Thank you, Minister. Good afternoon, everyone.
Commissioner Valdis Dombrovskis expressed enthusiasm for collaborating with Minister Lose and the Danish Presidency on shared goals over the coming six months. The Danish Presidency presented its ECOFIN work programme, emphasizing Europe’s defense capabilities, industry strengthening, security enhancement, competitiveness, and advancing the simplification agenda.
Dombrovskis highlighted Bulgaria’s historic milestone as ECOFIN approved its membership as the 21st member of the euro area. He noted that joining the euro area is about more than currency change; it promises a brighter future for Bulgaria with increased opportunities in investment, jobs, and growth.
The EU economy shows resilience but faces uncertainty due to potential US tariffs. The US has extended its tariff deadline to August 1st. Negotiations between the EU and US continue at political and technical levels to reach an agreement before this date.
ECOFIN identified an excessive deficit in Austria and recommended correction by 2028. Romania’s fiscal consolidation measures were discussed positively by Minister Nazare. Monitoring will continue with an assessment expected in autumn.
Country-specific recommendations were endorsed by ECOFIN to maintain macroeconomic stability and enhance competitiveness. Discussions also covered Russia’s aggression against Ukraine. Around €17 billion has been disbursed to Ukraine under the G7 ERA loan initiative, including €1.4 billion from Canada. The EU plans another €1 billion payment this week under the ERA initiative.
Informal discussions on defense spending focused on increasing investments within NATO’s 5% targets using fiscal flexibility and SAFE instruments. National escape clauses for defense spending were adopted for 15 Member States.
An update on RRF implementation was provided, with €317 billion disbursed so far in 2025 and around €11 billion distributed this year alone. Amendments to recovery plans for Austria, Belgium, Czechia, Denmark, Germany, and Ireland were endorsed.
Balazs Ujvari serves as Spokesperson while Francisca Marçal Santos is Press Officer for further inquiries.
