During the ECOFIN meeting, ministers will discuss a special financial instrument for Ukraine to provide the assistance of EUR 50 billion for the period 2024-2027 in the form of preferential loans and grants. This instrument, which is a part of the package for the mid-term review of the 2021-2027 Multiannual Financial Framework presented by the European Commission (EC) on 20 June, signals a strong EU commitment to support Ukraine in the context of the ongoing russian aggression and on the country’s way towards the accession to the EU.
“The EU continues to consistently support Ukraine, both on the way to victory in the war against the aggressor russia and on the way to the membership in the Union. The new four-year financial assistance package of EUR 50 billion is a good proof of this. The funds will be concentrated on the country’s budget support, short-term reconstruction works and will be linked to the implementation of reforms needed for Ukraine to move closer to the EU. In the short term, it is important to reach a political consensus on setting up this instrument and, during its implementation, to ensure sufficient flexibility in response to the changing situation and the course of the war”, stressed Ms G. Skaistė.
The ECOFIN meeting will also include discussions on the own resources package presented by the EC on 20 June, customs reform and the progress on the revision of the EU fiscal rules. Spain, which took over the EU Council Presidency since July this year, will present its priorities in the economic and financial field.
The EG meeting is expected to adopt a joint statement on the fiscal stance of the euro area in 2024. It is important to ensure synergies between fiscal and monetary policies and to gradually return to the budgetary discipline in order to further reduce inflation at the euro area level.
The report on the international role of the euro will also be presented at the EG meeting, and a presentation of the progress of the digital euro project is foreseen at the enlarged EG meeting. Ministers will also continue discussions on the future of European capital and financial markets.
