Informal ECOFIN - Joint ECOFIN/FEMIP Meeting: Discussions on key economic and financial issues
The agenda of the informal Economic and Financial Affairs (ECOFIN) meeting on 1-2 April in Athens includes discussions on key issues of pan-European importance, such as the state of play of Banking Union, especially after the approval by COREPER of the compromise agreement reached by the Greek Presidency in its negotiations with the European Parliament on the Single Resolution Mechanism, the social aspects of growth and financial stability in Europe, the long term financing of the economy, especially the enhancement of SME financing, as well as the preparation of the IMF/World Bank Spring and G20 Finance Ministers meetings. Fostering growth and job creation, especially for young people, is high on the agenda also of the Facility for Euro-Mediterranean Investment and Partnership (FEMIP) ministerial meeting, where the European Investment Bank (EIB), will present to FinanceMinisters its Roadmap 2020, outlining its new strategy for the Mediterranean.
During a working lunch on Tuesday, 1 April, ECOFIN Ministers and Central Bank Governors will have the opportunity to discuss Europe’s social problems and their implications for economic growth, based on a presentation made by Bruegel. Later, in the first ECOFIN Working Session, Ministers will exchange views on the economic situation and outlook and growth prospects, focusing also on the situation in the financial markets. The Commission will present its Communication on long term financing of the economy and the High Level Expert Group will present its SME and Infrastructure Financing-Report “Finance for Growth . At the end of their first session, Ministers will discuss and agree the draft Terms of Reference and a draft IMFC Statement prepared by the EFC for the IMF / World Bank Spring Meetings and G20 Finance Ministers Meeting.
During the ensuing joint 13th ECOFIN/FEMIP Ministerial Meeting, on the same day, discussions will focus on the challenges and levers for sustainable growth and the new strategy of the European Investment Bank (EIB) for the Mediterranean looking forward to 2020. Fostering growth and job creation, especially for young people will be a key aspect of these discussions. Additional topics will include how the Bank can further strengthen and diversify its instruments in support of the private sector and whether more can be done for climate action in the region.
Wednesday’s ECOFIN Working Session will be dedicated to the European Banking Regulatory Framework Reform. The first topic is the Banking Structure Reform based on the presentation of the Commission’s proposal for a Regulation of the European Parliament and the Council on structural measures improving the resilience of EU credit institutions, followed by an exchange of views by Ministers. Furthermore, Ministers will discuss the latest developments on Banking Union, an overarching priority for the Greek Presidency, because of its importance as a prerequisite for strengthening trust and increasing liquidity in the European economy, as well as safeguarding financial stability in Europe. The Single Resolution Mechanism (SRM) state of play, as well as the state of play of Single Supervisory Mechanism (SSM) implementation presented by the Chair of the SSM Supervisory Board are on the agenda of the discussions.
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