EUROGROUP,COUNCIL OF THE EUROPEAN UNION,update

 

Press material Monday, 09 November 2026

● Eurogroup   09/11/2026 15:44 | Statements and remarks | Remarks by Kyriakos Pierrakakis following the Eurogroup meeting of 9 November 2026   Uncertainty has become the new norm in the global economy. The situation in the Middle East is affecting international markets on a daily basis, disrupting economic balances and creating new challenges for Europe.  Just consider what has happened over the past ten days. Brent crude oil approached $118 a barrel. It then fell to $94 as hopes grew for a diplomatic solution to the war.  All these sharp fluctuations have taken place while, if you think about it, the situation in the Strait of Hormuz has remained largely unchanged.  Markets can change direction from one day to the next. But families cannot adjust their household budgets at the same speed. And it is their concerns that must guide our decision making.  European natural gas prices remain roughly three times their pre-war levels, while inflation in the euro area reached 4% in October. Underlying inflation has remained stable so far, but sustained pressure on energy prices calls for continued vigilance.  Despite the current headwinds, the European economy has demonstrated considerable resilience. Labour markets remain strong, and the euro area now has greater experience and stronger tools to respond to crises.  Resilience, however, is a strength. It is not a guarantee. We must remain cautious, coordinate our policies and stand ready to support those most affected by the disruptions.  Support, as we often repeat, must be targeted and temporary, so that it reaches those who genuinely need it. At the same time, our challenge is to safeguard fiscal stability and preserve the capacity of our economies to invest and grow.  It was against this backdrop that we began today's Eurogroup meeting. We reviewed the latest economic developments and exchanged views on the recent G7 discussions in Bangkok, particularly concerning the global economy and macroeconomic imbalances.  We also discussed the fiscal outlook, ahead of the European Commission's assessment of the draft budgetary plans for 2027.  Sound public finances are a priority because they constitute our shield against crises. They give us the capacity to protect our citizens without compromising their security and prosperity.  Especially in times of crisis, every euro counts. Every euro of public spending must deliver real value.  And this principle, I would add, is particularly important in an area where Europe is being called upon to invest more than ever before: defence.  This was why the second major item on today's agenda was defence financing, which we discussed with NATO Secretary General Mark Rutte and with the participation of non-euro area finance ministers.  In this regard, our message was clear: Europe must take responsibility for its own security. Emerging threats require greater and sustained investment. Defence spending is rising and will need to remain at elevated levels in the years ahead.  This puts further strain on already tight public finances. We have already activated the national escape clause, providing Member States with additional fiscal flexibility until 2028. But we must also gradually adapt our budgets and ensure sustainable financing.  When security becomes more expensive, coordination becomes absolutely indispensable. Today, many European countries procure similar defence equipment separately. Economies of scale are not at the levels they should be, costs rise, and the ability of Europe's defence industry to expand its productive capacity is thus constrained.  When Europe invests together, we save resources and multiply our effectiveness and strength. With exactly this in mind, our discussion focused on four priorities.  First, more joint European procurement. Better prices, less duplication, a stronger defence industry and more resilient supply chains. European financing instruments can make a meaningful contribution to this effort.  Second, greater investment in research and new technologies. Europe needs greater technological autonomy in certain critical areas. These investments can also strengthen innovation, competitiveness and the overall productive capacity of our economies.  Third, continued support for Ukraine and stronger cooperation between the European and Ukrainian defence industries. Ukraine's security is directly linked to the security of Europe as a whole.  Fourth, mobilising more private capital, with particular emphasis on start-ups and small and medium-sized enterprises developing innovative defence technologies.  As we often repeat, Europe has the resources, the expertise and the industrial strength. What matters now is to bring these strengths together.  Because, ultimately, what we are called upon to protect is everything our citizens actually take for granted. Their peace, their freedom and their security. And on these, there can be no compromise.  We also discussed progress on the digital euro. Negotiations between the Council and the European Parliament are entering their final stage, with the aim of reaching an agreement by the end of the year.  In parallel, we examined the European Central Bank's Pontes and Appia initiatives. Pontes aims to connect existing Eurosystem infrastructure with distributed ledger technologies, while Appia explores the longer-term development of new financial transaction infrastructures. The future of money is already starting to take form, in fact it is the present. And Europe is determined to play a leading role in shaping it.  The digital euro and the Eurosystem's new infrastructure represent important steps towards safer, faster and more efficient payments, while also strengthening Europe's strategic autonomy.  We then heard from the heads of the Single Supervisory Mechanism and the Single Resolution Board on the outlook for the banking sector.  Artificial intelligence and digitalisation are transforming the financial sector at unprecedented speed and scale. They offer opportunities for better services and greater efficiency, but they also bring new risks to cybersecurity and the operational resilience of banks.  The more digital our economy becomes, the stronger its protection must be. Further progress towards completing the Banking Union remains essential to reducing fragmentation and strengthening financial stability.  We plan to return to these issues next year, following the European Commission's forthcoming legislative proposals.  Finally, I gave an update on the process of filling three positions on the Executive Board of the European Central Bank.  Following Christine Lagarde's announcement that she will step down on 7 February, the nomination process has begun in coordination with the President of the European Council.  Two candidates with extensive experience and international standing have been put forward: Pablo Hernández de Cos of Spain and Klaas Knot of the Netherlands.  In parallel, the position held by Isabel Schnabel, who will step down on 4 January, and that of Philip Lane, whose term ends in late May, will also need to be filled.  It is possible that all three appointments will be considered together at the level of European leaders, in order to facilitate consensus. The final decision of course rests with the European Council.  Ladies and gentlemen,  Today's discussions covered, as already described, a wide range of issues: the economy, defence, the future of payments and the stability of our financial system.  Yet they all share one common purpose: ensuring that Europe can respond to the needs of its citizens, even in the most challenging circumstances.  Our citizens expect us to be prepared for the next crisis, not for the previous one. But they also expect decisions today that will make their lives more secure, protect their incomes and open up new opportunities for their children.  That is our goal. That is our mandate. And that is what we will continue working towards.   Visit the website ● Eurogroup   09/11/2026 16:16 | Meetings | Main results - Eurogroup, 9 November 2026   At the Eurogroup, ministers discussed the latest macroeconomic developments in the euro area and were updated on the progress made on the digital euro. They also took stock of candidacies for the ECB Presidency, and, in inclusive format, discussed defence financing and joint procurement together with NATO Secretary General Mark Rutte.   View meeting page ● Council of the EU   09/11/2026 15:36 | Press release | Taxation: Council approves further VAT simplification rules for online sales   The Council today agreed further measures to improve value-added tax (VAT) collection on e-commerce sales into the EU. The new rules make the framework for collecting this VAT fully aligned with recent reforms in the EU’s customs system, in turn leading to better tax compliance and collection.  “I welcome today’s agreement on VAT collection, which represents the final building block of our fundamental overhaul of the EU’s customs framework. These measures will go a long way to simplify life for both suppliers and customs authorities, while ensuring that our treasuries can more easily collect the tax revenues which support our public services.” — Simon Harris, Tánaiste and Minister for Finance of Ireland In detail Currently, non-EU online operators may use the digital VAT Import One Stop Shop (IOSS) to account for the VAT they need to pay on their sales into the EU. This means that they only have to register in one member state to take care of their VAT obligations for the entire EU. However, under current rules, the IOSS can only be used for parcels valued at under €150. Today’s package extends the use of the IOSS to all goods irrespective of their value, thereby enabling suppliers and platforms to account for VAT on higher value goods via the VAT IOSS. This will help businesses to meet their obligations and will improve VAT compliance, while lowering the administrative burden for tax and customs authorities. Further, the VAT IOSS has been extended to cover e-commerce sales of goods stored in customs warehouses in the EU by non-EU operators. Customs warehouses are often used by platforms to import goods in bulk, before repackaging them for individual sale to EU consumers. This can help streamline customs procedures by reducing the number of individual consignments that need to be processed. Finally, today’s agreement means that with the launch of the EU customs data hub from 1 July 2028, non-EU online platforms will be treated as the deemed supplier for VAT purposes for all goods they sell into the EU, regardless of value. In practice, this means that the platform itself is responsible for collecting VAT on behalf of the underlying seller and the EU consumer and paying it to the relevant authorities. In general, online platforms should therefore display and include all VAT and customs due in the final price paid by EU consumers at check-out.  Next steps The European Parliament will now be consulted on the new rules, ahead of their formal adoption by the Council. They will then be applied from 1 July 2028. Background The measures agreed today form part of the broader EU customs reform package which aims to give the Union a more modern toolbox and innovative new instruments to: better facilitate global trade, especially in e-commerce; collect customs duties and taxes more efficiently; and, tighten controls on non-compliant, dangerous or unsafe goods. The new customs framework clarifies that in cases of distance sales directly to consumers in the EU, it is the non-EU supplier or facilitator who should be considered the importer of the goods, and therefore responsible for fulfilling customs obligations and duty collection for the goods supplied. The reform also removes the historical threshold allowing goods worth under €150 to enter the EU without customs duties being paid. The measures agreed today therefore bring the EU’s VAT system, and specifically the VAT IOSS tool, fully into line with this modernised customs framework. Value added tax (VAT) in the EU (background information) EU action on the influx of small parcels (background information) Modernising the EU customs union (background information) EU customs: Council greenlights landmark reform (press release, 3 September 2026)   Visit the website ● Council of the EU   09/11/2026 18:09 | Press release | Ukraine: Council extends EU Military Assistance Mission mandate for two years   The Council today adopted a decision extending the mandate of the European Union Military Assistance Mission in support of Ukraine (EUMAM Ukraine) for a further two years, until 15 November 2028, with a budget allocation of nearly €300 million for this period. The decision follows the recent strategic review of EUMAM. In this context, the Council also decided to establish a presence in Ukraine to ensure direct and effective coordination with the Ukrainian military authorities, the UAF and like-minded international partners, thus ensuring that the EU training continues to evolve in line with the UAF’s needs. The mission’s mandate is also enriched so as to focus on lessons learned from the battlefield and on strengthening military training in support of Ukraine’s defence agenda. EUMAM Ukraine will continue to coordinate closely with other like-minded international partners such as the United States, the United Kingdom, Canada and Norway. It will also cooperate with the Coalition of the Willing, as well as with NATO within the framework of the NATO Security Assistance and Training for Ukraine (NSATU) command. EUMAM Ukraine is a key tool for the EU’s military support to Ukraine, with its core objective of contributing to enhancing the military capacity of Ukraine’s Armed Forces. The mission has trained more than 100 000 soldiers since it was established in October 2022 at Ukraine’s request. Background On 17 October 2022, the Council adopted a decision establishing EUMAM Ukraine with an initial duration of two years. The strategic objective of the mission is to contribute to enhancing the military capacity of Ukraine’s Armed Forces (UAF) to regenerate and to conduct operations effectively, in order to allow Ukraine to defend its territorial integrity within its internationally recognised borders, exercise its sovereignty and protect civilians from Russia’s unjustified armed aggression. EUMAM Ukraine provides individual, collective and specialised training to the UAF on the territory of EU member states; it also coordinates and synchronises the member states’ delivery of training. The training is supported by the provision of equipment to the UAF for lethal and non-lethal purposes. EUMAM is financed by the European Peace Facility. EU support for Ukraine: Council mobilises €4.9 billion under the European Peace Facility (press release, 26 October 2026) EU military support for Ukraine (background information)   Visit the website ● Council of the EU

09/11/2026 21:20 | Meetings | Main results - Economic and Financial Affairs Council, 9 November 2026   EU finance ministers discussed the tobacco taxation package which aims to update the current rules in this area. The Council also approved flexibility for Italy under the EU’s fiscal rules, including for measures in support of energy security. It also approved new VAT simplification measures for online sales.   View meeting page

● Council of the EU   09/11/2026 21:39 | Media advisory | Media advisory - Economic and Financial Affairs Council (Budget) of 10 November 2026   Indicative programme All times are approximate and subject to change Place: Europa building, Brussels Chair: Simon Harris, Tánaiste and Minister of Finance of Ireland and chief Council negotiator for the 2027 EU budget From 08.00 Arrivals (live streaming) 09.00 Beginning of the Economic and Financial Affairs Council (Budget)(roundtable) Union budget for 2027 (+/- 09.05 public session) +/- 10.45 Meeting of the Conciliation Committee At the end of the negotiations, press conference in live streaming Videos and photos from the event   Visit the website ● European Council   09/11/2026 13:05 | Media advisory | Press briefing - Meeting of the European Political Community of 12 November 2026 and the Informal meeting of Heads of State or Government of 13 November 2026   The press briefing ahead of the Meeting of the European Political Community of 12 November 2026, and the Informal meeting of Heads of State or Government of 13 November 2026, will take place on Wednesday 11 November 2026 at 10.00. This briefing will be "off the record". The press briefing will take place in a hybrid format: EU accredited journalists will be able to participate and ask questions either in person at the Justus Lipsius press room or remotely. To attend the event remotely, please use the link below to register and have the possibility to ask questions. Deadline for registration: Wednesday, 11 November 2026 at 09.00 Further instructions will be sent to all registered participants shortly after the deadline. Registration page Meeting page - Meeting of the European Political Community, 12 November 2026 Meeting page - Informal meeting of heads of state or government, 13 November 2026   Visit the website ● Council of the EU   09/11/2026 08:03 | Press release | COP31: EU and OACPS reaffirm commitment to climate action focusing on turning priorities into concrete deliverables   The EU and its 27 member states, together with the 77 members of the Organisation of African, Caribbean and Pacific States (OACPS) signatories of the Samoa Agreement, have reaffirmed their commitment to the full implementation of the Paris Agreement and to strengthening their cooperation on climate action ahead of COP31. In a joint statement, partners underline the urgency of accelerating global efforts to limit global warming to 1.5°C, highlighting the particular vulnerability of developing countries. With a view to COP31 and beyond, the EU and OACPS identify six priority areas for strengthened cooperation: climate adaptation and resilience; access to climate finance; clean electrification and a just energy transition; climate data, science, technology and capacity-building; resilient food systems, water and ecosystems; and international ocean governance. Background The EU and the OACPS represent 104 countries, accounting for around 2 billion people and more than half of the UN’s membership. On 15 November 2023, the EU and the OACPS signed the Samoa Agreement which serves as an overarching partnership framework for their relations for the next twenty years. It has been provisionally applied since 1 January 2024. The agreement covers a wide range of subjects such as sustainable development and growth, human rights and peace and security, as well as enhanced OACPS-EU cooperation in international fora. African, Caribbean and Pacific countries (background information) Samoa Agreement: EU and its Member States sign new Partnership Agreement with the Members of the Organisation of the African, Caribbean and Pacific States (press release, 15 November 2025) Multilateralism: Council sets EU position ahead of climate change and biodiversity summits (press release, 12 October 2026)   Visit the website ● European Council   10/11/2026 10:30 | Statements and remarks | Statement on today's meeting in Abu Dhabi between the EU, France, Germany, Italy, United Kingdom, Ukraine, United States and NATO   Ahead of the upcoming trilateral discussions with Russia, representatives of the European partners, Ukraine and United States met to continue their close coordination on efforts to end the war in Ukraine and establish the conditions for a durable peace, including support for robust security guarantees as part of any settlement. Discussions took place collaboratively between the European partners, Ukraine and United States, reflecting their shared objectives, ongoing consultations, and commitment to Euro-Atlantic security. Participants emphasised that any future arrangements must respect sovereignty, territorial integrity, independent decision-making, and provide credible security guarantees for Ukraine. The shared objective is to develop a practical and mutually reinforcing security framework that strengthens Ukraine’s long-term security and builds the confidence necessary to reach a negotiated settlement. Alongside a central focus on a lasting peace, the discussion covered how to build upon existing European security institutions and agreements following the conclusion of the war in Ukraine. Participants further recognised that addressing post-war security concerns and reducing the risk of conflict are essential. They discussed how to ensure strong mechanisms for managing risk and avoiding dangerous escalation. The participants reaffirmed their shared commitment to a strong post-war European security architecture and arrangements, and were clear that a strong NATO will remain central to Euro-Atlantic collective defence. The European partners, Ukraine and United States will continue working in close partnership throughout the negotiating process, with the shared objective of moving toward broader multilateral discussions involving European partners and achieving a comprehensive and lasting peace.   Visit the website