On 10 July 2026, the Economic and Financial Affairs Council adopted a regulation granting the European Public Prosecutor's Office (EPPO) and the European Anti-Fraud Office (OLAF) access to VAT information at EU level, and held a policy debate on the Market Integration and Supervision Package aimed at deepening capital markets. The meeting, whose draft minutes were published on 17 July 2026, also saw the adoption of multiple implementing decisions under the Recovery and Resilience Facility (RRF) and the approval of country-specific recommendations and excessive deficit procedure decisions.
The regulation on VAT information access, approved by Coreper on 1 July 2026, aims to enhance cross-border fraud detection by allowing EPPO and OLAF to query national VAT databases through a central electronic system. The policy debate on the Market Integration and Supervision Package covered a proposed directive and regulation on capital market integration and supervision, as well as a Settlement Finality Regulation, reflecting ongoing efforts to harmonise financial oversight and reduce fragmentation.
On the economic governance front, the Council adopted eight implementing decisions approving revised recovery and resilience plans for member states under the RRF, and endorsed integrated country-specific recommendations under Articles 121 and 148(4) TFEU. It also approved conclusions on the 2026 in-depth reviews under the macroeconomic imbalance procedure and adopted a Council decision and recommendation under the excessive deficit procedure (Article 126(6-7) TFEU).
Ministers exchanged views on the Presidency work programme, the economic and financial impact of Russia's war against Ukraine, and the implementation of the RRF. They also took note of convergence reports from the European Commission and the European Central Bank, and approved EU terms of reference for the G20 Finance Ministers and Central Bank Governors meeting scheduled for 31 August and 1 September 2026.
Stakeholder impact The regulation on VAT information access strengthens the investigative powers of EPPO and OLAF, potentially improving fraud detection and recovery of lost revenue for national budgets. For businesses, particularly those engaged in cross-border trade, the measure may increase compliance burdens as tax authorities gain broader access to transaction data. National tax administrations will need to ensure their IT systems can interface with the central query mechanism, requiring investment in digital infrastructure. The Market Integration and Supervision Package, if adopted, could reduce compliance costs for financial firms operating across borders but may also impose new supervisory requirements on smaller market participants.
Institutional follow-up The regulation on VAT information access will be published in the Official Journal and enter into force 20 days later. The Market Integration and Supervision Package now proceeds to the European Parliament for its first reading. The RRF implementing decisions and country-specific recommendations will guide national reforms and spending under the recovery facility. The Council's positions on the excessive deficit procedure and macroeconomic imbalances will inform the Commission's next steps in monitoring fiscal discipline.