Minister McGrath represents Ireland at the informal Economic and Financial Affairs Council (ECOFIN) and Eurogroup meetings in Stockholm

The Minister for Finance Michael McGrath has today travelled to Stockholm to represent Ireland at the informal Economic and Financial Affairs Council (ECOFIN) and Eurogroup meetings.

The visit to Stockholm will start with an event hosted by the Ambassador of Ireland to promote business links between a number of Enterprise Ireland client companies and their Swedish business partners.

The Minister will attend the informal Eurogroup and ECOFIN meetings which will take place on Friday and Saturday, during which he will take the opportunity to have a number of informal contacts with members of the European Commission, ministerial counterparts and others.

At the informal Eurogroup, Minister McGrath will join his ministerial colleagues in taking stock of macroeconomic and financial developments, with inputs from the European Central Bank (ECB) and the Single Resolution Board (SRB), which will facilitate a broad exchange including on developments in the international banking sector. Ministers will also follow up the Eurogroup statement from June 2022 on Banking Union.

The President of the Eurogroup, Minister Paschal Donohoe, will provide Ministers with a debrief on the March Euro Summit. Ministers will be briefed on the IMF Spring meetings, as well as preparations for May G7 meetings.

Minister McGrath is also due to attend the informal Economic and Financial Affairs Council (ECOFIN). This meeting will start with a working lunch focusing on national experiences with managing the challenges posed by recent economic events, including rising costs for households and businesses. Ministers will exchange views on appropriate fiscal policy measures, while also taking account of inflationary pressures.

Ministers and Central Bank Governors will exchange views on European financial markets’ role in the financing of the next generation of companies that will provide future economic growth and jobs.

Ministers will consider long-term perspectives on fiscal stabilisation policies and sustainable public finance. The future development of interest rates and economic growth rates will be important factors in the sustainability of public finances.

The final session will focus on Ukraine. Ministers will be invited to exchange views on how to coordinate and organise financial support to Ukraine in the longer-term, given that funding needs will be substantial and expected to include multiple sources including the private sector.

*Note: The Presidency of the European Council changes to a new European member state every six months. Whilst most council meetings continue to take place in Brussels, every Presidency hosts one set of council meetings – these are known as ‘informals’. Sweden holds the current Presidency and hence the informal ECOFIN and Eurogroup meetings are being held in Stockholm.