Press release
Eurogroup to discuss economic outlook and energy supports in Euro Area
Published on
Last updated on
Published on
Last updated on
The Minister for Finance and President of the Eurogroup, Paschal Donohoe, is in Brussels today (Monday) to chair the November Eurogroup meeting of European Finance Ministers. He will also attend the ECOFIN meeting tomorrow (Tuesday).
On Monday afternoon the Eurogroup meeting will open with a discussion on the economic situation and outlook, on the basis of a presentation of the European Commission’s autumn forecast, ahead of its publication on Thursday. The ECB will also update Ministers on the latest ECB Governing Council monetary policy decisions. The Eurogroup will then discuss the coordination of an appropriate fiscal policy response to address the high energy price environment and inflationary pressures. The Commission will also provide an update on the annual Draft Budgetary Plans process.
Minister Donohoe will debrief colleagues on the Annual Meetings of the World Bank and International Monetary Fund held in Washington, where he represented the Euro Area at G7 and IMF-C meetings.
The Chair of the ECB Supervisory Board, Andrea Enria, and the Chair of the Single Resolution Board, Elke König, will also attend to update Ministers on banking sector developments in light of the current economic, geopolitical, and financial market environment.
The Eurogroup will also launch the election process of its President, as Minister Donohoe’s two and a half year term expires in mid-January. The election is expected to take place at the next Eurogroup meeting on 5 December.
On Tuesday, Minister Donohoe will attend the Economic and Financial Affairs Council (ECOFIN) meeting. Finance Ministers will discuss the economic and financial consequences of the Russian aggression against Ukraine and potential ways to address Ukraine’s financial needs. Finance Ministers are also expected to endorse the Council’s negotiating position on the reform of prudential rules for banks and discuss the US’s Inflation Reduction Act.
Speaking ahead of the Eurogroup, Minister Donohoe commented:
“We have a full agenda at Eurogroup today, and I know my colleagues are eager to continue our productive discussions on the economic outlook and the actions we are taking on both a national and European level to address the challenges we face particularly in relation to energy costs and inflation. It is imperative that we continue to stay the course and that policy remains agile but increasingly targeted to protecting the most vulnerable.
"I have had the privilege of serving as President of the Eurogroup since July 2020 and have worked closely with my colleagues to coordinate policy across the Euro Area to respond to the economic effects of the pandemic and the impact of the War in Ukraine.
"As my current term will come to an end in January, the process for election of the President of Eurogroup will be announced at Eurogroup today. I will be putting my name forward to a second term and look forward to engaging with my colleagues on this today.”
While in Brussels, Minister Donohoe will participate in a number of other engagements in his role as President of the Eurogroup. On Monday morning, he will participate in a joint Commission-ECB high-level conference, “Towards a Legislative Framework for a Digital Euro”, where he will appear in conversation with MEP and ECON Chair, Irene Tinagli, moderated by Bruegel fellow, Rebecca Christie, on the subject of “Making a Digital Euro Reality”. Other participants at the conference include EVP Valdis Dombrovskis, and Commissioners Mairéad McGuinness, Paolo Gentiloni, and Thierry Breton. Live streaming of the event is available at the following link, and Minister Donohoe’s event commences at 08:30 Irish time or 09:30 CET: https://finance.ec.europa.eu/events/high-level-conference-towards-legislative-framework-enabling-digital-euro-citizens-and-businesses-2022-11-07_en
Minister Donohoe will also participate in the biannual Macroeconomic Dialogue at Political Level along with EVP Valdis Dombrovskis, the Vice President of the ECB Luis de Guindos, and social partners from the European Trade Union Confederation, Business Europe, SGI Europe, and SME United. The discussion will focus on the economic situation and outlook, the energy crisis, and its impact on the EU economy.
The Eurogroup press conference will take place at approx. 18:30 CET and can be accessed at this link: https://video.consilium.europa.eu/event/en/26163