EU finance ministers have agreed on a package to link capital markets more closely and tighten oversight, Bulgaria's finance ministry said after an ECOFIN Council meeting in Luxembourg. The package is part of the Savings and Investments Union. See our original report: Finance minister Galab Donev to attend eurogroup and Ecofin meetings in Luxembourg.

The European Commission launched the Savings and Investments Union last year. It aims to send more household savings through capital markets into the real economy.

The ministry says Bulgaria's active role helped shape the method for setting contributions to the European Securities and Markets Authority (ESMA). The method greatly cuts the financial burden on national authorities. The ministers also agreed on how ESMA will be run, with a balance of powers between the Board of Supervisors and the new Executive Board.

Donev thanked the Irish presidency for its work on a compromise that also took Bulgaria's concerns into account.

The ministers also swapped views on the Commission's report on the competitiveness of the banking sector. Donev said the sector needs a full approach: common supervision rules, sound risk management, and attention to regulatory, technology, economic and market factors.

Bulgaria urged that the EU's bank resolution rules push banks to build up the means and readiness to act in a crisis. In Bulgaria's view, the tools for resolving banking groups must also work for their subsidiaries in host countries. On liquidity, Bulgaria said proposals to improve it must keep market confidence and help keep public finances neutral.

The ministers also discussed the economic and financial effects of Russia's aggression against Ukraine. The European Commission updated the Council on progress with recovery in Europe. The deadline for final payment requests expired on 30 September.

At the Eurogroup on 8 October, the ministers discussed preparations for international meetings, the latest economic trends, progress on the Savings and Investments Union, the efficiency of public finances and the impact of energy markets on the eurozone.

At the ECOFIN meeting on the European Semester, the ministers looked at the results of this year's cycle and ways to improve it.

The Council adopted recommendations to approve Czechia's revised medium-term fiscal-structural plan and to activate the derogation clause for Greece.

The presidency and the Commission reported on the meeting of G20 finance ministers and central bank governors on 31 August and 1 September. The Council approved the EU's mandate for the G20 and the Union's statement to the International Monetary and Financial Committee ahead of its meetings on 15 October.

The ministers also adopted conclusions on funding the fight against climate change, ahead of the UN COP31 conference, which will run from 9 to 20 November in Antalya, Turkey.