At the press conference following the meeting of the EU Council on Economic and Financial Affairs (ECOFIN), held in Luxembourg, Valdis Dombrovskis, Vice-President of the European Commission, made a statement. He announced that meeting participants had reached a political agreement on the so-called package of measures on market integration and supervision. This agreement is viewed as an important step in the process of strengthening the single financial market of the European Union and enhancing the effectiveness of supervisory mechanisms in the banking and financial sectors. Dombrovskis emphasized the significance of the agreement for the further development of the capital markets union—one of the European Commission's key initiatives aimed at reducing fragmentation of financial markets within the bloc and facilitating companies' access to financing. The Commission representative also addressed the broader context of current EU economic policy, including issues of budgetary coordination among member states. ECOFIN meetings traditionally bring together finance ministers of European Union member states to discuss general issues of economic and monetary policy, taxation, and financial regulation. The achieved agreement will be subject to further negotiations between the European Parliament and the EU Council before final adoption of the legislative package.