13 Jul

At the last ECOFIN meeting before the summer, ministers discussed in detail the economic and financial consequences of Russia's aggression against Ukraine.

The debate focused on short-term and long-term support for Ukraine, but the implementation of sanctions against Russia and the issue of food security were also raised. The ministers also received a report on the status of the implementation of the Recovery and Resilience Building Facility (RRF), and related to this, they discussed the commission's proposal for REPowerEU. Regarding the latter, the two main questions were the funding source of the proposal and the allocation methodology. A significant majority of the member states considered it necessary to amend the Commission's proposal on both issues, so the Czech presidency will continue the intensive work at expert level in order to reach an agreement. Furthermore, ECOFIN unanimously adopted the necessary legislation that gave Croatia the green light for the introduction of the euro on 1 January 2023.