On November 5, 2024, the Council of the European Union, focusing on Economic and Financial Affairs (ECOFIN), will meet at the Europa building in Brussels. This session will address both legislative and non-legislative matters shaping the EU’s economic and fiscal policies, with discussions spanning VAT modernization, economic recovery, and responses to global financial challenges.
Key Agenda Topics for the ECOFIN Meeting
1. Modernizing VAT for the Digital Age
- Directive on VAT Rules for Digital Markets
The Council will discuss strategies for modernizing VAT frameworks to keep pace with digital market expansion, reviewing a directive aimed at streamlining VAT rules within the EU’s digital landscape.
- VAT Administrative Cooperation Regulation
A political agreement is anticipated to establish collaborative mechanisms for VAT administration across member states. This regulation seeks to enhance VAT compliance and transparency in the digital economy.
2. Supporting Economic Recovery and Resilience in Europe
- Implementation of the Recovery and Resilience Facility (RRF)
The Council will evaluate the RRF’s implementation progress, which is central to supporting post-pandemic economic recovery. Discussions will focus on the status of financial assistance to member states and review Council Implementing Decisions.
- Economic Impact of Russia-Ukraine Conflict
Recognizing the economic and financial ramifications of Russia’s aggression against Ukraine, Council members will exchange views on mitigating impacts on EU economic stability and explore coordinated strategies to bolster resilience.
Additional Considerations in Economic and Fiscal Policy
3. Review of the European Fiscal Board’s Annual Report
- The Council will review the European Fiscal Board’s latest report on fiscal health across the EU, exchanging insights and concluding on the board’s recommendations for sustainable fiscal policies.
4. Insights from Recent G20 Discussions
- Follow-up on G20 Finance Ministers and Central Bank Governors Meeting
The recent G20 meeting outcomes will be reviewed by the Presidency and the European Commission, with discussions focusing on global economic trends and implications for EU fiscal policies.
In addition to these critical agenda items, the Council will address other pressing economic and financial matters under “Any Other Business,” ensuring a comprehensive review of current and upcoming economic challenges and opportunities.
