Ecofin approves recovery plans and discusses market integration

On Friday, the Ecofin Council in Brussels approved revised recovery and resilience plans for Cyprus, Lithuania, Finland, Luxembourg, Germany, Latvia, Slovenia, and the Netherlands. Additionally, the council approved a new €10 billion recovery plan for Hungary. During the meeting, finance ministers discussed the Irish EU presidency's goal to secure a negotiating mandate by the October council regarding the market integration and supervision package. Cypriot Finance Minister Makis Keravnos expressed support for this initiative, noting that progress during the previous Cypriot presidency provides a foundation for current negotiations. Irish Finance Minister Simon Harris emphasized that the presidency's priorities focus on competitiveness, security, and unity. The ministers reached a unanimous commitment to pursue a quality and balanced compromise on the market package. Technical teams have been instructed to accelerate work on the package in the coming months.