Malta’s Minister for Finance Edward Scicluna is also the incoming President of the Economic and Financial Affairs Council (ECOFIN). He explains what the Ecofin Council, made up of the economics and finance ministers from all 28 member states, discusses when it comes to policies that impact their respective economies.
“We look at things which effect us more on the Euro and on public finances and and all the directives and legislation – although those are background features. So this peer review so to speak about what’s happening in every country is there as background reading – we go prepared with it but you don’t discuss it. You don’t interfere in another country’s policy. You let them do. However the result must show. And if they don’t show then you get sanctioned or told off, or named so to speak, you know in various ways, especially with the two- and six-pack. You know these are legislations which effect our public finances – But as you said further down, these are the contributing factors.”