Luxembourg Reaffirms Support for More Competitive, Less Bureaucratic EU at ECOFIN

On Thursday 11 and Friday 12 December 2025, Luxembourg's Minister of Finance, Gilles Roth, participated in the Eurogroup and Economic and Financial Affairs Council (ECOFIN) meetings in Brussels, Belgium.

According to Luxembourg's Ministry of Finance, the Eurozone finance ministers reviewed the latest macroeconomic developments and discussed the International Monetary Fund's (IMF) Eurozone policy review. Discussions continued on the budgetary situation and outlook of the Eurozone member states. The Eurogroup also elected the Greek Finance Minister, Kyriakos Pierrakakis, as its new president.

During the ECOFIN meetings, the finance ministers held a policy debate on the Savings and Investment Union. Luxembourg reaffirmed its support for the objectives of strengthening European competitiveness and capital markets. Adding complexity, bureaucracy and legal uncertainty hinders the achievement of these objectives, noted the ministry, adding that Luxembourg, therefore, cannot support measures in this direction, particularly those aimed at granting the European Securities and Markets Authority (ESMA) central supervisory functions.

Discussions also focused on the economic impact of European regulations and the simplification of financial rules. The finance ministers exchanged views on the economic and financial consequences of Russia's aggression against Ukraine. Moreover, an exchange of views took place with the European Commission regarding the 2026 European Semester and the implementation of the Stability and Growth Pact.

Minister Roth commented: "In an international context marked by economic and geopolitical tensions, the European Union must assert its strength and unity. Together, we aspire to a more competitive and less bureaucratic Europe."

In addition, the Board of Governors of the European Stability Mechanism (ESM) held a meeting.