Belgian Presidency Unveils Plan for Economic and Financial Affairs

The Economic and Financial Affairs Council, held on January 16, 2024, marked the commencement of the Belgian Presidency’s agenda for the first half of the year. Vincent van Peteghem, the Belgian Minister of Finance, emphasised three primary priorities for this period, namely, the economic governance review, European Banking Union, and continued support to Ukraine.

In addition to these focal points, the Presidency is diligently addressing various other areas, such as bridging the VAT gap, identifying EU own resources, completing the mid-term review of the Multiannual Financial Framework (MFF), and revising legislation pertaining to the Customs Code and taxation rules for cross-border teleworking. Given the transitional nature of the Belgian Presidency, spanning the conclusion of one European parliamentary term and the commencement of another, the aim is to conclude significant outstanding files and guide discussions on the economic status of the Union and its future.

The Council also provided updates on Russia’s aggression against Ukraine, with ministers deliberating on the economic and financial repercussions of the situation. Discussions centred on the EU’s financial support to Ukraine and the utilisation of frozen and immobilised assets, alongside offering guidance for the upcoming G20 meeting in São Paulo, Brazil, scheduled for February 2024, and the status of legislative proposals in the field of financial services presented by the Presidency.

Furthermore, the Council instigated the annual European Semester process, which monitors member states’ economic, employment, and fiscal policies. Conclusions were approved on the alert mechanism report 2024, the annual sustainable growth survey 2024, and the 2024 recommendation on the economic policy of the euro area. These recommendations are slated for submission to the European Council for endorsement at its meeting in March.

The Belgian Presidency is evidently dedicated to addressing the pressing economic and financial concerns confronting the EU. Their proactive approach to stimulate discussions and finalise important files signifies a resolute effort to advance the economic state of the Union. With a well-defined plan in place, the Belgian Presidency aims to instigate positive changes in the EU’s economic landscape.

The impending months will be pivotal for the successful implementation of the Presidency’s initiatives. Observing how they navigate through challenges to fulfil their committed priorities will be of great interest. Amid geopolitical events and economic challenges, the vision and execution of the Belgian Presidency’s programme will play a significant role in shaping the future economic trajectory of the EU.

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