Press release
Minister Donohoe at the March Eurogroup and ECOFIN
Published on
Last updated on
Published on
Last updated on
The Minister for Finance and President of the Eurogroup, Paschal Donohoe, is in Brussels this week, to chair the Eurogroup, attend the Macroeconomic Dialogue at Political Level (MEDPOL) (Monday) and the Economic and Financial Affairs Council (ECOFIN) (Tuesday), before travelling to Germany for the Irish Government’s St Patrick’s Day 2025 programme.
Speaking ahead of the meetings, Minister Donohoe said:
“In light of recent global events, the importance of unity and solidarity across all EU Member States has never been greater. As we face ongoing challenges, I look forward to discussing the important economic and financial issues facing the EU at both the Eurogroup and ECOFIN.
“On Monday, as President of the Eurogroup, I will engage with Ministers to assess the macroeconomic outlook for the euro area, evaluate our budgetary policy coordination, the implications of crypto-assets on our economy and discuss the outcomes of the recent G7 meeting of Finance Ministers and Central Bank Governors in Cape Town where I represented Ireland and the euro area. In today’s rapidly changing global landscape, it is crucial that we align on the direction of budgetary policies and ensure resilience across the euro area.
“At ECOFIN on Tuesday, we will discuss a number of important items, including the simplification of EU regulation, the state of play of directives for financial services and taxation and the implementation of the Recovery and Resilience Facility. These discussions emphasise the importance of a common approach to enhancing Europe’s competitiveness and economic growth. We will also receive and update on the G20 Finance Ministers and Central Bank Governors meeting in South Africa. With uncertainty surrounding global security, we will discuss the treatment of defence spending within the new fiscal framework and the economic and financial impact of Russia’s aggression against Ukraine, reaffirming our collective commitment to securing stability and remaining resilient in these challenging times.
“The March meetings are also a valuable opportunity to engage with the social partners at European level in our regular bi-annual Macroecomic Dialogues at Political Level (MEDPOL). I look forward to discussing the current economic conditions, the outlook and the appropriate policy responses. This meeting will also focus on a key topic for our competitiveness agenda – the regulatory barriers that contribute to the fragmentation of the single market for services."
At the Eurogroup, on Monday, Minister Donohoe will update his colleagues on the G7 meeting of Finance Ministers and Central Bank Governors (FMCBG) in Cape Town. Ministers will have an opportunity to take stock of the current status of crypto-asset activities, analyse how these markets have developed, and to outline opportunities and challenges in this area. Ministers will also discuss the prospects and macroeconomic outlook for the euro area and review recent developments, share key challenges and discuss their possible impact on the euro area fiscal stance.
The Macroeconomic Dialogue at Political Level (MEDPOL) includes representative participants of the social partners at European level (BusinessEurope, European Trade Union Confederation (ETUC), SGI Europe, SMEunited), the current (Polish) and two subsequent Presidencies (Danish and Cypriot), the European Commission, the European Central Bank, the Eurogroup President, the President of the Economic and Financial Committee (EFC) and the chair of the Economic Policy Committee (EPC), moderator of the Macro-Economic Dialogue at technical level (MEDTECH). The meeting will focus on a review of current economic conditions, the outlook and appropriate policy responses. The meeting will also discuss key regulatory barriers that contribute to the fragmentation of the single market for services.
ECOFIN starts on Tuesday morning with a formal working breakfast featuring updates on the economic situation, as well as a debrief from the Eurogroup the previous day. This month, the breakfast will also give Ministers an opportunity to discuss the treatment of increased defence expenditure within the new fiscal framework.
During the regular ECOFIN meeting, the Commission will present its recently published Omnibus Packages as part of the drive for simplification, decluttering and reducing the regulatory burden. The ECOFIN will then discuss the state of play of a number of financial services and taxation legislative proposals and approve amended recovery and resilience plans under the Recovery and Resilience Facility (RRF). There will also be an exchange of views on the economic and financial impact of Russia’s aggression against Ukraine with a particular focus on the implementation of sanctions from a customs perspective. Ministers will also be updated on the G20 Finance Ministers and Central Bank Governors meeting of 26-27 February 2025 in South Africa and will prepare the EU Terms of Reference in view of the G20 Finance Ministers and Central Bank Governors meeting on 23-24 April.