The summit begins Ekofin This turns Santiago de Compostela into the world economic capital. Three main themes focus on the meetings at the summit, which comes together this Friday: Delegations from 60 countries representing 21% of global GDP: Deepening alliances between Europe and Europe Latin America strengthening the capacity of multilateral financial institutions and development banks to act (by hosting the first meeting of European finance ministers with their Latin American and Caribbean counterparts), and New tax rules in the European Union (EU). First vice president and acting Minister of Economy, Nadia Calvino, He welcomed the Eurogroup meeting taking place this Friday, emphasizing the historic nature of an event attended by Economy and Finance Ministers from both sides of the Atlantic.
Calviño emphasized the importance of European investments in Latin America: 20 times what you do Chinese in that area. This morning’s Eurogroup meeting will be followed by a meeting between European, Latin American and Caribbean finance ministers, where the $45 billion investment initiative that the EU has committed to in the region will be discussed, as well as a program consisting of nine projects. Global Gateway Initiative European Union.
This represents a 20% increase compared to the average EU investment and Positions Brussels as the first investor in South AmericaWith investments representing 20 times Beijing’s investment. The aim of this Friday’s meeting is to approve the following nine iconic projects: protection of the amazon, Sustainable mining in MexicoHE Sustainable transportation in Costa Rica or Bogota metro line 2. “These are investments in green and digital infrastructures that are key to promoting sustainable development in Latin America and the Caribbean,” Calviño said.
The second issue to be discussed this Friday will aim to strengthen the capacity of multilateral financial institutions and development banks to take action. “Approximately How can we strengthen our safety net and global financial stability? with the presence of the main multilateral financial institutions,” Calviño explained.
Tax change in the EU
This Saturday, a breakfast will be held between EU ministers where the most important issue during the meeting will be discussed. Adoption of new tax rules in the EU. In this context, Calviño will review the current status of the file on fiscal rules. confidence in zooming positions between different Member States. To this end, he is counting on Spain’s leadership during these negotiations, as it “has the largest growth forecast of the European economy” for both the rest of the year and the next academic year.
In addition to this point, this Saturday the economic situation and prospects will be reviewed, including the first intervention of the Eurogroup president, who will summarize the discussion that will take place the previous day. Eurogroup – also in Santiago –. There will be an “information point” regarding presidential candidates European Investment Bank (EIB), Calviño’s preferred position.
Regarding this candidacy EIBCalvino thought about this This issue will not be discussed at the summit. However, she stated that if she is elected, she will be the first woman to head this very important organization and that she thinks it will gain even more importance in the coming years. But following the intervention of his Spanish counterpart, both the Belgian minister, the current head of the EU investment arm’s Council of Governors, and the French and German ministers were forced to avoid the selection process during the summit, due to the unexpected presence of Margrethe Vestager, another of the candidates, the European Commission vice-president. He said that relevant informal discussions will be held.
Since the final point of the Ecofin session this Saturday concerns a discussion on economic security and European public goods, topics that recur at such meetings, such as the taxation of multinational companies, will this time be excluded from the discussions.