Informal ECOFIN Day 2: EU Finance Ministers and ECB Debate Stablecoins and Capital Markets Competitiveness

The informal ECOFIN meeting continued in Nicosia, Cyprus on May 23, with EU Finance Ministers and ECB Governing Council members holding a joint session on stablecoins and financial stability risks from digital assets. The meeting also addressed EU capital markets competitiveness following the Draghi Report's finding of a €750–800 billion annual investment gap relative to the United States. Ministers discussed how to accelerate the Capital Markets Union to mobilise private capital for defence, clean energy, and digitisation — the EU's strategic priority investment areas. The informal setting enabled frank exchange on the pace and ambition of savings and investments union (SIU) reforms being designed by the von der Leyen Commission as a successor framework to CMU. The Cyprus Presidency reiterated that completing SIU legislation before the end of 2026 is a rotating presidency priority.