Council of the EU:latest news

 

Meetings Tuesday 5 April 2022

● Council of the EU   05/04/2022 15:07 | MEETING | Main results - Economic and Financial Affairs Council, 5 April 2022   Economy and finance ministers discussed a global minimum tax level for large multinational corporations. They exchanged views on the economic and financial consequences of Russia’s military aggression against Ukraine, and on the sanctions imposed. The EU's strategic autonomy and economic recovery were also on the agenda.

Council of the EU
Economic and Financial Affairs Council, 5 April 2022

Main results
War in Ukraine and sanctions against Russia

The Council discussed the implementation of the sanctions imposed by the EU on Russia, their effectiveness (with the aim of preventing any circumvention) and their strengthening. The ministers also discussed the economic issues related to the reception of Ukrainian refugees.

Ministers then welcomed Serhii Marchenko, Minister for Finance of Ukraine, who participated in his first ECOFIN meeting by video conference. The Council was able to reaffirm its full solidarity with the Ukrainian people and to take stock of the financial and material support provided to Ukraine.

The Council then discussed the impact of the war in Ukraine on the European economies, based on a new assessment by the European Commission. The discussion focused in particular on the measures taken at national and European level to deal with the increase in energy and raw material prices. The importance of coordination between member states of national support plans was stressed.

EU economy and finance ministers agreed to continue to monitor developments closely and confirmed the need for European unity and solidarity. Already on 25 February, the ministers had issued a declaration together with the European Commission and the European Central Bank, underlining their unity, their commitment to consider all possible sanctions, as well as their willingness to strengthen Europe's strategic autonomy.


Ukraine: press statement from the EU Ministers for Finance, European Commission and the European Central Bank (press release, 25 February 2022)
Council adopts €1.2 billion assistance to Ukraine (press release, 21 February 2022)
Timeline - EU restrictive measures in response to the crisis in Ukraine (background information)
EU restrictive measures in response to the crisis in Ukraine (background information)
European economic and financial strategic autonomy

The Council adopted conclusions on the strategic autonomy of the European economic and financial sector. The current geopolitical context has made the concrete steps towards this objective even more crucial.
Council adopts conclusions on the strategic autonomy of the European economic and financial sector (press release, 5 April 2022)
Versailles declaration, 10-11 March 2022
Communication from the Commission: The European economic and financial system: fostering openness, strength and resilience, 19 January 2021
Conclusions of the European Council of 1 and 2 October 2020
European financial architecture for development

The Council discussed the implementation of the 2021 Council conclusions on strengthening the European financial architecture for development, taking the example of the EBRD and EIB initiatives to provide financial support to Ukraine.

The discussion was based on a presentation on the current status of implementation of the European financial architecture for development given by the Commission, the European Investment Bank (EIB), and the European Bank for Reconstruction and Development (EBRD).
Report from the Commission to the Council: Commission's roadmap for an improved European financial architecture for development and 2021 progress report, 24 March 2022
European Financial Architecture for Development - EIB-EBRD Joint Report of 25 November 2021
Council adopts conclusions on enhancing the European financial architecture for development (press release, 14 June 2021)
Corporate taxation: fair and effective taxation for multinational groups

The Council discussed the work on the transposition into EU law of the global agreement reached at the OECD Inclusive Framework that multinationals should not pay less than 15% tax anywhere in the world.

The aim of the directive is to transpose into EU law the two-pillar reform of the rules on international corporate taxation, as agreed by the global OECD/G20 inclusive framework on base erosion and profit shifting (BEPS). This international agreement, which brings together 137 countries and jurisdictions, constitutes a major milestone towards an effective and fair system of profit taxation.
Recording of the discussion at the Ecofin Council meeting on 5 April 2022
Recording of the discussion at the Ecofin Council meeting on 15 March 2022
Recording of the discussion at the Ecofin Council meeting on 18 January 2022
Directive on ensuring a global minimum level of taxation for multinational groups in the Union – Policy debate
Proposal for a Council Directive on ensuring a global minimum level of taxation for multinational groups in the Union
Fair Taxation: Commission proposes swift transposition of the international agreement on minimum taxation of multinationals
Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy – 8 October 2021 (OECD)
Taxation (background information)
G20 and IMF meetings

The Council made preparations for the International Monetary Fund (IMF) spring meetings and agreed on the EU's mandate for the upcoming G20 meeting of finance ministers and central bank governors on 20 April.
Financial services legislation

The Commission gave a presentation on the state of play as regards the implementation of financial services legislation.
Other items

The Council adopted updated Value Added Tax (VAT) rules and a reinforced mandate for the EU’s Fundamental Rights Agency (FRA). It also adopted a decision authorising member states to sign the second additional protocol to the convention on cybercrime (Budapest convention). This protocol will improve cross-border access to electronic evidence used in criminal proceedings. All three items were adopted without discussion.
Council directive amending directives 2006/112/EC and (EU) 2020/285 as regards rates of value added tax
Fundamental rights Council adopts reinforced mandate for Fundamental Rights Agency (Press release, 5 April 2022)
Access to e-evidence: Council authorises member states to sign international agreement (Press release, 5 April 2022)


Meeting information


Meeting n°3864
Luxembourg
5 April 2022
10:00
Preparatory documents
Provisional agenda
List of A items, legislative deliberations
List of A items, non-legislative activities
Background brief
Outcome documents
List of participants


Press releases
Fundamental rights: Council adopts enhanced mandate for the European Union Agency for Fundamental Rights
5 April 2022, 11:05
Access to e-evidence: Council authorises member states to sign international agreement
5 April 2022, 11:00
Council adopts conclusions on strategic autonomy of the European economic and financial sector
5 April 2022, 10:45

The Council today approved an amendment to the regulation establishing the EU Agency for Fundamental Rights. This text aims to enhance the agency's m… Press material Tuesday 5 April 2022   ● Council of the EU   05/04/2022 11:12 | Press release | Fundamental rights: Council adopts enhanced mandate for the European Union Agency for Fundamental Rights   The Council today approved an amendment to the regulation establishing the EU Agency for Fundamental Rights. This text aims to enhance the agency's mandate and improve its functioning through more efficient procedures. The regulation includes in the agency's remit the area of police cooperation and judicial cooperation in criminal matters, to align its mandate with the Lisbon Treaty. It maintains the current situation as regards the Common Foreign and Security Policy, which remains outside the agency's remit. Finally, the current multiannual framework to define the agency's work programme will be replaced with a more operational annual and multiannual programming. Background The mandate of the EU Agency for Fundamental Rights is set out in a 2007 Council regulation. In June 2020 the Commission presented a proposal to adapt the agency's mandate to the Lisbon Treaty and to bring the regulation in line with the common approach on decentralised agencies. The text is a Council regulation based on Article 352 TFEU, which requires unanimity for adoption by the Council, once the European Parliament has given its consent to the text.

Council of the EU
Press release
5 April 2022
11:05
Fundamental rights: Council adopts enhanced mandate for the European Union Agency for Fundamental Rights


The Council today approved an amendment to the regulation establishing the EU Agency for Fundamental Rights. This text aims to enhance the agency's mandate and improve its functioning through more efficient procedures.

The regulation includes in the agency's remit the area of police cooperation and judicial cooperation in criminal matters, to align its mandate with the Lisbon Treaty. It maintains the current situation as regards the Common Foreign and Security Policy, which remains outside the agency's remit. Finally, the current multiannual framework to define the agency's work programme will be replaced with a more operational annual and multiannual programming.
Background

The mandate of the EU Agency for Fundamental Rights is set out in a 2007 Council regulation. In June 2020 the Commission presented a proposal to adapt the agency's mandate to the Lisbon Treaty and to bring the regulation in line with the common approach on decentralised agencies.

The text is a Council regulation based on Article 352 TFEU, which requires unanimity for adoption by the Council, once the European Parliament has given its consent to the text.

The Council today adopted a decision authorising member states to sign, in the interest of the EU, the second additional protocol to the convention o… Press material Tuesday 5 April 2022   ● Council of the EU   05/04/2022 11:05 | Press release | Access to e-evidence: Council authorises member states to sign international agreement   The Council today adopted a decision authorising member states to sign, in the interest of the EU, the second additional protocol to the convention on cybercrime of the Council of Europe (Budapest convention). This protocol will improve cross-border access to electronic evidence to be used in criminal proceedings. It will contribute to the fight against cybercrime and other forms of crime at global level by simplifying cooperation between member states and third-countries, while ensuring a high level of protection for individuals and the compliance with EU data protection standards. The protocol covers procedures to improve international cooperation between authorities as well as to enhance direct cooperation with providers and entities located in other countries. It also sets out procedures for emergency mutual assistance. This text will complement the EU framework on access to e-evidence currently being discussed by the EU institutions. Its advantage is its potential to be of application across the globe. Currently, 66 countries are party to the Budapest convention, including 26 member states. Background and next steps On 6 June 2019, the Council adopted a mandate authorising the Commission to participate in the Council of Europe negotiations on a second additional protocol to the cybercrime convention. This protocol was adopted by the committee of ministers of the Council of Europe on 17 November 2021 and is envisaged to be opened for signature on 12 May 2022. The EU cannot sign the protocol as only states can be parties to it. Therefore, member states are authorised to sign the protocol, acting jointly in the interest of the EU. They are encouraged to sign the protocol during the signing ceremony on 12 May, or as soon as possible after that. The Council also decided today to send to the Parliament for its approval the decision to authorise member states to ratify the protocol. Second additional protocol to the convention on cybercrime (Council of Europe) Better access to e-evidence to fight crime (background information) Press material Tuesday 5 April 2022   ● Council of the EU   05/04/2022 10:52 | Press release | Council adopts conclusions on strategic autonomy of the European economic and financial sector   Today, the Council adopted conclusions on strategic autonomy of the European economic and financial sector. Given the dramatic changes in the geopolitical context over the last couple of months, the aim of achieving the EU’s strategic autonomy, whilst preserving an open economy, is even more crucial. In its conclusions, the Council focuses on: Strengthening the international role of the euro A strong, competitive and resilient European financial sector servicing the real economy, avoiding risks arising from excessive reliance on third-country financial institutions and infrastructures Shielding and strengthening the resilience of financial-market infrastructure Developing an effective mechanism for managing sanctions Cooperation with partners The conclusions come after the Versailles Declaration of 10 and 11 March 2022, in which EU Heads of State or Government agreed to take more responsibility for the EU’s security and to take further decisive steps towards building European sovereignty, reducing our dependencies and designing a new growth and investment model for 2030. In October 2020, EU Heads of State or Government had already emphasised that achieving strategic autonomy while preserving an open economy was a key objective of the Union. The conclusions further develop elements contained in the Commission’s communication of January 2021 on “The European economic and financial system: fostering openness, strength and resilience”. Council conclusions on strategic autonomy of the European economic and financial sector, 5 April 2022 Versailles declaration, 10-11 March 2022 Communication from the Commission: The European economic and financial system: fostering openness, strength and resilience, 19 January 2021 Conclusions of the European Council of 1 and 2 October 2020