Brussels: Europe and the Arabs
Today, Tuesday, in Brussels, the discussions of the finance and economic ministers of the European Union countries, which began yesterday at the level of ministers of member states in the euro zone, will continue today, and the meetings will expand today with the addition of the rest of the European Union member states.
Regarding the results of yesterday’s discussions, Monday, a European concluding statement of the discussions said that the meeting discussed the state and developments of the macroeconomic and budget, including a briefing from the international meetings, and the President of the Eurogroup and the institutions presented their assessment of the latest developments and expectations in the field of macroeconomics, including a summary of the recent international meetings. The Commission exchanged its views on recent budget developments in the euro area.
   Policy priorities of the new government in Portugal
The Portuguese Minister of Finance presented the economic and financial policy priorities of the new Portuguese government.
Report on the Banks Union
The ministers listened to the semi-annual report of the heads of the Single Supervisory Mechanism and the Unified Decision Council.
They discussed the current situation and future challenges for the Eurozone banking system, as well as what needs to be done to enhance its resilience.
The statement quoted the head of the Eurogroup, Paschal Donohue, in which he said, “Efforts to protect the stability of the banking sector have succeeded. However, tomorrow’s challenges are not always the same as today’s or yesterday’s challenges. In light of this, we recognized the importance of cybersecurity and climate action in relation to the financial sector.” .
In comprehensive form:
Eurozone competitiveness: closing the innovation and productivity gap
Building on the Commission's analysis and a presentation by Michel Scheffer, Chairman of the European Innovation Council, the ministers discussed the gaps in innovation, R&D spending and human capital that Europe faces compared to its main global competitors.
“The ministers stressed the need to boost investments in research and development, the importance of education and the steps that need to be taken in terms of taxation, lowering levels of administration, and how to organize the single market - all of which will, over time, make the world more open. The European Union is a better place for innovation,” he said. Statement by Paschal Donohoe, President of the Eurogroup
They also discussed the policy responses needed from a macrostructural and macro-financial perspective moving forward.
Eurozone competitiveness – addressing the knowledge gap (European Commission)
Capital Markets Union Inventory
Ministers followed up on the March Eurogroup statement on the future of the Capital Markets Union and discussed ways to consolidate and track progress. They agreed on the main elements of a high-level work program for the coming months.
“It is now about how we move to action at the national level and how we can provide guidance to the next committee in terms of the actions they can take. We all want to find ways in which we can maintain the momentum and build the urgency for progress,” said Paschal Donohoe, Chair of the Group euro
The ministers took the opportunity to discuss the recommendations for the development of European capital markets presented by the French task force led by Christian Noyer, who presented his report. The Ministers exchanged further information on ongoing national initiatives and the Commission exchanged initial ideas on aspects of the Eurogroup statement that require Commission initiatives.