Thank you, Minister. Good afternoon, everyone.

First of all, I would like to thank the Polish Presidency for their excellent work during these months.

Minister Domański provided a comprehensive overview of the achievements of the Polish Presidency over the last six months.

To highlight, we have focused on two key priorities for the European Union: competitiveness and security and defence.

We were fully aligned with the Polish Presidency in advancing these priorities.

During todays ECOFIN meeting, we discussed the economic situation, where global tensions and uncertainty remain high, particularly due to the escalating conflict in the Middle East between Iran and Israel, which impacts the economic outlook.

While the EU economy remains resilient, recent developments underline the urgency of taking decisive action to enhance our competitiveness and security.

The European Semester Spring Package, adopted earlier this month, is a significant step in this direction.

Today, I presented the main elements of the Spring Package to ministers, which provides a coherent set of policy actions for Member States to maintain macroeconomic stability while enhancing Europes competitiveness and security.

Now, it is time to focus on implementation.

I also updated the meeting on the progress of the Recovery and Resilience Facility.

So far, we have disbursed €317 billion to Member States.

However, we need to make further progress as the deadline is approaching.

The legal deadline requires all milestones and targets to be met by the end of August 2026.

This means we have just over a year left to submit all outstanding payment requests and supporting evidence.

With this deadline looming, I shared the Commissions recent Communication, which outlines actions Member States can take to ensure timely implementation of their recovery and resilience plans.

This includes revising plans where necessary, simplifying them where possible, and preparing for final payment requests.

The RRF has already had a significant impact across Europe.

Now, we must ensure it concludes strongly in 2026.

Our Communication clarifies how Member States can maximize the remaining time.

Additionally, I welcomed todays ECOFIN decision supporting Bulgarias euro accession as of January 1st, 2026.

This is a major milestone.

Now, this will move to discussions in the European Council and return to ECOFIN for a final decision in July.

We also discussed developments related to Russias war of aggression against Ukraine.

It is a challenging period for Ukraine as Russia intensifies missile and drone attacks.

On the financing front, there is positive news.

Firstly, we welcome that the IMF has reached a staff-level agreement with Ukraine for the 8th programme review.

This reflects continued reform progress by Ukrainian authorities, which is commendable under the current conditions.

Secondly, regarding the G7 ERA loans initiative, we completed an agreement procedure with Japan in June.

This is an important milestone.

Now all G7 partners have signed agreements to provide financial support for Ukraine through the ERA loan initiative, totaling €45 billion.

From the EU side, we disbursed another €1 billion under this initiative last week, bringing the total to €7 billion.

Overall, the message is clear: the EU and its like-minded partners continue to stand with Ukraine.

Lastly, we had an informal discussion last night, where we assessed Ukraines future needs and committed to exploring all possible options for future assistance.

In conclusion, I want to mention our morning exchange on defence issues.

I thank the Polish Presidency and Member States for their efforts to achieve the coordinated activation of the national escape clause and the swift adoption of the SAFE defence loan instrument.

Both initiatives will be crucial in enhancing Europes security and deterring aggression in the coming years.

Thank you.