Neale Richmond (Dublin Rathdown, Fine Gael)
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113. To ask the Minister for Finance if he will report back from the informal Economic and Financial Affairs Council configuration in Prague; and if he will make a statement on the matter. [46249/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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I attended the scheduled Informal Meeting of Economic and Finance Ministers on the 9 and 10 September 2022 in Prague hosted by the Czech Presidency. The Presidency of the Council of the European Union rotates among member states every six months and each presidency hosts one of these informal meetings. Informal meetings are designed to allow participants discuss items of topical or potential interest with a view to possible orientation for future work.

I was accompanied to the event by the Governor of the Central Bank of Ireland who attended the Friday Working Session.

At the Ministerial lunchmeeting we discussed Russia’s war of aggression against Ukraine and Ukraine’s ongoing financial needs. The discussion focused on the role of the EU and its contributions to Ukraine’s short and long-term financing needs. The discussion also encouraged international partners to continue providing support to Ukraine, so that macroeconomic stability is maintained and economic activity continues where possible.

During the first working sessionMinisters and Central Bank Governors also discussed Russia’s war of aggression against Ukraine and discussed the economic and financial consequences for Europe as well as measures aimed at mitigating the impact of the energy crisis and an exchange of views on possible coordination at the EU level. Ministers stressed the need for co-ordination, and the importance employing targeted, temporary, income measures where possible.

In Working Session IIMinisters exchanged views on how to ensure long-term fiscal sustainability in the EU, as well as possible reform of the economic governance framework and the fiscal rules.

Finally, during Working Session III,Ministers discussed harmonisation in the area of direct taxation within the EU. This session looked at the framework for direct taxation within the EU in general and possible future development in the area of direct taxation within the EU.