18.06.2022

Yesterday, the Finance Ministers of the 27 EU member states held their regular monthly meeting in Luxembourg. Deputy Prime Minister for EU Funds and Minister of Finance Assen Vassilev took part in the Economic and Financial Affairs Council of the EU (“ECOFIN”). He also had bilateral meetings with Paschal Donohoe, President of the Eurogroup and Minister of Finance of Ireland, and Nadia Calviño, Deputy Prime Minister and Minister of Economy of Spain.

The ECOFIN Council discussed Russia’s military aggression against Ukraine and the galloping prices of energy resources. Minister Assen Vassilev underlined the connection between the two issues, as well as the risk of deepening the problems with food supply in the autumn. According to him, a dramatic decline in grain supplies could trigger a new wave of refugees unless the EU acts jointly to provide support to its closest eastern and southern neighbours. Minister Vassilev noted as a successful model the work of the European Commission in relation to the EU regional platform for joint purchases of natural gas, liquefied gas and hydrogen based in Sofia.

The Ministers adopted the recommendation of euro area member states that Croatia should introduce the euro on 1 January 2023. Minister Vassilev congratulated Minister Zdravko Marić and Croatia and expressed his confidence that Bulgaria would soon follow this successful example.

The Finance Ministers discussed the package of new own resources in the EU budget proposed by the European Commission. Minister Assen Vassilev expressed readiness for its consideration, but pointed out that there were still unclear aspects, including on the budgetary effects. Substantive discussions would be possible after achieving sufficient progress on the ‘Fit for 55’ package.

The topics included the implementation in the EU of the minimum global level of taxation for multinational groups, the European Semester 2022 and the Recovery and Resilience Facility.