At the ECOFIN meeting on 7 May, the EU Finance Ministers came one step closer to finding an agreement on energy taxation. The ministers welcomed the Spanish proposal and decided to set up a high-level working group to develop the proposal further.

During the Meeting of the Finance Ministers on 6-7 May, energy taxation was discussed. The Spanish minister Rodrigo Rato had introduced a proposal for the setting of minimum levels of energy taxation. The proposal suggests tax rates for all energy products used for heating or fuel, except biofuel where special rules should apply. It also suggests many exemptions to the regulations for many energy intensive industries.

The ministers decided to set up a high-level group to advance the debate and thereafter report back to the ECOFIN, preferably before the end of the Spanish presidency.