Ecofin Council round-up

The Economic and Financial Affairs Council on 21 June agreed on policy recommendations to member states and to the euro area, the extension of loan maturities for Ireland and Portugal, and measures to combat VAT fraud. Euro area finance ministers gave their approval for the adoption of the euro by Latvia.

Michael Noonan, Irish Minister for Finance
and chair of the meeting

© European Union

European Semester – economic and fiscal policy recommendations

The Council approved recommendations to 23 member states on their economic and fiscal policies. It also endorsed a specific recommendation on the economic policies of the euro area and approved draft conclusions on Croatia, which will join the EU on 1 July.

The recommendations are part of the European Semester, a six-month exercise where each year the Commission monitors the member states' economic and fiscal policies.

The texts are now referred to the European Council (27 and 28 June), with a view to formal adoption by the Council in July.

• Country-specific recommendations on economic and fiscal policies - press release (pdf)

Longer maturities for EFSM loans to Ireland and Portugal

The Council decided to extend by an average seven years the maturities of loans granted to Ireland and Portugal from the European Financial Stabilisation Mechanism (EFSM). The aim is to support the two countries' efforts to regain full access to market financing and thus to successfully exit their economic adjustment programmes.

• Council extends maturities of EFSM loans to Ireland, Portugal - press release (pdf)

Latvia euro adoption: go-ahead from the euro area

The euro area member states recommended that Latvia join the currency union on 1 January 2014. The Council is expected to formally decide in July, after consulting the European Parliament and following a discussion in the European Council on 27 and 28 June.

• Euro area countries recommend Latvia euro accession - press release (pdf)

Combating VAT fraud

• See Council agrees measures to combat VAT fraud

See also:

• Council press release (covers the whole meeting, in pdf)
• Council press conference (video)