For the Eurogroup conference, the finance ministers of the nations that utilize the euro have convened in Brussels.
The preliminary budget plans of the participating nations’ governments and the euro area’s economic policy guidelines are among the topics that the Eurogroup is expected to debate.
“Our program is really extensive and packed. The EU’s financial policy regulations need to be changed, and as the chilly winter approaches, Ukraine needs immediate and broad support “Upon entering the meeting, Minister of Finance Annika Saarikko (center) made a statement.
For the coming year, Ukraine has been promised funds from the EU totaling 18 billion euros to cover expenses like salaries and pensions. Hungary, though, has declined to formally endorse the choice. All EU nations must vote in unison to approve financing.
The Economic and Financial Affairs Council meeting will take place tomorrow and will bring together the finance ministers of every EU nation. There, it will be decided whether to freeze Hungary’s receipt of 7.5 billion euros in EU cohesion assistance.
Hungary has not sufficiently corrected the situation of its rule of law, hence the EU Commission has advised freezing the funds.
According to several EU nations, the issue should be brought back to the Commission’s desk and a subsequent special meeting of ministers of state should be scheduled.
Finland is prepared for the commission to conduct additional investigations into Hungary’s acts, Saarikko said.
He claimed that Hungary is closely related to a number of EU economic policy challenges. In addition to providing financial aid to Ukraine, Hungary has obstructed the development of the global minimum community tax.
It is clear that money is needed.
Saarikko expressed his wish that Hungary will refrain from accepting assistance for Ukraine using its own cohesion and stimulus resources.
“I want to believe that Hungary is aware of how severe the situation in Ukraine is both from the standpoint of the war and from the standpoint of the fundamental duties of the state. Money is obviously needed.”
The aid package for Ukraine, according to Saarikko, cannot be put off indefinitely. He is pleased that the huge committee in Finland supported the proposal with unanimity.
Both in terms of form and scope, it is remarkable as a financing option.
The present chairman remains in office.
The Eurogroup chooses its chairman for the upcoming 2.5 years at the meeting. Due to the lack of further candidates, the current Chairman, Irish Chancellor of the Exchequer Paschal Donohoe, will remain in the role.
“My satisfaction with Paschal Donohoe’s work has been really high. I was willing to support this arrangement since I have found his leadership of the Eurogroup to be very constructive “said Saarikko.
He believes that Donohoe’s re-election is advantageous.