Agenda highlights

The most recent economic developments in the EU will be discussed during the Ecofin Council’s informal breakfast.

In the formal meeting, economy and finance ministers will discuss the economic and financial consequences of the sanctions imposed on Russia after its unprovoked and unjustified military invasion in Ukraine.

• EU response to Russia’s invasion of Ukraine (background information)

The Council is expected to adopt its position (general approach) on the revised ELTIF regulation. This regulation lays down uniform rules on the authorisation, investment policies and operating conditions of EU alternative investment funds (EU AIFs) or compartments of EU AIFs that are marketed in the Union as European long-term investment funds (ELTIFs). The objective is to raise and channel capital towards long-term investments in the real economy, in line with the Union objective of smart, sustainable and inclusive growth.

• Capital Markets Union (background information)

The Council will then take stock of the implementation of the Recovery and Resilience Facility (RRF).

• A recovery plan for Europe (background information)

In public session, ministers may revert on the proposal for a Council directive on ensuring a global minimum level of taxation for multinational groups in the Union.

The presidency will update ministers on legislative proposals in the field of financial services. The Presidency and the Commission will debrief ministers on the results of the latest G20 meeting of finance ministers and central bank governors. Finally, the Commission will present to ministers the recommendations of its group of wise persons on challenges facing the Customs Union.

On 23 May at 11.00, the twice-yearly macroeconomic dialogue with social partners will take place. The presidency and the two upcoming presidencies, the Commission, the European Central Bank President and the Eurogroup President will exchange views with representatives of the social partners on the recent developments of the economic situation, as well as the consequences of the war in Ukraine on the European labour market, especially as regards the labour market integration of Ukrainian refugees.

On 24 May at 8.00, an economic and financial dialogue between the EU and the Western Balkans and Turkey will take place. The EU will be represented by the current and the two upcoming presidencies of the EU Council: France, Czechia and Sweden. Participants will discuss economic challenges in the region as well as measures to support a sustainable and inclusive recovery from the economic crisis.