In the fight against fraud, ECOFIN is considering giving the EPPO and OLAF access to VAT information at EU level
On 4-5 May, Minister of Finance Kristupas Vaitiekūnas will attend the meetings of the Council of Ministers of Economic and Financial Affairs of the European Union (ECOFIN) and the Eurogroup (EG) in Brussels to discuss the cooperation between responsible authorities and Member States in ensuring direct access to VAT data across the EU, thus reducing the possibilities of fraud. The meetings will also discuss the Market Integration and Supervision Package, which aims to remove obstacles to the cross-border activities of capital market participants, will feature the impact of the Middle East crisis on the EU economy and countermeasures to be applied, and will consider the next steps to start disbursing a EUR 90 billion EU support loan for Ukraine.
“Although we have many extraordinary challenges for our economy in the current geopolitical context, however we must not forget the daily objectives – fight against fraud, tax evasion is one of them. Therefore, Lithuania supports the proposals granting the European Public Prosecutor's Office (EPPO) and the European Anti-Fraud Office (OLAF) the right to direct and centralised access to VAT data across the European Union. We hope that this will be one of the effective ways in the fight against international fraud and additional protection of the financial interests of the European Union”, Minister of Finance Kristupas Vaitiekūnas said before his visit to Brussels.
EU ministers of finance will also exchange views on the agreement reached on a EUR 90 billion EU support loan for Ukraine in 2026-2027 and the Council Implementing Decision approving assistance to Ukraine in implementing the Ukrainian Financing Strategy.
“The most important thing now is to finalise as soon as possible the remaining preparatory steps that would allow the loan funds to be disbursed to Ukraine as soon as possible. We cannot waste time, as Ukraine urgently needs budgetary and military assistance to withstand Russia's brutal attacks on energy infrastructure and civilians. We also expect a return to the discussion on Russia's immobilized assets in the near future, as Ukraine will need additional military and financial support also beyond 2027”, K. Vaitiekūnas stressed.
At the ECOFIN meeting, ministers of finance will also discuss the Market Integration and Supervision Package presented by the European Commission (EC) at the end of 2025, which aims to enable market participants to operate more smoothly in all Member States, benefit from economies of scale, introduce new technologies, and ensure an effective and more harmonised supervisory framework, thus contributing to the creation of the Capital Markets Union. This meeting will discuss granting of additional powers to the European Securities and Markets Authority (ESMA) by conferring to it direct supervisory functions in respect of the largest and most significant market infrastructures and service providers operating on a cross-border basis, including significant trading venues, central counterparties, central securities depositories, and all crypto asset service providers. Changes in ESMA’s governance, decision-making procedures, the role of national supervisors in ESMA’s governance and funding aspects will also be considered.
The meeting will also discuss the EU's legislative costs, the adoption of the revised Denmark's Recovery and Resilience Plan (RRP), and the outcome of the G20 Finance Ministers and Central Bank Governors and International Monetary Fund (IMF) spring meetings held in April.At the Eurogroup meeting, ministers will discuss the state of play of the Banking Union, including possible risks for the EU banking sector, as well as cross-border banking consolidation in the EU and the impact on competitiveness. The meeting will also address the impact of the Middle East crisis on the EU economy and the countermeasures to be applied in the context of high energy prices. Representatives of the International Monetary Fund will also share their insights on this topic.
Ministers of finance in Brussels will also take note of the report "FIVE - Financing Innovative Ventures in Europe" by Dr. Jörg Kukies and Christian Noyer and recommendations on how to address the financing challenge for European innovative businesses and reduce the financing gap for high-growth companies, also will discuss the progress achieved in digital finance and possible next steps.