The Luxembourg Ministry of Finance reported that Finance Minister Gilles Roth welcomed the Ecofin Council’s political agreement to deepen European financial market integration. Roth presented the compromise as a step toward a Savings and Investments Union that balances greater integration with the competitiveness, agility and distinct characteristics of Europe’s financial markets. At the related Eurogroup meeting, eurozone finance ministers reviewed progress on the Capital Markets Union, drawing on the European Commission’s assessment and national and regional initiatives. They also discussed improving the quality and efficiency of public finances while preserving fiscal sustainability, as well as the macroeconomic and structural implications of energy market developments. Ecofin additionally addressed European banking sector competitiveness, implementation of the Recovery and Resilience Facility and the economic and financial consequences of Russia’s aggression against Ukraine.

Original source