The agenda of the Council of Finance Ministers of the "27" (ECOFIN) was presented by the chairman of the body, Minister of Finance Makis Keravnos upon his arrival at the meeting in Brussels.
Speaking on the morning of Tuesday, 17 February, he said that "every initiative that is towards acceleration of the process is welcome," noting, however, regarding the 'E6' initiative that "the European Union does not need any more fragmentation," but I think it is time to accelerate the process of variables, especially for the Savings and Investments Union.
Regarding the agenda, the Minister pointed out that at the established working breakfast, with all Ministers present, there will be a briefing by the head of the Eurogroup on Monday's meeting, while during the formal meeting, the Ministers are expected to discuss "the proposed supplementary pension package, which is one of the very crucial elements of the Savings and Investments Union". Afterwards, there will be an update on financial support to Ukraine, following the leaders' recent decision on the €90 billion.
On the agenda, according to Keravnos, is the adoption of the conclusions of the 2026 European Semester, while they will also adopt the guidelines for the 2027 budget, which, as the Minister pointed out, is the last of the current MFF. In addition, certain amendments to the Recovery and Resilience Mechanism will be discussed, while from the discussions, the Minister expects "the reactivation of the escape clause for Austria."
Asked about the initiative of the six largest EU economies, also known as the 'E6', Keravnos said that "any initiative aimed at accelerating the process is welcome. And, of course, we always have in mind that the EU does not need any more fragmentation, but I think it is time to accelerate the whole process, especially regarding the Savings and Investments Union."
Asked about the reform of financial market integration - the proposal to centralise financial supervision in the European Securities and Markets Authority (ESMA) - to what extent are member states reacting and whether consensus is possible, the Minister said that "in general, there is convergence on supervision. I think there is more room for more discussions."
Arrival and doorstep by Makis #Keravnos @cy2026eu, Minister of Finance of #Cyprus, at the Economic and Financial Affairs Council #ECOFIN taking place on 17 February 2026 in #Brussels.https://t.co/xQCLV3IB0O
— EU Council Newsroom (@EUCouncilTVNews) February 17, 2026
(Sources: InBusinessNews, X)
