Council of the EU:Economic and Financial Affairs Council, 12/07/2022

 

Meetings Monday 11 July 2022

● Council of the EU   11/07/2022 12:14 | MEETING | Economic and Financial Affairs Council, 12 July 2022 Background brief - Economic and Financial Affairs Council, 12/07/2022 Meetings Council of the EU Economic and Financial Affairs Council, 12 July 2022 Main results Economic and financial consequences of Russia’s war in Ukraine The Council discussed the economic and financial consequences of Russia’s war against Ukraine. It decided to provide € 1 billion of additional macro-financial assistance to Ukraine, as a matter of urgency. The continuation of material and financial aid is not an option, but our duty. Therefore I am very pleased that we have fast-tracked the decision to provide € 1 billion of macro-financial assistance. This will give Ukraine the necessary funds to cover urgent needs and ensure the operation of critical infrastructure.Zbyněk Stanjura, Minister of Finance of CzechiaCouncil adopts additional €1 billion assistance to Ukraine (press release, 12 July 2022) EU solidarity with Ukraine (background information) EU relations with Ukraine (background information) EU response to Russia’s invasion of Ukraine (background information) Economic situation in Europe The Commission presented the state of play of the implementation of the Recovery and Resilience Facility and ministers exchanged views.A recovery plan for Europe (background information) Croatia will become the 20th EU member state to adopt the euro as its currency Infographic - How EU countries join the euro areaSee full infographic Enlargement of the euro area The Council adopted the final three legal acts which will enable Croatia to introduce the euro as its currency on 1 January 2023. One of the legal acts sets the conversion rate between the euro and the Croatian kuna at 7.53450 kuna per 1 euro. I would like to congratulate my counterpart, Zdravko Marić, and the whole of Croatia for becoming the 20th country to join the euro area. Adopting the euro is not a race, but a responsible political decision. Croatia has successfully completed all the required economic criteria and they will pay in euros as of 1 January 2023.Zbyněk Stanjura, Minister of Finance of CzechiaCroatia set to join the euro area on 1 January 2023: Council adopts final required legal acts (press release, 12 July 2022) International role of the euro (background information) Joining the euro area (background information) Current legislative proposals in the field of financial services The Presidency presented the state of play as regards current legislative proposals in the field of financial services. Among others, this concerns the anti-money laundering transfer of funds regulation and the markets in crypto-assets (MiCA) regulation, on which political agreements were found with the European Parliament a few days ago.Recording of the presentation Progress on legislative files in financial services Digital finance (background information) European Semester 2022 In the context of the European Semester 2022, the Council approved conclusions on the 2022 in-depth reviews under the macroeconomic imbalance procedure.Macroeconomic imbalance procedure: Council adopts conclusions (press release, 12 July 2022) European Semester (background information) G20 meeting of finance ministers and central bank governors The Council approved the EU terms of reference for the G20 meeting of finance ministers and central bank governors, which will take place on 15-16 July. Conclusions on the 2021 fiscal sustainability report The Council adopted conclusions in response to the Commission’s 2021 fiscal sustainability report.Fiscal sustainability: Council adopts conclusions (press release, 12 July 2022) Presentation of the Presidency work programme The Czech Presidency presented its priorities in the area of economic and financial affairs, and its work programme for July - December 2022.Recording of the presentation Czech Presidency website Council Decision on the allocation of decommitted funds from the 10th and 11th EDFs to actions relating to food security and economic shock in ACP countries following the Russian aggression against Ukraine The Council adopted a decision addressing the current food security crisis and economic shock in African, Caribbean and Pacific (ACP) countries following Russia’s war of aggression against Ukraine. Thanks to today's decision the Council will allocate € 600 000 000 of funds decommitted from projects under the 10th and 11th European Development Funds to finance actions benefitting food production and the resilience of food systems, humanitarian assistance, and macro-economic support. The Council also adopted without discussion the items on the lists of legislative and non-legislative A items. Meeting information Meeting n°3888 Brussels 12 July 2022 10:00 Preparatory documentsProvisional agenda List of A items, non-legislative activities List of A items, legislative deliberations Provisional list of A items, addition 1 Background brief Outcome documentsList of participants Video footage