Minister for Finance and President of the Eurogroup Paschal Donohoe attends the June Eurogroup and ECOFIN
- Foilsithe:
- An t-eolas is déanaí: 19 Meitheamh 2025
The Minister for Finance and President of the Eurogroup, Paschal Donohoe, will travel to Luxembourg this week to chair the Eurogroup (Thursday 19 June) and attend the Economic and Financial Affairs Council (ECOFIN) of European Finance Ministers (Friday 20 June). He will also represent Ireland at the Annual Meeting of the Board of Governors of the European Investment Bank (EIB) and chair the Board of Governors of the European Stability Mechanism (ESM).
Speaking ahead of the meetings, Minister Donohoe said:
"I look forward to discussing the latest economic and financial developments with my fellow EU Finance Ministers in Luxembourg through a series of meetings over the next two days.
"We will start on Thursday with the Annual Meeting of the Board of Governors of the European Stability Mechanism which I will chair as President of the Eurogroup.
"At Eurogroup, I will lead a discussion on Bulgaria’s accession to the euro area. The Eurogroup will then take stock of budgetary developments in euro area member states and hear from the IMF on its review of euro area policies. The IMF will also present their recent analysis of internal barriers in the Single Market that will serve as input for our ongoing discussions on enhancing competitiveness and productivity in Europe. 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.
"On Friday, I will represent Ireland at the annual Board of Governors meeting of the European Investment Bank (EIB). This will be followed by ECOFIN, where we will receive an update on the package of ambitious proposals to reform the Customs Union. We will continue our discussions on the economic and financial impact of Russia’s aggression against Ukraine, where I will reiterate Ireland’s commitment to supporting Ukraine and its citizens in these challenging times. ECOFIN will also take up the theme of competitiveness, with an exchange of views on lowering energy prices in the EU. The vital task of coordinating economic policy across Member States will continue with discussions on the implementation of the European Semester, the Recovery and Resilience Facility and the economic governance framework. Working together to develop economic policy is vital to deliver sustainable growth, jobs and sound public finances for our citizens across the EU. Finally, I look forward to welcoming the work that has been carried out on Bulgaria’s planned adoption of the euro in 2026."
The meetings start with the Annual Meeting of the Board of Governors of the ESM on Thursday where the main agenda item is the approval of the Annual Report 2024. Minister Donohoe chairs the Board of Governors in his capacity as President of the Eurogroup.
At the Eurogroup meeting, Ministers will discuss and agree in principle a draft recommendation by euro area member states to the European Council on the adoption of the euro by Bulgaria. Ministers will then be updated on the budgetary developments in euro area member states, which build on the European Commission’s recent assessments. The IMF will present findings, from the Financial Sector Assessment Programme that reviews euro area policies as well as their recent analysis on internal barriers on the single market. Finally, ministers will take stock of the work on the digital euro.
The annual meeting of the Board of Governors of the European Investment Bank (EIB) takes place on Friday morning. This is followed by ECOFIN which starts with a formal working breakfast featuring updates on the economic situation, as well as a debrief from the Eurogroup the previous day and the state of play on defence financing in the EU.
During the regular ECOFIN meeting, the Commission will outline the latest progress on the Customs Union reform package and in particular the regulation establishing the Union Customs Code and the European Union Customs Authority. There will also be an exchange of views on the economic and financial impact of Russia’s aggression against Ukraine. Ministers will then discuss competitiveness and improving the business environment in Europe with a focus on lowering energy prices. Following this, the contents of the 2025 EU Semester Spring Package published on 4 June, will be analysed by minsters. The Commission and Council Presidency will provide the customary update on the implementation of the Recovery and Resilience Facility (RRF) and the implementation of the economic governance framework. Finance ministers will also discuss the findings of the European Central Bank and European Commission Convergence Reports on Bulgaria’s planned adoption of the euro.