Eurogroup, Brussel - EU monitor

EU monitor
Maandag 6 april 2020
kalender

Eurogroup, Brussel

Atomium in Brussel.
© Kevin Bergenhenegouwen
datum 17 februari 2020
plaats Brussel, België
organisatie Eurogroep i

Main results

Regular format

Appointment of the Eurogroup Working Group President

The Eurogroup appointed Tuomas Saarenheimo as President of the Eurogroup Working Group (EWG).

Saarenheimo will take office as of 1 April 2020 and will serve a two-year term. He will succeed Hans Vijlbrief who had held the position between February 2018 and January 2020.

Commission presentations: EMU priorities and Six- and Two-Pack review - eurozone related issues

The Commission presented its priorities for the Economic and Monetary Union (EMU) as well as the main points of its communication on the economic governance review, focusing on those that are relevant for the eurozone.

Some elements of the EU economic governance are applicable only to the eurozone, notably the so called “2-pack” reforms that were introduced in 2013 to establish a framework for dealing with member states facing financial stability difficulties and to strengthen budgetary co-ordination.

While there is no intention to overhaul our governance framework, there is also support to simplify our fiscal rules, prevent pro-cyclicality and to consider how these rules can help us tackle new EU policy challenges.

Eurogroup President Mário Centeno

Thematic discussion on growth and jobs: tax wedge on labour

As part of the thematic discussions on growth and jobs, the Eurogroup exchanged views on the tax wedge on labour. The discussion focused on the shift from labour to environmental taxation.

A technical note by the Commission and a presentation by Professor Ottmar Edenhofer, Director of the Mercator Research Institute on Global Commons and Climate Change (MCC) and of the Potsdam Institute for Climate Impact Research (PIK), informed the debate.

Ireland - Post-programme surveillance

The European Commission and the European Central Bank (ECB) presented the main findings of the 12th post-programme surveillance mission to Ireland carried out between 19-21 November.

The European Stability Mechanism (ESM) informed ministers about its early warning system. The Eurogroup was also informed by the International Monetary Fund (IMF) about its staff visit to Ireland.

Economic situation in the eurozone - Commission's winter forecast

Ministers exchanged views on the economic situation of the eurozone on the basis of the Commission's winter forecast.

Regular discussions of the economic situation and economic policy challenges underpin the Eurogroup's efforts to bolster economic growth and job creation.

The euro area economy continues to grow, albeit at a subdued pace. While some of the risks have receded slightly, the recent outbreak of coronavirus is a reason for concern and one which we will need to monitor closely.

Eurogroup President Mário Centeno

2020 euro area recommendations

The Eurogroup discussed the draft 2020 recommendations addressed to the euro area, ahead of their approval at the Economic and Financial Affairs Council. It agreed on five priorities for 2020:

  • structural reforms
  • fiscal sustainability and public investment
  • labour markets and social inclusion
  • financial stability
  • EMU deepening

Inclusive format

Budgetary instrument for convergence and competitiveness: report on a possible Intergovernmental Agreement (IGA)

Ministers adopted a report for EU leaders, covering the need, the content, the modalities and the size of a possible IGA for the budgetary instrument for convergence and competitiveness (BICC).

At the Euro summit in December 2019, EU leaders invited the Eurogroup to provide a swift contribution on the appropriate solutions for the financing of the budgetary instrument for convergence and competitiveness (BICC), on the basis of the October 2019 term sheet, in order to be able to finalise it in the context of the next multiannual financial framework (MFF).

Banking union: reporting by Denmark and Sweden

Both Denmark and Sweden have recently issued reports about the implications of a possible participation in the banking union. Ministers Nicolai Wammen and Magdalena Andersson presented the key elements of these reports.


1.

Eurogroep

De Eurogroep bestaat uit de ministers van Financiën van de landen die de euro als nationale munteenheid hebben ingevoerd (de eurozone i). Dit samenwerkingsverband heeft als doel de coördinatie van economisch beleid binnen de muntunie i te versterken en de financiële stabiliteit van de eurolanden te bevorderen. Het is strikt genomen een informeel orgaan en geen formatie i van de Raad.

De Eurogroep bereidt ook de bijeenkomsten voor van de Eurotop i, die bestaat uit de staatshoofden en de regeringsleiders van de eurolanden, en zorgt voor de uitwerking van de besluiten die daarin worden genomen.

2.

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