21 Jun

The ministers discussed the current economic situtation at the ECOFIN meeting on 17 June in Luxembourg. Rising inflation was at the center of the debate. There was a consensus that coordinated action, with measures to help the most vulnerable households, could provide an appropriate response to the challenges.

Under the legislative agenda, the own resources system of the EU, the anti-money laundering legislative package and the Council directive on ensuring a global minimum level of taxation for multinational groups were discussed. For the time being no agreement has been reached on the global minimum level of taxation, because Hungary could not give it’s approval yet, but is ready to continue the negotiations.

During the non-legislative agenda items, ECOFIN was briefed on the state of play of the RRF implementation and the Council approved the Polish recovery plan. Ministers also supported Croatia's accession to the eurozone, allowing 20 member states to use the single currency from January 2023. Finally, ministers approved the country-specific recommendations made in the context of the European Semester 2022.