Press release
President of Eurogroup, Minister Paschal Donohoe to chair November Eurogroup meeting in Brussels
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Last updated on
Published on
Last updated on
President of the Eurogroup and Minister for Finance, Paschal Donohoe T.D., is in Brussels today (Monday) chairing the November Eurogroup meeting. This will be the first time Ministers discuss the European Commission’s relaunch of the economic governance review (on the fiscal framework). The meeting will also include a discussion on the digital euro as well as regular items on international meetings, macroeconomic developments and banking union.
In Brussels this afternoon, Minister Donohoe, as President of the Eurogroup, will chair a meeting of the Finance Ministers of the euro area. Prior to the meeting, Minister Donohoe stated:
“I look forward to this meeting that includes our first substantive discussion of the European Commission’s decision to relaunch the review of the economic governance framework. One of the successes to date in response to COVID-19 has been the level of coordination and consensus across budgetary policy. As we look to 2022 and beyond, Eurogroup will be engaging closely and actively in the governance review particularly given its importance for the euro area.”
Ministers will discuss for the first time the Commission’s decision to relaunch the economic governance review. This covers Europe’s fiscal rules, which are currently suspended. This will focus primarily on Eurogroup’s input into the process given the importance of the rules in the Euro Area. This is expected to be a regular agenda item over the next few months.
The meeting also includes an agenda item on broader economic developments including inflation. The outlook for the euro area remains favourable, with growth in the region of 5%. Notably, growth figures for the euro area in the third quarter were robust, with the level of GDP now just below the pre-pandemic level. Ministers will also discuss the recent rise and prospects for inflation in the euro area.
The other main agenda item covers the policy objectives and uses of a digital euro. This is occurring against the backdrop of the ECB’s investigative phase into a digital euro. Ministers will take stock of developments and reflect on potential implications.
Ministers will also hear of progress on banking union including a stocktake on the establishment of the common backstop to the Single Resolution Fund.
In the margins of the Eurogroup, Minister Donohoe, as President of the Eurogroup, will attend the macroeconomic dialogue between EU institutions and social partners: the discussion will focus on digital transformation in light of recovery.
Tomorrow (Tuesday), Minister Donohoe will attend the Ecofin meeting. EU finance ministers will exchange views in particular on energy prices and inflation, economic governance and prudential rules for the banking sector.
ENDS
Note to Editor: Minister Donohoe was elected President of the Eurogroup in July 2020. Further information on the Eurogroup Work programme can be found at: