Estonian govt supports creation of budgetary instrument for euro area within EU budget

TALLINN - The Estonian government at a meeting on Thursday endorsed at the proposal of Minister of Finance Martin Helme positions whereby Estonia supports the creation of a budgetary instrument for the euro area within the budget of the European Union in line with the Union's long-term budgetary possibilities.

Estonia also attaches great importance to the correct and duly transposition of the directives on anti-money laundering, which is crucial to ensure efficient and uniform implementation of the framework in member states, spokespeople for the government said.

The minister introduced to the government on Thursday Estonia's positions to be presented at the Eurogroup meeting on Oct. 9 and at the meeting of the Economic and Financial Affairs Council (ECOFIN) on Oct 10. 

The Eurogroup in inclusive format will focus on the euro area budgetary instrument for convergence and competitiveness. The objective of the meeting is to reach an agreement in principle in terms of management and distribution of the instrument as well as of establishing a rate for state co-financing depending on the economic situation or other aspects. 

The Economic and Financial Affairs Council will adopt a recommendation on the appointment of a member of the European Central Bank (ECB) executive board and prepare upcoming international G20 and IMF meetings in Washington on Oct. 17 to 19.

The Council will also receive a presentation by the European Court of Auditors of its annual report on the implementation of the EU budget for 2018 and the chair of the Wise Persons' Group on the European financial architecture for development will present its report on how to maximize added value. The Council will also discuss the progress achieved in the implementation of the anti-money laundering action plan adopted in December 2018. It will also consider the future strategic priorities in the area.