This morning we will begin our discussion on the refugee crisis. You know that 10 million displaced people are in Ukraine. 4 million have left the country and 3.5 million have reached the European Union. I think we had an extraordinary demonstration of solidarity in all European countries. The Commission mobilized €17 billion from cohesion funds and ReactEU to address this situation. But of course the impact is uneven among countries and we have to show solidarity. Second, we will discuss the state of the latest sanctions: their implementation, loopholes, what we can do, and if there is a need to strengthen these sanctions. Because every day we are struck, we are impressed by these images. We have new images from satellites on what is happening, what was happening in Bucha and we have to react. Of course, we will have also the possibility to speak with the Minister Marchenko and to discuss with him further steps in support Ukraine.
Then in a completely different scenario we will discuss the global minimum taxation and I think this is extremely important. I support all the efforts of the French Presidency, and I hope that an agreement could be reached as soon as possible.
(Question regarding the fifth package of sanctions)
No, I think work is going on, but of course it’s work on the implementation, on addressing risks of circumvention, but there is also, as you know, a debate on possibility to further strengthen them, but no decision has been taken until now. But as we say, nothing is off the table.
(And the corporate tax bill, when can we expect an agreement? Within the French Presidency?)
I’m sure.
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EU Finance and Economy Ministers meet on 5 April 2022 in Brussels. The meeting is chaired by Bruno LE MAIRE, Minister of Economy and Finance of France. The meeting opens as the Ukrainian Finance Minister, Sergii Marchenko, addresses the council. Ministers then discuss the economic and financial consequences of the sanctions imposed on Russia after its military aggression against Ukraine. The Council then picks up last June’s discussion on the strengthening of the European financial architecture for development (EFAD), taking as its central focus the actions taken in response to the invasion of Ukraine.
Furthermore, Minsters affirm their positions before the upcoming meetings of the G20 finance ministers and central bank governors, and the IMF spring meeting. Ministers debate the proposal to adopt the OECD agreed level of global minimum tax on multinational corporations.
Finally, Ministers then attempt to bring their discussions on EU strategic autonomy as it relates to financial and economic issues to a conclusion. The meeting ends as the Council are brought up-to-date on current legislative proposals in the field of financial services.
EU Finance and Economy Ministers meet on 5 April 2022 in Luxembourg. The meeting is chaired by Bruno LE MAIRE, Minister of Economy and Finance of France. Ministers have a policy debate on the proposal to transpose into EU law the global agreement reached at OECD level according to which large multinational corporations may not pay less than 15% taxes anywhere in the world and aim to reach a Council position on the proposal. They also discuss about the economic and financial consequences following the sanctions imposed on Russia after its military aggression against Ukraine. Furthermore, the Council is expected to give guidance as regards the upcoming G20 meeting of Finance Ministers and central bank governors and agree the EU’s mandate for this meeting.
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