EUROGROUP,COUNCIL OF THE EUROPEAN UNION latest news

 

Press material Monday 11 March 2024

● Eurogroup   11/03/2024 16:13 | Statements and remarks | Eurogroup statement on the fiscal policy orientation for 2025   The Eurogroup welcomes the political agreement, which was reached in February 2024 on a comprehensive reform of the EU's economic governance framework and looks forward to its timely adoption by the co-legislators. Work is ongoing on preparing for the implementation of the revised framework, once in force. While the economy entered 2024 on a weak footing, the conditions for an acceleration of economic activity in the euro area in 2025 appear to be in place based on the Commission winter forecast. The labour market remains strong. Inflation is on a declining path and is expected to be close to the ECB target in 2025, while the effects of tighter monetary policy work their way through the economy. Risks to the economic outlook are nevertheless tilted to the downside, as global uncertainty weighs on the economic outlook. The euro area is facing multiple budgetary demands in parallel to the need to continue to rebuild fiscal buffers. The reformed framework is designed to strengthen debt sustainability and promote sustainable and inclusive growth through structural reforms and investments, while fostering national ownership and enhancing enforcement. We are committed to ensure its consistent and swift implementation over the course of this year. The draft budgetary plans and orientations on the fiscal stance remain important, as close coordination of Member States’ fiscal policies significantly contributes to the strength and cohesion of the euro area. Based on the latest available data, the requirements of the revised economic governance framework would translate into an overall slightly contractionary fiscal stance in the euro area in 2025. This would be appropriate in light of the current macroeconomic outlook, of the need to continue to enhance fiscal sustainability, and to support the ongoing disinflationary process, while policies should remain agile in view of the prevailing uncertainty. We will continue to pursue ambitious structural reforms and preserve and where appropriate increase the level of investment, including in areas of common priority, such as the green and digital transitions, as well as defence capabilities, financed through national and EU sources, including the Recovery and Resilience Facility. We are committed to strengthening our efforts to improve the effectiveness, quality and composition of public spending. In line with our December statement, we will continue to phase-out the remaining energy support measures as soon as possible in 2024 and use the related savings to reduce government deficits. We will take into account these considerations when preparing the medium-term fiscal-structural plans, including the reform and investment commitments of the recovery and resilience plans, and the budgets for next year, in line with the revised governance framework. In that context, we look forward to further Commission guidance and discussion with the Member States, in order to ensure effective preparation and predictable and transparent assessment of the medium-term fiscal-structural plans. The Eurogroup will continue to closely monitor economic and fiscal developments regularly and reinforce its policy coordination.

Meetings Monday 11 March 2024

● Eurogroup   11/03/2024 20:17 | MEETING | Main results - Eurogroup, 11 March 2024   The Eurogroup (in regular format) took stock of the macroeconomic and fiscal developments in the euro area and exchanged views on the fiscal policy orientation for 2025. The Eurogroup (in inclusive format) continued its work on the future of European capital and financial markets. Ahead of the March Euro Summit, President Donohoe presented the main elements of the letter he will address to the President of the Euro Summit.

Meetings Monday 11 March 2024

● Council of the EU   11/03/2024 20:20 | MEETING | Main results - Employment, Social Policy, Health and Consumer Affairs Council (Employment and social policy), 11 March 2024   Employment and social affairs ministers met in Brussels, where they approved the agreement reached with the European Parliament on a new law that will improve working conditions for platform workers. They also discussed the European Pillar of Social Rights in the framework of the European Semester and the future social agenda.

Press material Monday 11 March 2024

● Eurogroup   11/03/2024 20:11 | Statements and remarks | Remarks by Paschal Donohoe following the Eurogroup meeting of 11 March 2024   We have just concluded our March Eurogroup meeting. This was a particularly important meeting because it marked the conclusion of nearly a year of policy discussion on the future of European capital markets, that we undertook to include all 27 member states. I am pleased to confirm that we agreed on an ambitious Eurogroup statement to outline our common priorities for the future development of the capital markets union in the years to come. This is, I believe, an important result that shows the strong commitment by all member states in the European Union to making swift progress on how we can deepen European capital markets. We want the European Union to be a stronger leader in the world with regard to innovation and new industries, and to achieve this goal, we have to ensure that businesses have different ways of accessing the money they need, and we have to give them more opportunities to grow and to scale up in Europe and to better compete on the world stage. And to do this, we need to facilitate the creation of attractive investment opportunities for both institutional and individual investors across the European Union. As I communicated in our meeting in Ghent last month, the statement identifies three different priority areas. What we refer to as the A, the B and the C of capital markets. The A of architecture is about reducing administrative barriers and also streamlining regulatory provisions. We want to build a regulatory system that better works for businesses, investors and savers. The B of businesses includes various steps to ensure that businesses, especially smaller businesses, have access to the money they need to grow within the European Union. And then the C of citizens means actions that we want to take to facilitate access to capital markets for retail investors. I want to thank all those around the table for the very constructive debate over the past ten months, and in particular in the last number of weeks, and indeed the last day or two. We have achieved a very strong policy direction. But what we have also done is agree on the common ambition that we have on this vital opportunity, which we recognise goes to the heart of competitiveness in each and every one of our countries and in our union collectively. I am often asked - I was asked indeed today - how this statement can differ from previous action plans. I make the point that this is a statement that comes from the ministers themselves. It is a political statement and has the weight of being agreed by all 27 finance ministers with the ambition that accompanies this. It provides a platform for action not just by the Commission but also by countries themselves. And it is the start now of a process of regular follow up and leadership, at political level, because all ministers today not only agreed on the statement but agreed on the urgency to act. I am committed to keeping the political focus on this high on the agenda. I know I can count on all my fellow ministers to do that. The other part of the agenda today was our regular euro area meeting, and the main item on that was with regard to our guidance and fiscal policy. In view of the upcoming budget preparations for 2025, we issued a short statement outlining our common views, which was published earlier on today. This builds on the recent statements on budget policy that the Eurogroup has issued. As you know, this is now happening in the context of the revised economic governance framework, and we are committed to the consistent and swift implementation of that new framework once it’s in force. In that context, budget coordination in the euro area remains essential for our common strength and cohesion. We acknowledge that the conditions are in place for an acceleration of growth in 2025, following a somewhat weak start to the year. Inflation is on a downward path, and that's very good news for our businesses and our citizens. Today, the Eurogroup agreed to a slightly contractionary fiscal stance overall in the euro area for 2025. We believe this is appropriate at the current juncture, given the economic outlook and the need to maintain budget sustainability, to support the ongoing disinflationary process and at all times continuing to remain agile. So looking ahead, and in light of the work being done by Commissioner Gentiloni, we are working on our medium term fiscal structural plans. They will be submitted later in the year, and the Eurogroup will continue to engage with the Commission for further guidance and for close dialogue.

Press material Monday 11 March 2024

● Council of the EU   11/03/2024 16:09 | Press release | Platform workers: Council confirms agreement on new rules to improve their working conditions   Today, EU employment and social affairs ministers confirmed the provisional agreement reached on 8 February 2024 between the Council’s presidency and the European Parliament’s negotiators on the platform work directive. This EU legal act aims to improve working conditions and regulate the use of algorithms by digital labour platforms. The directive will make the use of algorithms in human resources management more transparent, ensuring that automated systems are monitored by qualified staff and that workers have the right to contest automated decisions. It will also help correctly determine the employment status of persons working for platforms, enabling them to benefit from any labour rights they are entitled to. "This is the first-ever piece of EU legislation to regulate algorithmic management in the workplace and to set EU minimum standards to improve working conditions for millions of platform workers across the EU. The agreement confirmed today builds on the efforts of previous Council presidencies and reaffirms the social dimension of the European Union." Pierre-Yves Dermagne, Belgian Deputy Prime Minister and Minister for the Economy and Employment Addressing false self-employment in platform work The agreed text strikes a balance between respecting national labour systems and ensuring minimum standards of protection for the more than 28 million persons working in digital labour platforms across the EU. The main compromise elements revolve around a legal presumption which will help determine the correct employment status of persons working in digital platforms: member states will establish a legal presumption of employment in their legal systems, to be triggered when facts indicating control and direction are found those facts will be determined according to national law and collective agreements, while taking into account EU case-law persons working in digital platforms, their representatives or national authorities may invoke this legal presumption and claim they are misclassified it is up to the digital platform to prove that there is no employment relationship Moreover, member states will provide guidance to digital platforms and national authorities when the new measures are being put in place. Regulating algorithmic management The agreement reached with the Parliament ensures that workers are duly informed about the use of automated monitoring and decision-making systems regarding their recruitment, their working conditions and their earnings, among other things. It also bans the use of automated monitoring or decision-making systems for the processing of certain types of personal data of persons performing platform work, such as biometric data or their emotional or psychological state. Human oversight and evaluation are also guaranteed as regards automated decisions, including the right to have those decisions explained and reviewed. Next steps The text of the agreement will now be finalised in all the official languages and formally adopted by both institutions. After the formal steps of the adoption have been completed, member states will have two years to incorporate the provisions of the directive into their national legislation. Background information The Commission’s proposal was published on 9 December 2021. Employment and social affairs ministers agreed on the Council’s general approach at their meeting on 12 June 2023. Negotiations with the European Parliament began on 11 July 2023, and were concluded with the agreement reached on 8 February 2024. The Council negotiator was Pierre-Yves Dermagne, Belgian Deputy Prime Minister and Minister for the Economy and Employment. The European Parliament was represented by rapporteur Elisabetta Gualmini. The Commission was represented by Nicolas Schmit, Commissioner for Jobs and Social Rights. Provisional agreement on the platform work directive EU rules on platform work (background information) What is a EU directive (background information)

Press material Monday 11 March 2024

● Council of the EU   11/03/2024 14:55 | Press release | EU introduces new rules on transparency and targeting of political advertising   The Council today adopted a new regulation on the transparency and targeting of political advertising, aimed at countering information manipulation and foreign interference in elections. The regulation will make it easy for citizens to recognise political advertisements, understand who is behind them and know whether they have received a targeted advertisement, so that they are better placed to make informed choices. It will also ensure that political advertising takes place in full respect of the right to privacy and that the freedom of opinion and freedom of speech are protected. Main elements of the new regulation The new rules cover the transparency and targeting of political advertising in relation to an election, referendum, or a legislative process at EU level or in a member state. They do not affect the content of political advertisements nor other aspects of political advertising, such as the conduct of political campaigns, which remain subject to the specific national rules of member states. Content under editorial responsibility, as well as views expressed in a personal capacity, are not covered. According to the rules: Political advertisements must be made available with a transparency label and an easily retrievable transparency notice. These must clearly identify political advertisements as such and provide some key information about them, including their sponsor, the election or referendum to which they are linked, the amounts paid, and any use of targeting techniques. Targeting political advertising online will be permitted only under strict conditions. The data has to be collected from the data subject and it can be used only after the data subject have given explicit and separate consent for its use for political advertising. Special categories of personal data, such as data revealing racial or ethnic origin or political opinions, cannot be used for profiling. To prevent foreign interference, there will be a ban on the provision of advertising services to third country sponsors three months before an election or referendum. Next steps The regulation will now be signed, published in the EU’s Official Journal and enter into force 20 days later. Most of its provisions will start to apply 18 months after the regulation’s entry into force, i.e. in autumn 2025. Regulation on the transparency and targeting of political advertising Outcome of the vote Transparency and targeting of political advertising: EU co-legislators strike deal on new regulation (press release, 7 November 2023)