Remarks by Vice-President Dombrovskis at ECOFIN press conference

Thank you Janis. I congratulate you on the success of the first Ecofin Council under the Latvian Presidency.

I am confident this Presidency will deliver many positive achievements in the weeks and months to come.

Our discussions today covered the economic situation in Europe, measures to strengthen the economic recovery, Greece following Sunday's elections, financial support to Ukraine, and the future of the Economic and Monetary Union, as well as several other topics.

I welcome the fact that Council and Commission have just agreed on a declaration to prevent financing of terrorism.

I also welcome that the Council has adopted the anti-abuse clause of the Parent Subsidiary Directive, thereby furthering our fight against tax evasion and aggressive tax planning.

I look forward to taking these initiatives forward in the context of the G20 and OECD.

Only by acting together, at global level, can we effectively tackle the economic and geopolitical challenges we are facing.

The economic recovery in Europe is still fragile, slow and uneven.

At the same time, the EU has the right conditions in place for sustained economic growth and job creation.

Following the difficult policy choices governments have had to make since the crisis, the effects of reforms are emerging. Of course, we have to ensure that this translates into money in people's pockets, so that people feel the recovery.

We are playing our part. Today, Vice-President Katainen presented the Commission's new legislative proposal on the European Fund for Strategic Investment.

The priority now is to swiftly adopt the EFSI regulation by June so investments can start to flow in the summer.

It is very encouraging to see such strong political will in the Council to meet this ambitious timetable and deliver.

We would aim for a political agreement by March and hope for this level of ambition to be mirrored in the European Parliament.

This afternoon, we discussed the Commission's guidelines on making the best use of the flexibility within the rules of the Stability and Growth Pact.

In doing so, we want:

• - 

  To encourage effective implementation of structural reforms;
• - 

  To promote investment, also in the context of the EFSI;
• - 

  Take better account of the economic cycle in Member States.

The rules of the Pact apply to all Member States equally, while taking into consideration the economic situation in each country.

• - 

  Member States carrying out credible fiscal policies can benefit from more flexibility.
• - 

  Flexibility can only be granted if Member States can demonstrate that concrete measures are underway. Flexibility is there for those who take action - be it structural reforms or investment. Just promises are not enough.
• - 

  Our guidance requires Member States to make greater fiscal effort in times of stronger economic growth, a less effort in an economic downturn.

The Stability and Growth Pact is the cornerstone of European economic governance. Credible rules and respect for them are essential for the Economic and Monetary Union to function properly. We are not changing the rules. We are clarifying how we will implement them.

Turning to Greece, the Commission fully respects the democratic choice of the Greek people.

Greece has made remarkable progress in reforming its economy with the help of its European partners. The country is returning to growth and employment is picking up.

We continue to support the country in respecting its commitments and continuing its reform path.

We took note of the latest developments in Ukraine, with a particular focus on the country's financing needs and the EU's support.

Last year, the EU provided 1.36 billion euros in macro-financial assistance to the country and disbursed 250 million euros in budget support grants.

The Commission has pledged further support in the form of a new programme worth 1.8 billion euros.

The Commission will act responsibly towards Ukraine, and responsibly towards the EU budget. The Union and its Member States are ready to further facilitate and support Ukraine's reform process provided that reforms are implemented.

The Commission is delivering on its commitments. The implementation now lies with the Member States. And that is where our results will be judged.

If everyone plays their part - do what is necessary - we can be optimistic about the future.

STATEMENT/15/3760

General public inquiries:

Europe Direct by phone 00 800 67 89 10 11 or by email