PES ECOFIN Ministers: A strong and resilient economy is Europe’s best answer to global challenges

Economy and Finance Ministers from the Party of European Socialists (PES) came together, ahead of the Economic and Financial Affairs Council (ECOFIN) to discuss key initiatives aimed at strengthening European economy and sovereignty. These initiatives focused on several key areas: the Saving and Investment Union, security and defense spending, strengthening the single market both within the EU and externally, and a dedicated session on tackling tax fraud, evasion, and avoidance.

Lars Klingbeil, Federal Minister of Finance of Germany and chair of the meeting, said:

"We want Europe to be economically strong, strategically sovereign and socially fair. Europe must advance faster: mobilising investment, reinforcing the international role of the euro, and deepening the Single Market are essential steps. Competitiveness must be built on fairness; we must strengthen our efforts to combat tax evasion, fraud, and avoidance. This is fundamental to protecting public services, social cohesion, and trust in our democracies."

The ministers urged progress on the Savings and Investments Union, and discussed the supplementarypension package and how to revitalise the European Personal Pension Product.

To strengthen EU role in the world, the meeting underlined the importance of reinforcing the international role of the euro, including the necessity to issuing of the digital euro as soon as possible.

Ministers also stressed the need to strengthen global trade partnerships, in particular for critical raw materials, as a key driver of Europe's prosperity, technological leadership and resilience.

PES ECOFIN ministerial meeting, 17 April 2026

They discussed the E6 initiative, as a starting impetus to strengthen European sovereignty and economic resilience in these domains.

Ministers also engaged in a focused discussion on how to step up the fight against tax fraud, tax evasion, and tax avoidance. They reaffirmed that fair taxation remains a core political priority for the progressive family. While acknowledging ongoing EU efforts to streamline tax legislation and reduce administrative burdens, they made clear that simplification must not dilute essential safeguards or weakening action against aggressive tax planning and harmful tax competition. Moreover, they underlined the necessity to modernize the EU tax framework addressing tax fraud, evasion, and avoidance in the context of today's dynamic economy.

On the guidelines for the 2027 EU budget ministers stressed the need to modernise the budget, and strengthening sustainable competitiveness and European resilience.

Looking at the European Semester 2026 and recommendation on the economic policy of the euro area, ministers stressed the importance of effective policy coordination, strengthening Europe's resilience and sustainable competitiveness.

They also underlined the need for closer cooperation and coordination of security and defence spending at European level, ensuring that increased efforts to strengthen Europe's security capabilities and innovation. In this context, ministers referred to the broader debate on Europe's security architecture, including discussions at the Munich Security Conference. They highlighted the importance of reinforcing Europe's capacity to act in an increasingly uncertain geopolitical environment.

As the fourth anniversary of Russia's full-scale invasion of Ukraine approaches, PES ministers reiterated Europe's unwavering commitment to Ukraine, emphasizing that the EU must play a central and constructive role in ongoing and future peace efforts. Ministers praised the solution found in relation to the support loan, underlining that the European Union and its Member States must continue to stand firm and sustain political, financial, and economic support, particularly in view of growing reconstruction needs.

Participants' list:

• Lars Klingbeil - Chair, Federal Minister of Finance (Germany)
• Markus Marterbauer - Federal Minister of Finance (Austria)
• Kristupas Vaitiekūnas - Minister of Finance (Lithuania)
• Carlos Cuerpo - Minister of Economy, Trade and Business (Spain)
• Teresa Ribera - Executive Vice-President for Clean, Just and Competitive Transition (EC)
• Vincent Bocquillon - Deputy Secretary General (S&D)
• Yonnec Polet - Deputy Secretary General (PES)