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Economic and Financial Affairs Council, 9 November 2023
Main results
Economic governance review
The Council discussed the proposed reform of the economic governance framework.
Today we see an agreement on the core elements and mechanisms of the new fiscal rules, on the need to have fiscal discipline, credibility, confidence but also to ensure counter-cyclicality and the right incentives for the growth enhancing investments and reforms that respond to our shared European priorities. There is a strong commitment by all member states to contribute, to work together and to reach a balanced deal before the end of the year.
Nadia Calviño, acting Spanish first vice-president and minister for economy and digitalisation
The EU’s economic governance framework is a set of common rules for national fiscal and economic policies which apply to all member states. They serve to ensure the sustainability of public finances and promote convergence while addressing macroeconomic imbalances.
The reform consists of three proposals:
a regulation on the effective coordination of economic policies and multilateral budgetary surveillance
a regulation on speeding up and clarifying the implementation of the excessive deficit procedure
a directive on requirements for budgetary frameworks of the member states
The Council exchanged views on the state of play of the economic and financial impact of Russia’s aggression against Ukraine. Ministers received an update from the Commission on the economic and budgetary situation in Ukraine and the implementation of the EU’s restrictive measures.
Ministers exchanged views on the state of play of the implementation of the Recovery and Resilience Facility (RRF).
The Council adopted implementing decisions approving modified recovery and resilience plans submitted by Denmark, Lithuania, Austria and Sweden. Among other amendments, the countries have added new REPowerEU chapters to their updated plans.
During 2023, it is expected that gradually each of the 27 member states will submit amendments to their national recovery and resilience plans at least once, to access the new REPowerEU grants, to request available loans, or to take into account the updated RRF allocation.
The Council exchanged views on the lessons learnt regarding the European Semester process. This is a regular stocktaking exercise, aimed at improving the way this process is carried out.
Ministers exchanged views on the implementation of the 2023 Semester exercise and gave political guidance regarding next year’s exercise.
The Council approved conclusions on EU statistics.
Given the importance of high quality, comparable and reliable statistics for EU economic policy-making, and especially for the economic policy coordination, the Council approves conclusions on EU statistics in autumn each year.
In its conclusions, the Council reviewed the progress made on the statistical priorities set in the ECOFIN Council in the previous year and provided guidance for further work.
The conclusions welcomed the progress reached on information requirements in the Economic and Monetary Union and on the quality of statistics for the Macroeconomic Imbalances Procedure and the Stability and Growth Pact.
The president of the European Court of Auditors presented ministers the annual report on the implementation of the budget for the financial year 2022, published on 5 October 2023.
The Presidency presented the state of play of current legislative proposals in the field of financial services. This is a recurrent item on the Council agenda.
A ministerial dialogue between the EU and EFTA (European Free Trade Association) countries took place in the margins of the meeting on 9 November, on the subject of new industrial policy approaches. Ministers exchanged views on how to avoid a harmful subsidy race.
ECOFIN-EFTA Ministerial Dialogue: Family photo
Taxation
The Council issued a statement on the two-pillar solution to address the tax challenges arising from the digitalisation of the economy. The Commission also made a statement on this issue.
Today we see an agreement on the core elements and mechanisms of the new fiscal rules, on the need to have fiscal discipline, credibility, confidence but also to ensure counter-cyclicality and the right incentives for the growth enhancing investments and reforms that respond to our shared European priorities. There is a strong commitment by all member states to contribute, to work together and to reach a balanced deal before the end of the year.
