Eurogroup meeting; Credit: Council of the European Union

On Monday 16 and Tuesday 17 October 2023, Luxembourg hosted meetings of the Eurogroup and the Economic and Financial Affairs Council (ECOFIN) at the European Convention Center Luxembourg (ECCL).

As part of the Eurogroup meeting in an inclusive format, the 27 European finance ministers were joined by United States Treasury Secretary Janet Yellen. This emphasised the importance of transatlantic cooperation. Luxembourg’s Ministry of Finance stressed that, in tense geopolitical circumstances, dialogue between the EU and the United States remains “essential”, both economically and security-wise. A central topic was assistance to Ukraine, with continued commitment to coordinate efforts to support the country in the face of Russian aggression.

Luxembourg’s Minister of Finance, Yuriko Backes, commented: “Amid increasing geopolitical uncertainty, the strong alliance between the United States and the European Union is of crucial importance. Transatlantic dialogue and exchanges are fundamental to promoting our common objectives in the face of new looming global challenges. This second exchange between the enlarged Eurogroup and Treasury Secretary Janet Yellen, in which I participated, once again highlighted the common values defended by Europe and the United States.”

At the Eurogroup, ministers also continued their discussions on the future of European financial and capital markets in the face of increased investment needs in the ecological and digital transitions and in innovation.

The Ecofin Council met the following day to take stock of the reform of the EU Economic Governance Review (EGR).

The Council was also invited to exchange views on the state of play of the implementation of the Recovery and Resilience Facility (RRF) and approved the amended national plans of the Czech Republic, from Spain, the Netherlands, Portugal and Slovenia. The twenty-seven ministers also adopted conclusions on financing climate action ahead of the United Nations Climate Change Conference (COP28), which will take place from 30 November to 12 December 2023. The Presidency presented the status of legislative proposals relating to financial services.