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Economic and Financial Affairs Council, 10 March 2026
Main results
Savings and investment union
Ministers exchanged views on the market integration and supervision package – a key element of the savings and investments union.
The market integration and supervision package is the centrepiece of our efforts to deepen European capital markets and, in turn, boost our competitiveness. Our leaders have been crystal clear about the need to move quickly. The Cyprus presidency shares that sense of urgency and is committed to preparing the political ground. Today’s debate gives us the political orientation needed to steer the next phase of work in a focused and coordinated way.
Makis Keravnos, Minister of Finance of the Republic of Cyprus
The package aims to deepen integration of EU capital markets by removing barriers to cross-border provision of investment activities and strengthening supervisory efficiency. This should help in turn to boost EU competitiveness through the mobilisation of private savings
The proposal consists of a master regulation, a master directive, and a new settlement finality regulation which together aim to create the conditions for market-led consolidation by removing obstacles that prevent firms from scaling up across the single market.
In particular, the draft rules encompass measures aimed at strengthening the role of the European securities and markets authority (ESMA), including by enhancing its tools to promote supervisory convergence and by reinforcing its role in EU-level supervision in certain areas.
During their discussion, member states showed broad supportfor accelerated work on the package at technical level, as proposed by the Cyprus presidency.
On the supervision aspects of the file, a number of member states expressed strong support for ESMA’s enhanced role as proposed by the Commission, while others considered that greater added value would be created through enhanced supervisory convergence and coordination between member states.
Some delegations urged caution with regard to possible negative effects that any new framework could have on smaller national financial markets in the EU.
A few delegations attached great importance to the technological aspects of the package, in particular the provisions on distributed ledger technology, which could support innovation in capital markets. Some suggested that progress on these elements could be prioritised during discussions on the package.
At the same time, several member states called for further simplification of the EU single rulebook in the area of capital markets and stressed that any changes to the EU’s framework should not lead to additional administrative burdens for market participants and supervisory authorities.
The Council set the maximum net expenditure path for Ireland – a key element of its medium-term fiscal-structural plan.
Under the EU’s economic governance framework, in force since the end of April 2024, member states are asked to submit national medium-term fiscal-structural plans covering four to five years.
The plans are a cornerstone of the EU’s new economic governance framework, containing member states’ fiscal trajectory, together with envisaged reforms and investments.
The net expenditure paths as set by the Council constitute the most important operational indicator for fiscal surveillance at EU level. This budgetary constraint will frame Ireland’s national fiscal policies until 2030 and help determine whether it is maintaining healthy finances.
The Council adopted implementing decisions approving targeted amendments submitted by Estonia to its recovery and resilience plan.
The RRF is the EU’s large-scale financial support programme in response to the challenges the COVID-19 pandemic has posed to the European economy. It is the centrepiece of NextGenerationEU, a temporary recovery instrument that allows the Commission to raise funds to help repair the immediate economic and social damage caused by the pandemic.
To benefit from the facility, member states must submit recovery and resilience plans (RRPs) to the Commission, setting out the reforms and investments they intend to implement by the end of August 2026.
To date, around €395 billion has been disbursed from the RRF.
Ministers held an exchange of views in preparation of the meeting of G20 Finance Ministers and Central Bank Governors, and the IMF spring meeting.
The Council mandated the Economic and Financial Committee to finalise the EU G20 terms of reference and the statement to the International Monetary and Financial Committee.
Intervening member states called for close EU coordination ahead of the meetings and their preparation in light of the geopolitical developments and known international challenges.
Macroeconomic dialogue at political level
A macroeconomic dialogue at political level (MEDPOL) was held on 9 March, in the margins of the meeting.
The social partners exchanged views with the presidency and the two forthcoming presidencies, the Commission, the European Central Bank and the president of the Eurogroup. The meeting focused on recent developments in the economic situation, as well as on artificial intelligence and the future of the EU labour market.
France informed the Council about its proposals for targeted amendments to the carbon border adjustment mechanism to take into account the specific situation of the EU’s outermost regions.
