The Economic and Financial Affairs Council meeting approved the EU's budget for next year. In addition, Financial Ministers also adopted a decision on the economic policy conditions enabling the disbursement of a fourth instalment of financial assistance to Ireland.

The results of the latest Economic and Financial Affairs Council meeting include the approval of the 2012 EU budget. The budget was agree with the European Parliament within the Conciliation Committee on 18 and 19 November. If the Parliament also approves the compromise, the 2012 EU budget is consider to be adopted.

On the other hand, the Council took note to the latest economic proposals from the Commission. Ministers especially referred to the so-called “eurobonds” proposal. The Commission proposes three options for stability bonds which consist in full substitutions by stability bond issuance of national issuance, with joint and several guarantees: Stability bonds would completely replace national issuance. Furthermore, the proposal includes partial substitution modality by stability bond issuance of national issuance, with joint and several guarantees: Stability bonds would replace only a portion of national issuance. And finally, partial substitution by stability bond issuance of national issuance, with several but not joint guarantees: Stability bonds would replace only a portion of national issuance.

In addition, the Council adopted a decision modifying the conditions underpinning financial assistance to Ireland under the European Financial Stabilisation Mechanism (EFSM), with a view to the disbursement of a fourth instalment of financial assistance. This decision follows of a fourth review by the Commission and the IMF, in liaison with the European Central Bank, of progress by Ireland in implementation of the programme. In November 2010, ministers gave the go-ahead for a €85 billion package of financial assistance, with €22.5 billion provided under the EFSM.