Minister for Finance and President of the Eurogroup Paschal Donohoe attends the July Eurogroup and ECOFIN
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From: Department of Finance
- Published on: 7 July 2025
- Last updated on: 7 July 2025
The Minister for Finance and President of the Eurogroup, Paschal Donohoe, will chair the Eurogroup (Monday 7 July) and attend the Economic and Financial Affairs Council (ECOFIN) of European Finance Ministers (Tuesday 8 July).
Speaking ahead of the meetings, Minister Donohoe said:
"After a busy first half of the year, I look forward to engaging with my fellow EU Finance Ministers on a number of pressing issues for the last ECOFIN and Eurogroup meetings of the summer.
"On Monday, as President of the Eurogroup, I will invite Ministers to discuss the euro area fiscal stance ahead of the budgetary preparations for 2026. We will also assess the international role of the euro and have a final discussion on Bulgaria’s accession to the euro area before the expected conclusion of the process by the Council the next day as we look forward to a larger euro area family next year. The Eurogroup will then turn to the important matter of electing a President for the next term. Following this, we will aim to accelerate some of the outstanding political issues on the digital euro negotiations and hear from the European Investment Bank on their work and follow-up to our Eurogroup statement on advancing the Capital Markets Union and the broader Savings and Investment Union agenda.
"At ECOFIN on Tuesday we will begin with a discussion on the Single Currency package, which includes the digital euro, a vital common project that will support a competitive and resilient European payments system. We will then receive an update from the Commission on proposals to review the securitisation framework, which is the first major initiative under the Savings and Investments Union Strategy. I look forward to hearing from my Danish counterpart Stephanie Lose on the priorities of their Presidency work programme and wish them every success in advancing the many economic and financial files over the next 6 months. Following this, we will continue our discussions on the economic and financial impact of Russia’s aggression against Ukraine. The vital task of coordinating economic policy across Member States will also continue with discussions on the implementation of the Recovery and Resilience Facility, the European Semester and the economic governance framework. We will then discuss common EU positions ahead of the G20 Finance Ministers and Central Bank Governors meeting in South Africa later in July, where I will be representing Ireland. Finally, I look forward to voting on the process for the formal adoption of the euro by Bulgaria, pending an opinion by the European Parliament."
The meetings start on Monday with Eurogroup in regular format, where Ministers will discuss the appropriate fiscal policy for the euro area with a focus on the upcoming budgets for 2026. They will be joined by the Chairman of the European Fiscal Board (EFB), Mr Pieter Hasekamp, who will present the recent EFB report on the euro area fiscal stance. Ministers will then have an exchange of views on the international role of the euro, based on the annual review published by the ECB. A discussion on the adoption of the euro by Bulgaria will follow, in preparation for a decision by the ECOFIN expected the next day. Following this, Ministers will elect the President of the Eurogroup for the next two-and-a-half-year term.
The Eurogroup will then meet in inclusive format to discuss the digital euro with a view to providing further political impetus to this key project. Finally, the President of the European Investment Bank, Nadia Calviño, has been invited to present the Bank’s ongoing work and initiatives in relation to the Capital Markets Union and the Savings and Investment Union as a follow up to the March 2024 Eurogroup statement on the future of Capital Markets.
ECOFIN starts on Tuesday morning with a formal working breakfast featuring a discussion on the economic situation, including the impact of global trade developments, as well as a debrief from the Eurogroup the previous day.
During the regular ECOFIN meeting, Finance Ministers will engage in a policy debate on the Single Currency package which will have a focus on progressing the establishment of the digital euro. The Commission will then present its securitisation proposal which was published on 17 June. Revitalising the European securitisation market represents a vital pillar of the wider Savings and Investment Union initiative. This is the first ECOFIN of the Danish Presidency and their Minister will present its priorities and work programme on economic and financial affairs. There will also be an exchange of views on the economic and financial impact of Russia’s aggression against Ukraine. Ministers will approve amended Recovery and Resilience Plans for Austria, Czechia, Germany, Denmark, Ireland and Belgium and will adopt Country-Specific Recommendations and approve conclusions on the in-depth reviews as part of the European Semester 2025. They will also adopt recommendations regarding medium-term fiscal-structural plans and national escape clauses and recommendations under the excessive deficit procedure. Following this, ECOFIN will approve the EU terms of reference for the G20 Finance Ministers and Central Bank Governors meeting taking place in South Africa on 17-18 July 2025. Finally, Finance Ministers will adopt the necessary legislative acts for Bulgaria to adopt the euro on 1 January 2026.