The future of the Carbon Border Adjustment Mechanism (CBAM), the integration and supervision of European capital markets, and the economic consequences of the war in Ukraine are expected to feature prominently at the ECOFIN, which will take place in Luxembourg today, Friday.
The meeting will be chaired for the last time under the Cyprus Presidency by Cyprus Minister of Finance Makis Keravnos, while the European Commission will be represented by Commissioners Valdis Dombrovskis, Wopke Hoekstra and Maria Luís Albuquerque.
According to a senior EU diplomat ahead of the meeting, the Presidency will seek to reach a general approach on the amendment of the CBAM regulation as part of discussions on extending its scope and introducing new simplification measures.
At the same time, EU Finance Ministers are expected to hold a policy debate on the package concerning market integration and supervision. According to the diplomat, the Cyprus Presidency has prepared a steering document containing questions on the scope of direct supervision at the European level and on the future governance model of the European Securities and Markets Authority (ESMA).
More specifically, the Presidency will seek guidance on the extent of ESMA’s direct supervisory powers, the Authority’s future governance model, and the practical organisation of supervision, including the role of national competent authorities.
The agenda also includes the presentation by the European Commission of the 2026 European Semester Spring Package, which was adopted on 3 June and marks the beginning of the national phase of the EU’s annual economic coordination cycle.
In addition, ministers will discuss the economic impact of Russia’s war of aggression against Ukraine, based on a briefing by the European Commission.
(Source: CNA)
