MIL-OSI Translation: 13/03/2024 Meeting of the ECOFIN Council

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MIL ASI Translation. Region: Polish/Europe –

Fuente: Gobierno de Polonia en poleco.

(Photo: Unión Europea) On March 12, 2024, a meeting of the ECOFIN Council was held in Brussels with the participation of Minister of Finance Andrzej Domański and Deputy Minister Paweł Karbnik. The key discussion concerned the impact of Russia’s aggression on Ukraine and threats to the security of Europe and the EU budget. The ministers provided unanimous support for the candidacy of the current Managing Director of the International Monetary Fund, Kristalina Georgieva, for her second term. A joint meeting of Ministers of Finance and Ministers of Social Policy was also held to discuss social investments to increase the resilience of economies. On the eve of the ECOFIN Council meeting, a meeting of the Eurogroup was held in an inclusive format, where a statement on the future of European capital markets was adopted. Economic and financial impact of Russia’s aggression against UkraineThe ministers discussed the consequences of the war in Ukraine. El ministro Domański presented the results of the conversation with the Minister of Finance of Ucrania, who expressed his country’s gratitude for EU aid, not only humanitarian and military, but also financial. He emphasized the need for further strong support for Ukraine also in the forum of international institutions. In the Minister’s opinion, it was important that the EU agreed on the Instrument for Ukraine, providing support in the amount of EUR 50 billion for the following years. However, this assistance may be insufficient and the EU must be ready to implement a contingency plan that assumes using the proceeds from frozen Russian assets to defend Ukraine. Poland counts on quick solutions in this area, not only in the EU, but also on the international forum, among the G7. EU Budget The ECOFIN Council approved recommendations to the European Parliament on granting discharge to the European Commission (EC) for the implementation of the EU budget for 2022, noting the increase in the error rate in EU budget spending and calling for action to reduce the error rate and ensure the effective and sound management of EU funds. The Council also adopted guidelines for the EU budget for 2025, underlining the key role of the EU budget in delivering long-term political priorities , including resolutely supporting Ukraine for as long as necessary, not only financially, but also in strengthening its resilience and long-term recovery.Other issuesThe Ministers took note of the state of play of the implementation of the Recovery and Resilience Facility (RRF) and the results of the mid-term review of its implementation instrument, presented by the EC at the end of February this year. During the joint meeting of the ECOFIN and EPSCO Council, ministers discussed the challenges related to social investments and their impact on economic growth and competitiveness, social cohesion and integration. Poland, in addition to Minister Domański, was represented by the Minister of Family, Labor and Social Policy Agnieszka Dziemianowicz-Bąk. Meeting of the Eurogroup in an inclusive format On 11 de Marzo de 2024, a meeting of the inclusive Eurogroup was held with the participation of Deputy Minister of Finance Paweł Karbnik. During the meeting, a declaration on the future of capital markets in the EU was adopted. It is the result of annual discussions on the possibilities of increasing the role of capital markets in promoting the single market and the necessary investments that increase EU competitiveness, innovation and sustainable growth. The President of the Eurogroup will present a declaration to the Heads of State and Government at the Euro Summit taking place on the margins of the European Council on 22 March 2024.


EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

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