--- source: European Commission / EU Council url: https://ec.europa.eu/commission/presscorner/detail/en/statement_26_586 document_type: press_statement date_retrieved: 2026-03-10 meeting_date: 2026-03-10 period: March 10, 2026 parent_publication: Economic and Financial Affairs Council (ECOFIN) Meeting presidency: Cyprus (Makis Keravnos, Finance Minister) document_title: Remarks by Commissioner Dombrovskis at the ECOFIN press conference --- # Economic and Financial Affairs Council (ECOFIN) Meeting ## Brussels, 10 March 2026 **Meeting Chair:** Makis Keravnos, Finance Minister, Cyprus (EU Presidency) **European Commission Representative:** Valdis Dombrovskis, Vice-President **Location:** Brussels, Belgium --- ## COMMISSION STATEMENT BY VALDIS DOMBROVSKIS ### Ukraine Support and Financing Thank you, Minister, for this introduction. Good afternoon, everyone. Let me begin with our regular update on Ukraine. We remain as determined as ever to support Ukraine and exert maximum pressure on Russia. Since our last meeting, two pieces of the Ukraine Support Loan legislative package have entered into force, namely the Ukraine Support Loan Regulation and the amendment to the Ukraine Facility Regulation. At the same time, we are working with the Ukrainian authorities to finalise its Financial Strategy and the Memorandum of Understanding setting out the conditions for Ukraine to receive the loan. This will facilitate a disbursement taking place once the legislative process has been concluded. There was broad agreement among Member States on the urgent need to move forward with the Ukraine Support Loan, and we expect all leaders to honour their commitments. We also have some good news from the IMF where the IMF's Board approved a new programme for Ukraine. This will provide crucial financing to support macroeconomic stability and the implementation of structural reforms. We will work together with the IMF on Ukraine's reform agenda, combining our efforts to help build a more resilient economy and integrate it into our Single Market. **Ukraine's international partners still have a crucial role to play, given that the EU's financial support covers around two thirds of the country's urgent financing needs.** That's why we continue our engagement with other supporters of Ukraine ahead of the IMF and World Bank spring meetings. At the same time, we are closely monitoring the impact of developments in the Middle East on Ukraine and also on Russia's oil and gas revenues. ### Recovery and Resilience Facility (RRF) Update Moving to the Recovery and Resilience Facility, where I provided the regular update. **Total disbursements now stand at €395.5 billion.** The deadline for the implementation of all milestones and targets is the 31st of August. So, as we rapidly approach the finish line, Member States should fully focus on accelerating implementation on the ground. To that end, I welcome today's endorsement of amendments to Estonia's recovery and resilience plan to reduce administrative burdens. The Commission will continue to support Member States in the challenging months ahead to ensure the RRF delivers on its full potential. ### Capital Markets and Market Integration Then we held a constructive exchange on the Commission's proposals for a market integration and supervision package. This package is a central component of the Savings and Investments Union strategy. More integrated capital markets are essential for channelling investment towards the achievement of our strategic priorities, such as enhancing our competitiveness. Our proposals are designed to remove barriers and unlock the full potential of the EU single market for financial services. ### Fiscal Plans and Economic Governance Finally, the Commission welcomes the Council's endorsement of Ireland's revised medium-term fiscal-structural plan. The Commission will present its assessment of all Member States' compliance with recommended maximum net expenditure growth rates in 2025 in the European Semester Spring Package. I will stop here. Thank you. --- ## CYPRUS PRESIDENCY STATEMENT **Makis Keravnos, Cyprus Finance Minister and ECOFIN President**, addressed the meeting with the following key points: ### Regional Stability and Cyprus Cyprus remains safe and open despite the ongoing regional conflict involving Iran and Middle East tensions. The Cyprus presidency emphasized **normality and stability** in Cyprus despite indirect involvement in geopolitical developments. ### Energy Security and European Solidarity **Key focus areas on energy resilience:** - Discussion of energy price surges and inflation impacts on EU competitiveness and industry - **Electricity interconnections:** 25 of 27 EU Member States are already linked via interconnection networks - Emphasis on strengthening European energy market resilience through infrastructure - Deep appreciation expressed for solidarity from **Greece, France, Italy, Spain, and the Netherlands** ### EU Competitiveness and Economic Recovery The Council held exchanges on: - EU competitiveness roadmap: boosting productivity, innovation, reducing regulations, mobilizing investment - Sustainable public finances, growth, investment, and job creation - Fiscal sustainability across Member States - Member States' 2025 expenditure growth rate assessments --- ## MEETING OUTCOMES AND DECISIONS ### Endorsed Measures 1. **Ukraine Support Loan:** Broad agreement among Member States on the urgent need to move forward; commitment to finalize Financial Strategy and Memorandum of Understanding 2. **Recovery and Resilience Facility:** - Total disbursements: **€395.5 billion** - Implementation deadline: **31 August 2026** - **Endorsed:** Estonia's plan amendments to reduce administrative burdens - Council urged Member States to accelerate implementation 3. **Market Integration and Supervision Package:** Council held constructive exchange on proposals; package is central to Savings and Investments Union strategy 4. **Fiscal Plans:** Endorsed Ireland's revised medium-term fiscal-structural plan; Commission to assess Member States' compliance with 2025 expenditure growth rates in Spring Package 5. **Economic Governance:** Discussion of EU competitiveness roadmap and sustainable public finances --- ## KEY FIGURES AND AMOUNTS | Item | Amount | Status | |------|--------|--------| | **Ukraine Support Loan** | €90 billion | Pending final legislative approval; broad Member State agreement | | **RRF Total Disbursements** | €395.5 billion | Achieved as of 10 March 2026 | | **RRF Implementation Deadline** | 31 August 2026 | All milestones and targets | | **EU Financial Support (Ukraine)** | ~2/3 of urgent financing needs | Ongoing commitment | --- ## AGENDA ITEMS ADDRESSED - Ukraine financing and support strategy - Recovery and Resilience Facility implementation acceleration - Capital markets integration and supervision proposals - Energy security and market resilience in context of geopolitical developments - Fiscal compliance and European Semester assessments - EU competitiveness initiatives - Regional stability (Cyprus, Middle East, Iran developments) - Electricity interconnections and energy infrastructure --- ## CONTEXT: GEOPOLITICAL FACTORS DISCUSSED The Council held **extensive exchanges** on the following: - **Iran war impacts:** Energy price surges, inflation, industry competitiveness - **Middle East conflict economic implications:** Regional economic disruptions and EU resilience - **Russia's oil and gas revenues:** Impact of Middle East developments on Russia and Ukraine - **Cyprus regional position:** Reassurance of stability amid regional tensions --- ## NEXT STEPS - **Commission:** Present Spring Package assessment of Member States' 2025 expenditure compliance - **Member States:** Accelerate RRF implementation ahead of 31 August 2026 deadline - **Ukraine authorities + EU Commission:** Finalize Financial Strategy and Memorandum of Understanding for loan disbursement - **EU + IMF + World Bank:** Continued engagement with other Ukraine supporters ahead of spring meetings - **All EU leaders:** Honour commitments to Ukraine Support Loan --- ## DOCUMENT NOTES - This document comprises the official statement by Commissioner Valdis Dombrovskis delivered at the post-ECOFIN press conference on 10 March 2026 - Meeting outcomes reflect consensus positions endorsed by the Council of Ministers - Cyprus presidency managed discussions on geopolitical impacts and regional stability - Document sourced from European Commission Press Corner (Statement 26/586) and Mirage News official reproduction - All figures and commitments represent official EU Council and Commission positions as of 10 March 2026