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Important decisions taken at the EU ministerial meeting: But the global minimum tax has failed so far

Bruno Le Maire, the French finance minister who holds the council presidency, said at a press conference after the ministerial meeting in Luxembourg that negotiators had made progress on the minimum tax, despite the failure. He said he remains optimistic that member states may soon find a solution to the minimum taxes to be introduced on January 1.

Finance Minister Mihaly Varga It was announced at the meeting that the Hungarian government does not support the adoption of the relevant EU directiveBecause introducing a global minimum tax would mean tax increases, loss of competitiveness and job loss. “Hungary does not believe that when energy prices go up, when the burden on families increases, when the number of challenges for businesses increases, that action can be taken,” he said.

According to Le Maire Finance ministers agreed to allow Croatia to adopt the euro from January 1 On the proposal of the European Commission and the European Central Bank. This process will culminate in the adoption by the Council of the European Union, after consultation with the European Parliament and the European Central Bank, of the three legislation needed to introduce the euro in Croatia in July. In addition, the exchange rate at which the kuna will be converted into euros will be determined on January 1, 2023.

In July 2020, the European Central Bank (ECB) included the Croatian currency in the ERM-2 exchange rate mechanism, which is considered the “Eurozone Arena”. The eurozone, which currently includes 19 countries, was expanded in 2015, when the euro was introduced in Lithuania.

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As Bruno Le Maire mentioned it Ministers approved the European Commission’s assessment of Poland’s national plan. He said the financing would allow Poland to promote economic recovery and finance a green and digital transformation.

Poland plans to spend 42.7% of its total €35.4 billion budget on measures to support climate policy goals. The plan includes significant funding for offshore wind farms and major changes to the regulatory framework to facilitate the establishment of offshore and onshore wind farms. The implementation of the plan is also expected to support the renovation of buildings for energy efficiency, the modernization of rail and bus transportation, the improvement of road transport, and the development of green hydrogen technologies.

Poland plans to spend 21.3 percent of its total budget on measures to support digital transformation. This includes investments in universal access to high-speed internet, digitization of public services, modernization of IT equipment in schools, development of digital skills and cybersecurity.

Cover Photo: Getty Images