The Ministry plays a major role in European financial policy. It formulates and coordinates Germany’s positions on matters involving the budget and finances of the EU.
The EU finance ministers came together on 10–11 September 2021 in the vicinity of Ljubljana in Slovenia. Prior to the meeting, German Finance Minister Olaf Scholz reported that they would be focusing on emerging issues that are relevant for a strong and sovereign Europe. He announced that the finance ministers would be discussing new digital options in the financial sector. Other items on the agenda included the next steps in reforming international corporate taxation, economic growth following the coronavirus crisis and the transition to a carbon-neutral economy and society.
The EU ministers for economic and financial affairs came together for the Eurogroup and ECOFIN Council meetings in Brussels on 12–13 July. One topic on the agenda was the implementation of national recovery plans under the EU’s recovery fund, Next Generation EU. In addition, US Treasury Secretary Janet Yellen and her European colleagues discussed the euro’s international dimension and the next steps with regard to the global minimum tax.
Approximately 337 million people in 19 EU countries use the euro as legal tender. The single currency is the most far-reaching outcome of European integration to date and benefits citizens, companies and EU member states.
The single market of the European Union is the world’s strongest economic area. Not only are EU citizens free to travel, live, study, work and shop in any member state, they can also do business and invest anywhere they like in the European Union.
The banking union is creating a common market for banking services. The banking union protects taxpayers by means of a single European banking supervision system and – in the event of a crisis – a single bank resolution mechanism.
For more than 50 years, the European customs union’s standardised system for the trade in goods has been ensuring that goods can circulate freely within the EU.
The capital markets union will strengthen the European economy and promote capital market financing to complement bank-based loans. It is intended to deepen and expand the EU’s single market with regard to capital and financial services
