Press release
Eurogroup to discuss economic situation in Europe, ESM post and Banking Union
Published on
Last updated on
Published on
Last updated on
The Minister for Finance and President of the Eurogroup, Paschal Donohoe, will chair the Eurogroup meeting in Brussels today (Monday). He will also attend ECOFIN on Tuesday 24 May.
The Eurogroup will discuss the macroeconomic and fiscal developments in light of the Commission’s Spring Forecast published on 16 May and there will be a preliminary exchange of views on the Spring Package published on 23 May. Eurogroup will also discuss candidates for the role of Managing Director of the European Stability Mechanism, ahead of the formal vote at the ESM Board Meeting on 16 June. The Eurogroup will also hear from the Commission on the updated Draft Budgetary Plans of Germany and Portugal for 2022.
In inclusive format, Ministers will have a discussion on the draft work plan to complete Banking Union, building on progress made earlier this month. Chair of the Single Supervisory Mechanism Andrea Enria and Chair of the Single Resolution Board Elke König will attend this meeting as observers.
In addition, while in Brussels Minister Donohoe will have a working lunch with the President of the European Central Bank, Christine Lagarde, and the Commission’s Executive Vice-President, Valdis Dombrovskis, and Commissioner for the Economy, Paolo Gentiloni.
In his capacity as President of the Eurogroup, he will participate once again in a macro-economic dialogue with social partners with an exchange of views focussing on the economic conditions and prospects and the appropriate economic policy response and the consequences of the war in Ukraine on the European labour market. Minister Donohoe will also meet with industry representatives in an event hosted by the Centre of European Policy Studies to update on Eurogroup work.
Speaking ahead of the meeting, Minister Donohoe stated:
“The euro area continues to show its resilience despite the impact of the war in Ukraine, but we remain in a challenging environment so I look forward to a valuable exchange of views on how best we can collectively respond to this shock. Our other work continues as normal, and I am eager to further our work on a Banking Union work plan, building on the momentum built by our virtual meeting earlier this month.”