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22 May 2019
Economic and financial affairs News

Economic and Financial Affairs Council – main results

InvestEU
The Council discussed InvestEU, a proposal which brings together under one programme the different financial instruments currently available to support investment and job creation in the EU, in the context of the next multiannual financial framework (2021-2027).

Europe needs more investment to support growth and jobs. The InvestEU programme will play a significant role in helping finance ambitious and far-reaching infrastructure projects. We must ensure that as many sectors and regions as possible in Europe are able to benefit from the programme

Eugen Teodorovici, minister for finance of Romania, which currently holds the Council presidency

The aim of InvestEU is to encourage public and private investor participation in new investment projects by providing guarantees from the EU budget. It is intended to support four policy areas: sustainable infrastructure; research, innovation and digitalization; small and medium sized businesses; social investment and skills.

Ministers focused their discussion on two main issues:

  • the governance structure of InvestEU, including the establishment of a steering board and its guiding principles
  • the financial guarantee provided by the EU to partners other than the EIB: 25% of the EU guarantee should be set aside for institutions other than the EIB. Ministers discussed the principles underpinning the allocation of that part of the guarantee.

Ministers undertook to take forward work on the file as a matter of priority on the basis of the ministerial guidance received today.

European system of financial supervision

Ministers discussed proposals to review the functioning of the current European system of financial supervision. The Presidency proposed to prioritise the provisions relating to the strengthening of the supervision of anti-money laundering (AML) and terrorist financing activities, while the negotiations on the rest of the review of the European system will continue at both technical and political level, as a matter of priority. The item will feature on the February ECOFIN agenda.

On the basis of this ministerial guidance, the Council is in a position to start negotiations with the European Parliament, with the aim of reaching a political agreement on the file by the end of the current legislative term.

European Semester

Ministers adopted conclusions on the ‘European Semester’ package and approved a draft recommendation on the economic policies of the euro area.
Ministers also discussed the legislative implications of the further development of the economic and monetary union following the Euro Summit of 14 December 2018, as well as the priorities of the Romanian presidency in the area of economic and financial affairs.

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