Press release
Eurogroup President and Minister for Finance, Paschal Donohoe travels to Brussels and Luxembourg
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Published on
Last updated on
President of the Eurogroup and Minister for Finance for Ireland, Paschal Donohoe TD will this morning (Monday) meet with Executive Vice-President of the European Commission and Commissioner for Competition, Margrethe Vestager, to discuss tax issues.
This afternoon, in Luxembourg, President Donohoe will chair a meeting of the Finance Ministers of the euro area. The agenda will begin with a discussion on “Macro-economic developments in the euro area, including inflation and energy prices”, with an introductory presentation on recent energy price developments by Christian Zinglersen, the Director of the EU Agency for the Cooperation of Energy Regulators (ACER).
In terms of economic outlook, the euro area’s recovery remains robust. Growth prospects for the euro area are continuing to improve, with growth expected to be in the region of 5% this year. There is particularly good news on the labour market front: euro area unemployment fell to 7.5% in August – very close to pre-pandemic levels – and the 4th consecutive monthly decline. Over the past 3 months, we have seen close to 1.1 million fewer people in unemployment compared to the same period in 2020.
Ministers will also cover preparation for upcoming international meetings, including exchange rate developments.
The third agenda item will cover implementation of euro area priorities in the Recovery and Resilience Plans (RRP) and lessons we can learn from the European response to COVID-19. Greece and Cyprus will provide an update on RRP implementation in their countries, as they have both made particular progress in relation to the reform elements connected to the reduction of risk in the banking sectors.
The discussion on the Thematic Discussion Work Programme for 2022 will seek Ministers’ views on which topics should be included for analysis and discussion in the coming year; topics proposed include housing markets, labour markets, and productivity.
Ministers will then receive an update on the eleventh Greek enhanced surveillance report. Greece has made excellent progress, even after a very difficult period arising from the pandemic.
Finally, in Banking Union format (where the 19 euro area Finance Ministers are joined by Croatia and Bulgaria) there will be a regular operational update from the SSM and SRB.
The President of the Eurogroup and Minister for Finance, Paschal Donohoe stated:
“October is a critical period in which EU governments finalise their budgets. On the economic front, the latest news on the euro area’s recovery remains robust and growth is expected to be approximately 5% this year. At the same time, there is still uncertainty, including due to supply chain disruptions and higher energy prices. We need to monitor these closely and continue to implement policies that turn the rebound into a long-lasting recovery. As such, it is my pleasure to invite Christian Zinglersen, Director of ACER, to join us to give and update on energy prices, given recent developments in inflation and energy prices have implications for Euro area inflation, competitiveness, and fiscal stance.”
Minister Donohoe was elected President of the Eurogroup in July 2020. Further information on the Eurogroup Work programme can be found at: