Valdis Dombrovskis

Money Moves

Rejected Italy's and Greece's requests for further energy budget relief on October 8

On 28 October the cabinet approved a €26bn budget for 2027, which Rome says is about €2.5bn more than planned because Brussels allowed extra energy spending. Italy will pay for part of it with higher taxes on banks, insurers, energy firms and gambling operators. Banks' corporate tax (IRES) rises to 30.5%, and the deficit is projected at 3.4% of GDP in 2027.

Updated Oct 29

Money Moves

As of May 2026: Managing EU economic policy and Ukraine financing

The European Union approved a €90 billion loan package for Ukraine on February 4, 2026—the largest single financial commitment in the bloc's history to a non-member state. Two-thirds of the money, €60 billion, will purchase weapons and ammunition; the remaining €30 billion covers government operations. Ukraine will only repay the loan if Russia agrees to war reparations, meaning the EU expects to carry this debt indefinitely.

Updated May 27

Rule Changes

As of May 2026: Defending the EU’s legal architecture for immobilised assets and Ukraine funding

Russia's central bank sued Euroclear in Moscow on December 12, seeking €193.7 billion in damages. Six days later the plan that triggered the lawsuit—using frozen reserves to back Ukraine loans—collapsed at the European Council. Belgium refused the legal risk; the EU pivoted to a €90 billion conventional loan backed by its own budget instead.

Updated May 15