From Department of Public Expenditure, NDP Delivery and Reform
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President of the Eurogroup and Minister for Public Expenditure, National Development Plan Delivery and Reform, Paschal Donohoe, is in Ghent today (Friday) to chair Eurogroup’s February meeting.
The Eurogroup meeting will begin with a discussion among all EU Finance Ministers on the future of European capital and financial markets. Ministers will exchange views on the main elements of a planned Eurogroup statement that will be presented to EU Leaders at the Euro Summit in March. The statement seeks to identify specific and ambitious policy priorities for the further development of European capital and financial markets that countries can undertake at national level, whilst also providing guidance for the European Commission on priority areas where Eurogroup agrees progress can and should be made at European level.
Following this, Ministers will meet in euro area format to discuss macroeconomic developments and prospects. Eurogroup will hear from the Commission on their recently published economic forecasts, as well as from the European Central Bank. Ms Irene Tinagli, Chair of the European Parliament’s Committee on Economic and Monetary Affairs will also participate under this agenda item.
The meeting will conclude with a brief update on budgetary developments in the euro area and with the formal re-appointment of Mr Tuomas Saarenheimo, as President of the Eurogroup Working Group, for a third two-year term.[1]
The Eurogroup President will also attend the informal meeting of Economic and Financial Affairs Ministers to debrief on the Eurogroup’s discussions.
Speaking ahead of Eurogroup, Minister Donohoe commented:
"The second Eurogroup meeting of the year will be hosted by the Belgian Presidency in Ghent. The main focus will be our work on the future of capital and financial markets in Europe. Following the call from EU leaders last March to step up efforts in taking forward the Capital Markets Union, we have made huge progress in recent months in identifying where our we should concentrate our collective efforts at national and EU level over the next few years.
“Open, well-functioning and integrated European capital markets are crucial to promote the Single Market, attract investments and boost the EU’s global competitiveness, innovation and job creation. Together with EU Finance Ministers, we will work to agree a Eurogroup statement on the policy priorities to pursue at EU and national level in advance of the March Euro Summit.
“We will also exchange views on the macroeconomic outlook in light of last week’s economic forecasts from the European Commission. These highlighted a softening in growth in the euro area around the turn of the year, much of which had been anticipated. The labour market performance remains robust and we see a marked fall in inflation, with growth set to pick-up as the year progresses.”
ENDS
[1] The Eurogroup Working Group is Eurogroup’s preparatory body.