Economic and Financial Affairs Council, 9 November 2021 - Main contents
Main results
Economic governance and recovery
Ministers exchanged views on the EU economy following the COVID-19 pandemic, and on the implications of recent developments for economic governance. They discussed the future of the EU’s economic governance framework and gave their initial views on the way forward. This topic will be discussed further and ministers will continue their consultations in order to reach a broad consensus in due course.
Our efforts on boosting the economic recovery are taking effect. The EU’s response to the pandemic is showing good results. Now it is time to reflect on the future of our economic governance. Today, we exchanged initial views on the future of fiscal policy. It is necessary to continue discussions and try and find common ground.
Andrej Šircelj, Slovenia’s Minister for Finance
They also discussed the current situation regarding the financing of Next Generation EU, a temporary recovery package to help boost EU economies in the wake of COVID-19, and the implementation of the Recovery and Resilience Facility, the centrepiece of Next Generation EU which supports reforms and investments in EU member states through loans and grants.
Ministers approved conclusions on the future of the European Semester in relation to the Recovery and Resilience Facility. The conclusions call for the return of the essential elements of the European Semester in the 2022 cycle, in particular country reports and country-specific recommendations.
Energy prices and inflation
Ministers discussed the recent steep increase in energy and consumer prices and the associated policy implications. They exchanged views on the Commission’s toolbox of measures that the EU and its member states can use and are already using to address the immediate impact of energy price increases.
Financial services
Economy and finance ministers held a policy debate on a set of legislative proposals mostly aimed at implementing the outstanding Basel III agreements, i.e. reform measures intended to help reinforce the resilience of the EU banking sector and strengthen its supervision and risk management. The exchange of views was preceded by a presentation of this package of proposals by the Commission.
The Slovenian presidency also provided information on the current financial services legislative proposals.
International meetings
The Slovenian presidency and the European Commission provided information and follow-up on the meetings of G20 finance ministers and central bank governors and on the IMF annual meetings of 13-14 October 2021.
Any other business
The European Court of Auditors presented its annual report on the implementation of the EU budget for the 2020 financial year.
Meeting information
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-Meeting n°3822
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-Brussels
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-9 November 2021
Preparatory documents
Outcome documents