Eurogroup discusses budgetary guidance for 2022 and 2023

The Minister for Finance and President of the Eurogroup, Paschal Donohoe, T.D., will chair the Eurogroup meeting in Brussels on Monday 14 March. He will also attend ECOFIN on Tuesday 15 March.

The Eurogroup will discuss the fiscal policy guidance for 2023, taking into account the Commission Communiqué published on 02 March; the Eurogroup will agree a statement on the fiscal stance to be published after the meeting. This discussion will take into account the latest developments of the war in Ukraine, and the economic impact of sanctions.

In inclusive format, Minister Donohoe will present his new proposal for a work plan to complete Banking Union. Ministers will also prepare for the upcoming March Euro Summit.

At ECOFIN, there will be an important debate on the Directive on the introduction of a global minimum level of taxation for multinational groups in the Union, which will implement the OECD agreement on a global minimum corporate tax rate within the EU. The agreement, which Ireland signed up to in October 2021, provides that the minimum effective rate for multinationals with an annual revenue in excess of €750 million is 15%.

In addition, Minister Donohoe will have bilateral meetings with the President of the European Council, Charles Michel, and his Finance Minister counterparts from Germany, Greece, Italy, and Sweden.

Speaking ahead of the meeting, Minister Donohoe stated:

“Last Friday, I attended the informal Summit in Versailles to brief the Heads of States and Governments on the work of the Eurogroup and the euro area economy. We are in a heightened state of uncertainty due to the economic consequences of the terrible war in Ukraine. However, our economic recovery had a strong momentum coming into this. At Eurogroup today we will agree on a statement regarding our budgetary principles for the rest of this year and for 2023. I am confident that we will maintain a united outlook on the budgetary choices that are available to us for the rest of this year and for next year, in a Europe, in a world, that has changed utterly since February 24th.”