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The Council today agreed the key elements of its negotiating position on essential new measures to strengthen EU capital markets.
Europe has the savings. Now it’s time to put them to work. Today’s agreement is a major step forward for a deepened savings and investments union, with significant added value for the EU’s longer-term competitiveness. This package will help to unlock the full potential of the single market for financial services, allowing EU citizens and businesses alike to tap into well-integrated and more efficient capital markets.
Simon Harris, Tánaiste and Minister of Finance of Ireland
The new rules will constitute a major step forward in unlocking private savingsfor investment in innovative firms, financing growth and boosting the EU’s overall global competitiveness.
The market integration and supervision package (MISP)enhances EU-level supervision and reduces barriers for the most important trading and post-trading operators in the EU. This will in turn reduce regulatory fragmentation and compliance costs for cross-border financial firms and help them gain the scale and efficiency required to compete globally. Overall, the measures will make it easier for capital to flow across borders and help mobilise private investment in EU businesses.
This package will contribute to the EU’s broader goal, as set by the European Council, of strengthening the EU's competitiveness, resilience and strategic autonomy. The package is a key component of the ‘One Europe, One Market’ agenda.
Finance ministers exchanged views on the competitiveness of the banking sector based on Commission’s 17 July report on the subject, following up on an initial ministerial exchange at the informal ECOFIN meeting in Dublin on 18 September. The report sets out measures to strengthen the single market for banking by building a more integrated, efficient, and competitive banking sector.
Over the past 15 years, the EU has substantially reformed the banking framework, implementing important reforms to increase banks’ capital and quality of assets and making the European banking sector more resilient.
At the same time, significant challenges remain, such as cross-border lending, the implementation of international standards such as Basel III, and the need to simplify the regulatory framework in order to reduce administrative burdens. The European Commission has announced that it will present a package of measures in the first quarter of 2027 to amend the banking regulatory framework and to put into effect the solutions set out in its report.
During the discussion, ministers agreed that improving banking competitiveness is a key priority for the EU, in support of the savings and investments union and the EU’s wider competitiveness agenda, as laid out in the ‘One Europe, One Market’ agenda.
Member states set out their priorities for the Commission’s forthcoming legislative package.
The Council adopted two recommendations under the stability and growth pact, the EU rules designed to ensure that EU member states pursue sound public finances and coordinate their fiscal policies.
First, ministers endorsed the revised national medium-term fiscal-structural plan of the Czech Republic for 2027-2030.
Second, ministers agreed to extend Greece’s application of the national escape clause (NEC) for defence financing under the EU’s fiscal rules to include additional measures enhancing energy security.
Taxation: EU list of non-cooperative jurisdictions
As a non-discussion item, the Council decided to remove Panama and Viet Nam from the EU list of non-cooperative jurisdictions for tax purposes.
The list is the EU’s tool topromote tax good governance worldwide. It is composed of countries which fail to comply with agreed international tax standards or did not fulfil their commitments on tax good governance within a specific timeframe.
Following today’s update, the list now consists of 8 jurisdictions:
The countries listed are within the scope of the EU screening process.
The Council also approved the usual state of play document (Annex II) which reflects ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.
The Council approved conclusions on climate finance in view of the 2026 UN climate change conference (COP31) taking place in Antalya, Türkiye on 9-20 November 2026.
In the conclusions,the Council notes its deep concern that 2024 was the warmest year on record followed by 2025 as the second hottest, according to the world meteorological organisation. It also highlights the global leadership of the EU and its member states, which collectively remain the main largest contributors to international climate finance despite fiscal and geopolitical challenges.
In addition, the conclusions reaffirm the EU and its member states’ commitment to the international collective goal of mobilising USD 300 billion per year by 2035 in climate finance for developing countries and urges all countries with financial capacity to step up efforts in mobilising climate finance to developing countries to meet the new collective quantified goal on climate finance agreed in 2024.
The Council exchanged views on the economic and financial impact of Russia’s aggression against Ukraine. This is a recurring agenda item for the meeting of economic and financial affairs ministers.
The Council took stock on the implementation of the Recovery and Resilience Facility, now in its final phase.
To fully benefit from the Facility, member states had to fulfil all milestones and targets contained in their recovery and resilience plans by end August 2026, while the Commission must disburse all payments by the end of December 2026.
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