The ECOFIN meeting will continue discussions on the revision of the EU fiscal rules, focusing on enforcement of the rules, the issues of debt reduction requirements and macroeconomic imbalances.
“We see the sense and the need to review the EU fiscal rules and to adapt them to the changed reality. Common rules on budgetary discipline must be sound -in the eyes of both Member States and financial markets, transparently and equally applied to all countries. At the time of the review, we cannot lose the fundamental objective of ensuring sustainable levels of sovereign debt in the longer term. This requires both strengthening the implementation mechanisms and providing incentives for compliance with the rules, for example by providing more flexibility for the implementation of reforms that increase the growth potential and the sustainability of public finances. In addition, we must assess the radically changed geopolitical situation and to leave room for countries to increase investment in defence “, states Minister of Finance G. Skaistė.
In the ECOFIN meeting, the Commission will also present the current situation regarding the implementation of sanctions against Russia and their economic impact on the economies of the EU and the aggressor’s country.
“We must continue to increase pressure on Russia and its accomplice Belarus by expanding the sanctions regime and preventing circumvention of restrictions. We should focus on measures to reduce revenue of the Russian regime, thus limiting the possibility of financing the war against Ukraine. In this respect, the limits on the price of Russian oil and its products placed by the EU and its international partners play a crucial role. We need to gradually tighten these limits by increasing pressure on the Kremlin “, stresses Ms G. Skaistė.
The meeting will approve the updated German Recovery and Resilience Facility (RRF) Plan. Also, the preparations for the G20 Meeting of Finance Ministers and Central Bank Governors to be held on 23-24 February will take place. The Council conclusions on the review of the list of EU non-cooperative jurisdictions for tax purposes will be adopted.
The EG meeting will discuss the latest developments in energy markets and their impact on the fiscal policy response at the euro area level. There will also be an exchange of views on the labour market situation.
During her visit to Brussels, Minister G. Skaistė will also meet Minister of Finance of Italy Giancarlo Giorgetti, Executive Vice-President of the European Commission Valdis Dombrovskis and Commissioner for Budget and Administration Johannes Hahn.
