FRAUD, MARKETS AND GEOPOLITICAL PRESSURES ON Ecofin - Filenews 4/5
Against the backdrop of geopolitical developments and the need to strengthen European economic resilience, the EU Finance Ministers are meeting on Tuesday in Brussels, at the Ecofin Council, chaired by the Minister of Finance, Makis Keravnos.
The agenda of the meeting includes the fight against fraud and tax evasion, the integration of European markets, the economic impact of geopolitical crises, as well as the effort to reduce the administrative costs resulting from European legislation.
A European diplomat, who briefed the press, expressed optimism for progress on key issues, noting that the agenda is particularly dense, both in terms of reforms and in relation to the assessment of the impact of international developments on the European economy.
Economic dialogue and the Middle East
The meeting will start in the morning with the annual economic and financial dialogue with regional partners. In this context, the EU and its partners will examine the overall economic situation and agree on common conclusions, with targeted policy orientations for each country
It will be preceded by the established informal breakfast of the Ministers, during which the European Commission will present the latest developments in the economy, while there will also be a briefing from Monday's Eurogroup.
Particular emphasis is expected to be placed on geopolitical developments and in particular on the economic impact of the conflict in the Middle East. Ministers will be called upon to assess the situation, more than two months after the start of the crisis.
New framework against fraud and tax evasion
The main item on the agenda is the pursuit of agreement on a new framework to strengthen the fight against fraud and tax evasion at European Union level.
According to the senior diplomat, the proposed package is based on two main axes. The first concerns the strengthening of cooperation between national VAT authorities and European anti-fraud offices. The second concerns the upgrading of the operational capabilities of European agencies, through direct access and consolidation of databases.
This approach, as noted, will allow for faster detection of suspicious transactions and cross-border fraud networks. The Presidency considers that there is the necessary consensus for a general approach.
Policy debate on market integration
The second key issue is the political debate on the market integration and surveillance package, which is linked to the promotion of the Savings and Investment Union and the strengthening of the integration of European capital markets.
The issue is being discussed for the second time at Ecofin level, following the relevant guidance of EU leaders and in view of the deadlines included in the roadmap for a European market.
At the technical level, 12 meetings have been held from January to April. According to the diplomat, there is broad support for the main objectives of the package, especially in terms of boosting investment and improving access to finance.
However, there are still open issues that require political decisions, notably on the scope of direct supervision at European level and the governance of competent authorities. For this reason, the Presidency has distributed a guidance document aimed at facilitating convergence of views.
Support for Ukraine is also on the table
Also on the agenda is the regular debate on the economic and budgetary implications of the Russian aggression against Ukraine.
Interest is focused on the implementation of the €90 billion EU loan, which was agreed in December 2025. The relevant legislative framework has been finalised and disbursements are expected to start soon to cover Ukraine's urgent budgetary needs.
Cost assessment by European legislation
Another issue concerns the assessment of the economic consequences of European legislation, in the context of the effort for better regulation.
This exercise, following the efforts of the Danish Presidency, aims to record the administrative costs arising from legislative proposals, with the aim of reducing burdens and strengthening the competitiveness of the European economy.
Answering questions, the senior diplomat said that the member states themselves recognize the need to accelerate work on market integration. He added that they remain committed to the goals set until 2026, although further convergence is needed on individual issues.
