ECONOMY FINANCE&BANKING

FinMin Teodorovici: Romania’s Presidency at EU Council aims to be efficient and pragmatic

The Romanian Presidency at the Council of the EU aims to be very efficient and pragmatic in solving as many as possible of the files that are so important for the European citizens as a whole, as a European Union, Public Finance Minister Eugen Teodorovici stated on Tuesday prior to the first meeting of the Economic and Financial Affairs Council (ECOFIN) under the Romanian Presidency mandate at the EU Council.

“Today is the first ECOFIN Council under the Romanian Presidency at the European Union Council. It’s a very atypical period, because there are six months of presidency, but, nevertheless, we only have approximately two months to discuss, advance, debate and decide at the Council level, further on, at Parliament level. We know that the mandates of two institutions are ending, both at the European Parliament and the European Commission. Perhaps this thing makes our presidency, so to say, more interesting in this period in which we have to be very efficient and very pragmatic in solving as many as possible of the files that are so important for the European citizens as a whole, as a European Union,” Teodorovici stated.

According to the Romanian official, a first talk will tackle an important subject, the InvestEU instrument, a file to which “Romania will certainly bring its contribution, based on the experience of the past years and the pragmatism that we have shown many times.”

The goal is to gather within a single programme the various instruments currently available in order to support investment and job creation in the EU, in the context of the next Multiannual Financial Framework 2021-2027. There are currently 14 different instruments that contribute to supporting investment in the EU; the main instrument is the European Investment Fund (EIF) launched in July 2015 and extended in December 2017.

In June 2018, the European Commission proposed the creation of the InvestEU programme, in view of gathering various funds allocated from the EU budget in the form of loans and guarantees.

The European Economy and Finance Ministers will review the current negotiations to revise the existing architecture of the financial supervision. Following the discussion, the ECOFIN will have to decide whether the provisions on strengthening the supervision of anti-money laundering and terrorist financing activities should be separated from the rest of the European system revision.

In September 2017, the EU executive presented the proposals to improve the mandates, governance and funding of the three supervisory authorities of the Union.

The ministers will also debate the measures taken following the Euro Summit in December when Eurozone country leaders reached an agreement on the main features of the Economic and Monetary Union Reform.

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