The Economic and Financial Affairs Council (ECOFIN) of the European Union is scheduled to meet on 10 July 2026 in Brussels to adopt a series of legislative and non-legislative items, including capital market integration rules, economic governance decisions, and the 2026 European Semester package. The meeting, which will take place at the Europa building starting at 10:00, follows a Eurogroup session on 9 July and a breakfast with the President of the European Investment Bank and the Managing Director of the European Stability Mechanism.
Among the legislative deliberations open to the public, the Council will hold a policy debate on the market integration and supervision package, which comprises a Directive, a Regulation, and a Settlement Finality Regulation. These measures aim to deepen the EU's capital markets union by harmonising rules and strengthening supervisory coordination. The Council is expected to adopt the package, which has been under negotiation since the European Commission's proposal in 2024.
On the non-legislative side, the Council will hear a presentation of the Presidency's work programme and exchange views on the economic and financial impact of Russia's war against Ukraine. Ministers will also review the state of play of the Recovery and Resilience Facility (RRF) implementation and adopt Council Implementing Decisions under Article 20 of Regulation (EU) 2021/241, which may involve approving modifications to national recovery plans.
The European Semester 2026 will see the adoption of integrated country-specific recommendations under Articles 121 and 148(4) TFEU, as well as the approval of Council conclusions on the 2026 in-depth reviews under the macroeconomic imbalance procedure. These recommendations guide member states' fiscal and structural policies.
Under the reformed economic governance framework, the Council will adopt recommendations on medium-term fiscal-structural plans pursuant to Regulation (EU) 2024/1263, and a Council Decision and Recommendation under the excessive deficit procedure (Article 126(6-7) TFEU). This follows the entry into force of the new fiscal rules in 2024, which require member states to submit multi-year fiscal-structural plans.
Ministers will also exchange views on convergence reports from the European Commission and the European Central Bank, which assess non-euro area member states' progress toward adopting the euro. Additionally, the Council will approve the EU's terms of reference for the G20 meeting scheduled for 31 August–1 September 2026.
Under any other business, the Presidency will provide information on current financial services legislative proposals. The meeting will bring together finance ministers from all 27 EU member states, alongside representatives from the European Commission and the European Central Bank.
The 10 July ECOFIN meeting represents a significant step in advancing the EU's capital markets union and implementing the reformed economic governance framework, with implications for financial institutions, investors, and national governments. The adoption of country-specific recommendations will influence member states' budgetary and reform priorities for the coming year.