European Council and Euro Summit focus on spurring economic recovery
On the second day of their meeting in Brussels on 25 June, the EU leaders focused on economic issues. Economic stimulus measures and the completion of the Banking Union were on the agenda.
The European Council welcomed the swift progress in making use of the Next Generation EU instrument, which is aimed at economic recovery. The EU leaders called on the European Commission and the Council to promote the adoption of national recovery and resilience plans to enable Member States to use the recovery funding quickly and to its full potential. The projects support the Union’s green and digital transitions, which is important to Finland. The European Commission is expected to approve Finland’s plan in early autumn.
The Euro Summit noted that the actions of the Union and Member States have prepared the ground for a robust, inclusive and sustainable recovery from the COVID-19 crisis. The EU leaders also welcomed the close coordination of fiscal policies in the euro area. Its objective is to firmly establish the recovery and to prevent protracted adverse effects of the pandemic.
The Euro Summit reiterated its full commitment to the completion of the Banking Union and invited the Eurogroup to agree on a working plan on all the outstanding issues needed to complete the Banking Union.
The Euro Summit underlined its political support for the Capital Markets Union (CMU) and called for a rapid implementation of the CMU Action Plan. The meeting noted that the structural challenges to the integration and development of capital markets, particularly in targeted areas of corporate insolvency laws, need to be identified and addressed. Green finance, including a green bond standard, can be a catalyst towards a full-fledged CMU.
Inquiries: Jari Luoto, State Under-Secretary for European Affairs, tel. +358 50 468 5949, Tuulia Pitkänen, Special Adviser (EU Affairs), tel. +358 295 160 231, and Anne Sjöholm, Head of Communications for EU Affairs, tel. +358 40 537 0733, Prime Minister’s Office