Eurogroup, 4 April 2022
The euro area impact from the war in Ukraine in the short- and medium term
Ministers discussed economic developments resulting from the Russian military aggression in Ukraine.
Monitoring and assessing these fast-moving developments is crucial for Eurogroup’s coordination of economic policies and promotion of the conditions for stronger economic growth.
Trade-offs in the design of a digital euro between privacy and other policy objectives
Based on input from the ECB and the Commission, ministers discussed privacy considerations related to a digital euro and how they relate to other policy objectives, such as preventing money laundering, illicit financing and tax evasion.
This discussion followed the work plan on the digital euro, agreed by the Eurogroup in July 2021.
MEPs want more effective measures to respond to rising prices
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Thematic discussion – Housing market developments in the euro area and policy implications
Ministers held a thematic discussion on housing market developments, focused on housing affordability issues.
The discussion took place in the context of rising housing prices over the last years in the euro area.
More information: Press release – European Council
ECOFIN – 5 April
War in Ukraine and sanctions against Russia
The Council discussed the implementation of the sanctions imposed by the EU on Russia, their effectiveness (with the aim of preventing any circumvention) and their strengthening. The ministers also discussed the economic issues related to the reception of Ukrainian refugees.
Ministers then welcomed Serhii Marchenko, Minister for Finance of Ukraine, who participated in his first ECOFIN meeting by video conference. The Council was able to reaffirm its full solidarity with the Ukrainian people and to take stock of the financial and material support provided to Ukraine.
The Council then discussed the impact of the war in Ukraine on the European economies, based on a new assessment by the European Commission. The discussion focused in particular on the measures taken at national and European level to deal with the increase in energy and raw material prices. The importance of coordination between member states of national support plans was stressed.
EU-China Summit: Restoring peace and stability in Ukraine is a shared responsibility
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Corporate taxation: fair and effective taxation for multinational groups
The Council discussed the work on the transposition into EU law of the global agreement reached at the OECD Inclusive Framework that multinationals should not pay less than 15% tax anywhere in the world.
The aim of the directive is to transpose into EU law the two-pillar reform of the rules on international corporate taxation, as agreed by the global OECD/G20 inclusive framework on base erosion and profit shifting (BEPS). This international agreement, which brings together 137 countries and jurisdictions, constitutes a major milestone towards an effective and fair system of profit taxation.
G20 and IMF meetings
The Council made preparations for the International Monetary Fund (IMF) spring meetings and agreed on the EU’s mandate for the upcoming G20 meeting of finance ministers and central bank governors on 20 April.
More information: Press release – European Council
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