.
Macroeconomic dialogue at political level (MEDPOL)
In the margins of ECOFIN, on 13 March the presidency held the half-yearly macroeconomic dialogue meeting at political level with representatives of social partners.
Fiscal rules are important and should remain an essential instrument in our economic policy toolkit. Now they should be adapted to a changing world. I am very pleased that we reached an important milestone today. Following intense discussions, we agreed on Council conclusions highlighting areas of convergence of views among us. They provide an important input for the Commission, ahead of forthcoming legislative proposals. Today shows that once again member states can agree on important issues in economic policy.
