Minister McGrath attends Eurogroup and ECOFIN
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The Minister for Finance, Michael McGrath, has today (Tuesday) represented Ireland at the Economic and Financial Affairs Council (ECOFIN), following his attendance at the Eurogroup meeting on Monday.
At the Eurogroup, the director of the EU Agency for the Coordination of Energy Regulators (ACER), Christian Zinglersen, updated Ministers on recent energy market developments. Ministers also discussed developments in the labour markets of the euro area, as well the policy challenges of high inflation and longer-term green and digital transitions. Against the backdrop of these discussions, Ministers considered the macroeconomic and financial developments and prospects, in the light of the most recent information from the Commission Winter Forecast, which was published yesterday.
Minister McGrath also attended the Economic and Financial Affairs Council (ECOFIN). The Commission updated Ministers on a number of important matters including the implementation and impact of the sanctions adopted following Russia’s war against Ukraine and the Recovery and Resilience Plan for Germany.
Ministers also had discussions on the Economic Governance Review, which aims to find agreement on possible reforms to the EU fiscal framework, and are based on the communication by the European Commission on Orientations for a reformed EU economic Governance framework, which was published in November 2022. Further discussions will take place at the March (ECOFIN).
Speaking after the meetings, Minister McGrath said:
“Ireland has been a strong supporter of the need for an effective set of fiscal rules. Any changes will need the agreement of all member states. We remain committed to constructive discussions to find agreement on reform for a more suitable fiscal framework, which prevents the emergence of macroeconomic imbalances and unsustainable debt levels."
Ministers also approved the draft EU Terms of Reference for the next meeting of G20 Finance Ministers and Central Bank Governors (FMCBG), taking place in Bengaluru on 23-24 February.