Tánaiste to Chair Meeting of EU Economy and Finance Ministers

Tánaiste to Chair Meeting of EU Economy and Finance Ministers

• Tánaiste to chair negotiations and seek agreement on the Market Integration and Supervision Package 
• Ministers will also discuss banking competitivness in the EU and the taxation of energy companies’ windfall profits

The Tánaiste will chair the Economic and Financial Affairs Council (ECOFIN) as part of Ireland’s Presidency of the Council of the European Union.

A key item on the agenda will be the Market Integration and Supervision Package, where the Tánaiste will seek to reach agreement on this important legislative reform. The package is a central pillar of the EU’s Savings and Investments Union; removing barriers to cross-border investment, improving the competitiveness and efficiency of EU capital markets, and ensuring that European savings can better finance European businesses.

It is a key priority of the Irish Presidency, which has dedicated significant effort to shaping and advancing a Council agreement on this file.

Building on the discussion at the informal ECOFIN held in Dublin last month, the Council will return to the competitiveness of the EU banking sector. Ministers will give guidance to the European Commission on what they believe should be reflected and prioritised in next year’s legislative package on banking reform. 

There will also be a discussion on the windfall taxation of energy company profits, as requested by six Member States in a joint letter.

Speaking today, the Tánaiste said:

“A central item at this month’s ECOFIN will be the Market Integration and Supervision Package, which is a key pillar of the broader Savings and Investments Union.

“As I stated at the outset of our Presidency, our objective is to deliver an agreement on this file as quickly as possible, in line with the targets set out in the One Europe One Market Roadmap. The Irish Presidency has worked tirelessly to build a compromise text in an accelerated timeline. This meeting is a critical one, where we will seek to finalise the outstanding issues.

Reaching agreement on this package will help deepen Europe’s capital markets, support investment and innovation, strengthen competitiveness, and deliver tangible benefits for citizens and businesses across the European Union.

The Tánaiste continued:

“Another important point of discussion on the agenda is banking competitiveness. At our informal ECOFIN meeting in Dublin last month the Council had its first opportunity to collectively discuss the Commission’s recent report on this topic and tomorrow Ministers will give guidance on their priorities for the legislative proposals next year. 

“Over the past decade, we have worked hard to build a resilient foundation under our banking system. We now need to build on this strength and ensure that the sector is well placed to support growth in Europe.”