The Ekofin Summit will transform Santiago de Compostela into a focal point of global finance as delegates from around the world converge for a pivotal meeting this Friday. The gathering brings together representatives from 60 countries, accounting for about 21 percent of global GDP, to discuss three core themes: deepening Europe–Latin America ties, strengthening the capacity of multilateral financial institutions and development banks to act, and laying out new tax rules within the European Union. Nadia Calviño, the first vice president and acting economy minister, welcomed the Eurogroup gathering, underscoring its historic scope and the participation of finance ministers from both sides of the Atlantic. (Source: European Union)
Calviño highlighted the significance of European investments in Latin America, noting that European activity in the region dwarfs other players. After this morning’s Eurogroup session, ministers from Europe, Latin America, and the Caribbean will meet to discuss the EU’s commitment of $45 billion to the region and a program comprising nine high-impact projects under the Global Gateway Initiative. (Source: European Union)
The proposed investments would position the European Union as a leading investor in South America, with claimed figures indicating Europe’s investment footprint surpasses other nations in the region. The aim of Friday’s talks is to approve nine flagship projects, including measures to protect the Amazon, promote sustainable mining in Latin America, and advance green and digital infrastructure such as a sustainable transport network and the Bogota metro line 2. Calviño described these initiatives as crucial for sustainable development in Latin America and the Caribbean. (Source: European Union)
A second major topic on Friday will focus on boosting the capacity of multilateral financial institutions and development banks to respond effectively to global needs. Calviño outlined plans to strengthen safety nets and financial stability with the involvement of leading multilateral organizations. (Source: European Union)
Tax changes in the EU
On Saturday, EU ministers will gather for a working breakfast where the central issue will be the adoption of new EU tax rules. Calviño will review the current status of fiscal policy discussions and the alignment of positions across Member States, with Spain seen as providing leadership due to its strong growth outlook for the current year and the coming academic year. (Source: European Union)
In addition, the economic situation and future prospects will be assessed, including the first remarks from the Eurogroup president summarizing the discussions from the previous day. An information session will also address the European Investment Bank (EIB) candidacy favored by Calviño. (Source: European Union)
Regarding the EIB leadership candidacy, Calviño suggested that the topic would not be resolved during the summit itself. If elected, she would be the first woman to head the organization, a development she believes would strengthen the EIB’s influence in the coming years. Following input from the Spanish counterpart and other ministers, informal talks were expected to continue outside formal sessions. (Source: European Union)
As the Ecofin session concludes on Saturday, the agenda is set to include discussions on economic security and European public goods, with multinational taxation issues likely to be considered separately in future fora. (Source: European Union)