European Council discussed economic issues
EU leaders discussed economic issues on 24 June, the second day of the European Council meeting. They also met for a Euro Summit.
The European Council endorsed the country-specific recommendations for the European Semester. This means that the 2022 European Semester process can now be concluded. The European Semester is an annual process in which the EU coordinates and monitors economic policy.
Russia is weaponising gas deliveries in its war against Ukraine, driving energy prices and inflation higher in Europe, too. The European Council invited the Commission to pursue with the EU’s international partners the efforts to secure energy supply at affordable prices.
The European Council welcomed the fulfilment by Croatia of all the convergence criteria as set out in the Treaty. It endorsed the European Commission’s proposal that Croatia adopt the euro on 1 January 2023 and invited the Council of the European Union to adopt the relevant Commission proposals without delay.
At the Euro Summit, the EU leaders discussed the current economic situation in Europe and progress with the Banking Union and the Capital Markets Union.
The EU leaders welcomed the Eurogroup statement on the future of the Banking Union. The Eurogroup states that, as an immediate step, work on the Banking Union should focus on strengthening the common framework for bank crisis management and national deposit guarantee schemes. The Euro Summit called for stepping up efforts in deepening the Capital Markets Union. The EU leaders welcomed the progress in the drafting of legislation that aims to promote long-term investment in the European Union, to adjust the provisions on the financial soundness of the banking and insurance sectors, to protect financial transactions against cybercrime and other crime threats, to regulate digital financing and to prevent money laundering.
Inquiries: Jari Luoto, State Under-Secretary for European Affairs, tel. +358 50 468 5949, Tuulia Pitkänen, Special Adviser to the Prime Minister (Political Affairs), tel. +358 41 501 3092 and Satu Keskinen, State Under-Secretary for EU Affairs, tel. +358 295 160 302, Prime Minister’s Office.