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Minister Michal Horváth travelled to the ECOFIN Council and Eurogroup meetings

Last update: 15.06.2023 10:00

Minister of Finance of the Slovak Republic Michal Horváth travelled to Luxembourg today for a two-day meeting of the ECOFIN Council and the Eurogroup. The finance ministers will discuss the current economic situation in the euro area as well as other important issues.

At the ECOFIN Council meeting, the ministers will discuss the way forward and technical progress on the proposals for the VAT in the digital age (ViDA) package. These are proposals that should harmonise the VAT system procedures in different countries.

The ministers will discuss the current state regarding the legislative negotiations on the reform of the economic governance framework. This will be the first discussion at the level of finance ministers since the publication of the legislative proposals by the EC in April, the aim of which is to find a common view on the main pillars of the reform.

The agenda will also include the endorsement of the draft Country-Specific Recommendations (CSRs), as well as the opinion of the Economic and Financial Committee (EFC) on the European Commission's (EC) report on compliance with the deficit and debt criteria. The ministers will also discuss the impact of Russian aggression and the state of implementation of sanctions against Russia.

Eurogroup meeting

At the Eurogroup meeting, ministers will discuss the way forward in preparing for the possible introduction of the digital euro. The European Central Bank (ECB) should provide its view on the functionality, on the scope of the services provided and on the design of a possible compensation model.

Another topic will be the Capital Markets Union (CMU). The ministers await assessment reports from representatives of the International Monetary Fund, the European Central Bank and the European Commission on the current state. Further challenges and plans for strengthening in this area should be discussed as well, as the benefits and development of EU capital markets are lagging behind the developed world markets of the United Kingdom (UK) or the United States (US).

Press Department
Ministry of Finance of the Slovak Republic