Let me begin with the update I provided on Ukraine.
Since our last meeting, there have been some positive steps forward.
Very significant progress has been made on the Ukraine Support Loan.
Member States having now approved the MFF Regulation – the last outstanding legal act underpinning the Ukraine support package – and the Ukraine Financing Strategy.
The Commission is engaging with the Ukrainian authorities to finalise a Memorandum of Understanding setting out financing conditions.
This will enable first disbursements under the Macro Financial Assistance part of the Ukraine Support Loan.
We are coordinating this with the IMF to support Ukraine's reform momentum.
The Commission is also working with Ukraine to finalise the Loan Agreement, which must enter into force before disbursements can begin.
In other positive news, the EU has now adopted its 20th sanctions package.
It puts further pressure on key sectors which fuel Russia's war of aggression against Ukraine.
This is especially crucial at this juncture, given that Russia continues to benefit from surging energy prices.
We reaffirmed at today's meeting that sustaining and escalating pressure on the Russian aggressor remains as critical as ever.
Moving now to the Recovery and Resilience Facility.
Since our last meeting in March, the Commission has disbursed €3.5 billion to seven Member States and two further disbursements have taken place today: €1.3 billion to Slovakia and €4.6 billion to Germany.
This brings the total disbursements to an impressive €405 billion.
The Commission will continue to support Member States in the critical months ahead to ensure the RRF delivers on its full potential.
We must now remain fully focused on accelerating implementation on the ground.
In this context, I welcome today's endorsement of amendments to Denmark's streamlined recovery and resilience plan.
On the consequences of EU legislation, I would like to thank the Cypriot Presidency for following up the work of the Danish Presidency and presenting an updated overview of the administrative and adjustment costs from proposals currently under negotiation.
In this context, I presented the Commission's recently adopted Better Regulation Communication.
It sets out an ambitious strategy to modernise how EU rules are designed, implemented and enforced.
It includes a Regulatory Deep Cleaning Action Plan to improve regulatory effectiveness and efficiency in 12 key areas.
For instance, a regulatory deep cleaning of banking rules will simplify and streamline them, while advancing the Single Market in banking and preserving financial stability.
This will act to enhance the competitiveness of EU banks and the wider EU economy.
We are also setting out a more thorough pathway for urgent initiatives to help ensure their timely delivery, underpinned by robust analysis.
Importantly, the Communication underlines that better regulation principles should not only apply to the Commission and calls on the European Parliament and Council to assess substantial legislative amendments, based on a simple methodology.
Then we held a policy debate on the Markets Integration and Supervision Package.
It aims to remove barriers and unlock the full potential of the EU Single Market for financial services.
It has never been more important to take the necessary steps to ensure our Single Market delivers on its full potential, not least when it comes to capital markets.
There was broad acknowledgment from Ministers on the need to advance this agenda.
Now we must maintain speed and ambition.
Our competitiveness is at stake.
Then, the Commission welcomes the important step forward reached today in the fight against tax fraud.
For the moment, the European Public Prosecutor's Office and the European Anti-Fraud Office depend on repetitive bilateral exchanges with Member States to detect and investigate cross-border fraud.
Today's agreement grants them direct access to EU-level VAT information.
In doing so, it makes our fight against VAT fraud more efficient, effective and better coordinated.
Finally, I would like to extend my best wishes to Vice-President de Guindos as he is about to finalise his term at the ECB.
I am grateful for the very positive cooperation throughout his tenure, and earlier as Spain's Minister for the Economy.
