Economic and Financial Affairs Council

Main results

Infographic – Recovery fund: the EU delivers
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Ministers focused on the economic recovery. They adopted the first set of Council implementing decisions on the approval of 12 national recovery and resilience plans.

Austria, Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Luxembourg, Portugal, Slovakia and Spain can now sign grant and loan agreements and start receiving funds from the EU’s Recovery and Resilience Facility.

Ministers also exchanged views on the further implementation of the Recovery and Resilience Facility. The Facility will make available a total of €672.5 billion in grants and loans for reforms and investments in member states. The use of funds will boost the recovery after the COVID-19 pandemic and support the EU’s climate transition and digital transformation.

Today we have excellent news for the Europe’s recovery. We approved the first set of implementing decisions on national recovery and resilience plans. 12 member states can now sign the financing agreements and get the funds to power the recovery. By focusing our reforms and investments on green and digital targets, we can emerge from the crisis stronger. This is an unprecedented opportunity to reshape our economy and make it more resilient for the future.

Andrej Šircelj, Slovenia’s Minister for Finance

European Semester

Ministers approved conclusions on the 2021 in-depth reviews for 12 member states in the context of the European Semester. The reviews are part of the macroeconomic imbalances procedure and build on the alert mechanism report for 2021.

Other business

The Slovenian presidency presented its work programme in the field of economy and finance for July-December 2021. Ministers held a general discussion on the recent EU sustainable finance strategy and the proposal for an EU green bond standard. The presidency also presented the state of play of the financial services legislative proposals.

Ministers were informed of the outcomes of the G20 finance ministers and the Central Bank governors meeting of 9-10 July 2021.

Compliments of the European Commission.