(L-R) Wopke Hoekstra, European Commissioner for Climate Action, Carbon Neutrality and Clean Growth; Gilles Roth, Luxembourg Minister of Finance;
Credit: MFIN
On Tuesday 5 May 2026, Luxembourg’s Ministry of Finance reported on the participation of Luxembourg’s Minister of Finance, Gilles Roth, at meetings of the Eurogroup and the Economic and Financial Affairs Council (ECOFIN) in Brussels on Monday 4 and Tuesday 5 May.
According to the ministry, during the Eurogroup meeting, finance ministers exchanged views with the chairs of the Single Supervisory Mechanism (SSM) and the Single Resolution Board (SRB) on recent developments in the Banking Union. Discussions focused in particular on cybersecurity challenges and the use of artificial intelligence. They were also joined by the President of the European Banking Federation to address the issue of cross-border banking activity.
In an inclusive Eurogroup format, and in the presence of the International Monetary Fund, finance ministers examined the impact of the crisis in the Middle East and broader geo-economic developments on the European economy. The discussions provided an opportunity to address the main challenges facing Member States, particularly in the energy sector, as well as the associated risks.
In addition, ministers were presented with a report on financing innovative companies in Europe, prepared by Christian Noyer and Jürgen Kukies. Their recommendations notably aim to facilitate access to private capital for start-ups and scale-ups.
At the ECOFIN Council meeting, ministers continued their discussions on the regulatory package concerning the integration and supervision of European markets (SIU). Luxembourg supports the objectives of the SIU and recognises the need to strengthen the competitiveness of the European economy. However, it is important not to introduce additional administrative burdens or extra costs, such as those that could arise from centralised supervision.
Ministers also exchanged views on developments related to the war against Ukraine. The Council approved access for the European Public Prosecutor’s Office (EPPO) and OLAF to VAT-related information at the European level—an important step in strengthening the fight against tax fraud. The ECOFIN meeting concluded with a follow-up on the meetings of G20 finance ministers and central bank governors, as well as the IMF Spring Meetings.
Minister Roth commented: “Current geo-economic conditions and their impact on citizens and our economy require close monitoring. With a clear priority: strengthening our resilience in the face of current uncertainties and supporting growth. This requires a balanced regulatory framework that protects without hindering and remains conducive to investment and competitiveness, without unnecessary complexity or excessive burdens on our economy.”
Moreover, on the sidelines of the meetings, Gilles Roth also held a bilateral discussion with Wopke Hoekstra, Commissioner for Taxation, regarding negotiations on the proposed directive on tobacco taxation.
