EU Finance Ministers Discuss Competitiveness, Level Playing Field for Single Market

On Wednesday 8 and Thursday 9 November 2023, Luxembourg’s Finance Minister, Yuriko Backes, attended the Eurogroup and the Economic and Financial Affairs Council (ECOFIN) meetings in Brussels.

As part of the Eurogroup's regular monitoring of the economic situation, the institutions presented their analysis of the most recent macroeconomic developments, as well as possible implications for fiscal policies in the euro area. On this basis, ministers reflected on the main challenges ahead in the face of the macroeconomic and budgetary outlook for 2024, in view of the Eurogroup's discussion of the draft budgets in December 2023, Luxembourg's Ministry of Finance noted.

Based on a note prepared by the European Commission, the Eurogroup held a first discussion focused on the current state of competitiveness of the eurozone. Maintaining a level playing field within the single market was highlighted as the source of many opportunities.

The Ecofin Council continued to examine the proposed reform of the economic governance framework (EGR). During these discussions, progress in the right direction was made, even if significant work still remains necessary, particularly with regard to the legislative texts.

In addition, the ministers took stock of the progress of the Recovery and Resilience Facility (RRF) implementation. In particular, they adopted implementing decisions approving the amended recovery and resilience plans submitted by certain Member States.

Finally, the ministers exchanged views on the current state of the economic and financial repercussions of Russia's aggression against Ukraine.

Ahead of ECOFIN, the Finance Ministers discussed the economic situation with their counterparts from the European Free Trade Association (EFTA) countries with a view to better coordination of economic policies in Europe.

Minister Backes also participated in an informal dinner between female finance ministers.