Minister Donohoe at the May Eurogroup and ECOFIN
- Foilsithe:
- An t-eolas is déanaí: 12 Bealtaine 2025
The Minister for Finance and President of the Eurogroup, Paschal Donohoe, is in Brussels this week, to chair the Eurogroup, (Monday 12 May) and attend the Economic and Financial Affairs Council (ECOFIN) (Tuesday 13 May).
Speaking ahead of the meetings, Minister Donohoe said:
"On Monday, as President of the Eurogroup, I will engage with Ministers in a discussion on the health of the euro area banking system as part of the regular bi-annual reporting of the supervisory institutions. We will then take stock of outstanding issues, in preparation for the June Annual Meeting of the European Stability Mechanism (ESM) Board of Governors. I will provide an update on the recent G7 meeting of Finance Ministers and Central Bank Governors in Washington, where I represented the euro area. Finally, we will discuss the state of play of the digital euro and its potential to unlock major benefits for citizens, businesses, Member States and the overall functioning of the European Union.
"At ECOFIN on Tuesday, the Commission will present its recent Communication on the Savings and Investments Union. I look forward to discussing the legislative proposals envisaged in the Communication with my colleagues as it is important that we urgently make tangible progress on deepening our capital markets as we aim to keep the EU market globally competitive. Following this, we expect to agree a general approach on the proposal to amend the VAT treatment of goods imported from outside the EU. We will also receive an update on the G20 Finance and Central Bank Governors meeting and the IMF Spring meetings in Washington. With uncertainty surrounding global security, we will discuss the Security Action for Europe (SAFE) proposal for defence funding 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."
At the Eurogroup, on Monday, Minister Donohoe will update his colleagues on the latest developments at the recent IMF Spring meetings, including key takeaways from the G7 discussions, and engage in an exchange on recent developments in the macroeconomic outlook. Ministers will have an opportunity to take stock of the health of the euro area banking system following updates from the Chairs of the Single Supervisory Mechanism and of the Single Resolution Board as part of their twice-yearly reporting. The Commission will also provide an update on the negotiations on the EU bank crisis management and deposit insurance (CMDI) framework. Ministers will then take stock of the outstanding matters relating to the European Stability Mechanism (ESM) in preparation of the Annual Board of Governors in June and discuss the state of play of the digital euro.
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. During the regular ECOFIN meeting, the Commission will present its Communication on the Savings and Investments Union, with a particular focus on the upcoming proposal on securitisation. Ministers will then discuss the state of play of a number of financial services and taxation legislative proposals and be invited to agree a general approach on the Directive on VAT rules for distance sales of imported goods and import VAT. There will also be an exchange of views on the economic and financial impact of Russia’s aggression against Ukraine and a policy debate on the Security Action for Europe (SAFE) proposal. Finance Ministers will also approve amended recovery and resilience plans of Spain, Slovakia, Portugal and the Netherlands under the Recovery and Resilience Facility (RRF).