EU ministers to discuss economic impact of war in Iran

Tánaiste and Minister for Finance Simon Harris is to discuss the economic impact of the ongoing war in the Middle East at a two-day summit of EU finance ministers, which begins later today.

Ministers are expected to evaluate the measures taken in member states in recent weeks to help households and businesses deal with the rising cost of fuel triggered by the war in Iran.

Mr Harris is also due to hold a bilateral meeting with his Swedish counterpart, Elisabeth Svantesson, on Ireland's proposed new investment account.

The proposal - designed to encourage households to invest - will see money put into a special savings scheme set to attract only a small flat rate of tax and avoid taxation on capital gains. A similar model currently operates in Sweden.

Speaking ahead of the summit, Mr Harris said there would be discussions around rising energy costs as a result of the conflict in the Middle East.

"This is the first in-person meeting of EU finance ministers since governments across the EU implemented significant budgetary measures to protect citizens and businesses from the unacceptable rising cost of energy as a result of the crisis in the Middle East.

"I look forward to receiving an update from the European Commission on the EU response so far and sharing views with colleagues on policy measures taken at national level," he said.

"This is also the last meeting of EU finance ministers to be held in Brussels before Ireland assumes the Presidency of the Council of the European Union in July.

"With this in mind, I will have a number of bilateral meetings on the margins of the meetings including with my Swedish counterpart with the proposed new investment account for 2027 and the Irish Presidency as our focus," added Mr Harris.

Tomorrow morning, in Ireland's role of the incoming Presidency, the Tánaiste will attend the 'annual economic and financial dialogue with regional partners'.

Mr Harris is to also hold bilateral meetings with the German Vice-Chancellor and Minister for Finance Lars Kingbeil and his Italian counterpart Giancarlo Giorgetti.