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Council of the European Union      28/04/2018    Presidency press release after the second day of the informal ECOFIN meeting of 28 April 2018, Sofia, Bulgaria Read the full press release (PDF). 27/4/2018  Remarks by President Donald Tusk at the press conference of the Brdo-Brijuni summit Good evening. Let me first of all thank you President Ivanov for hosting us. It is a true pleasure and honour to be involved in the Brdo-Brijuni process. Let me also acknowledge the relentless efforts of Presidents Grabar-Kitarović and Pahor and their personal engagement in this process. Reconciliation in this part of Europe is important for the whole continent, for our stability, peace and prosperity. I will limit myself to only a few remarks. This week I have been travelling through the entire region. I came to the Western Balkans with a clear message from the leaders of all European Union Member States: we remain steadfast in our offer of a European perspective to the region. You can count on us. And these are not empty words. These are hard facts. Just an example: if we look at the Western Balkan countries' total trade, 73% is with the EU. Twelve times bigger than China. 15 times more than Russia. But of course the EU is not only about trade, investment and money. It is first and foremost about what kind of societies we want to be. Having lived the first part of my life under a communist regime, I have no doubt whatsoever about the best direction for citizens. But this is a choice, a decision, and work that only you in the region can undertake. Of course with the full support of your friends in the European Union. Today, we discussed the importance of going further and enhancing connectivity within the region and with the European Union. We will continue these discussions next month in Sofia. To conclude: positive developments are also possible in the Western Balkans. We have seen that recently with the border demarcation agreement between Pristina and Podgorica, as well as the Treaty on Friendship between Skopje and Sofia. We need more such positive developments. During my roundtrip in the region, capital by capital, I have again become a cautious optimist. It is possible that the history of the Balkans, a kind of a never ending horror movie can turn into an Oscar winning production with “a happy end”. What I heard today from Korea and what I have experienced here in the Balkans in the last days should be a positive memento to all: that the impossible can become possible, and that it depends entirely on the good will and courage of individual people. Thank you. Council of the European Union      27/04/2018     Presidency press release after the first day of the informal ECOFIN meeting of 27 April 2018, Sofia, Bulgaria Read the full press release (PDF). Eurogroup      27/4/2018 Remarks by M. Centeno following the Eurogroup meeting of 27 April 2018 Good afternoon. Before we start, I would like to warmly thank the Bulgarian Presidency for hosting the Eurogroup here in Sofia. Today we welcomed the new German finance minister, Olaf Scholz. This was his first Eurogroup meeting. He presented the policy priorities of the new German government. We wished him all the best. Olaf is a true European and I am convinced he will carry forward Germany’s important contribution to a more robust euro area. On Greece, we had a productive discussion. We saw some good news from Greece lately, namely on the fiscal side. For the second consecutive year, Greece delivered a primary surplus over 4% of GDP and a budget surplus. This is very encouraging given the track record. On the programme, Greece remains fully committed to the reform agenda. We got good feedback from the institutions regarding the implementation of the fourth and final review of the programme. I’m happy to announce that the institutions will return to Athens on the 14th May for their next mission. This is good news. Ahead of the May Eurogroup, the institutions and the Greek authorities will work towards an agreement on all policies that need to be implemented for the final review - the so-called staff level agreement. With the programme well on track and approaching the end, we are already preparing the post-programme period. Today, the Greek Minister presented the growth strategy of Greece for the coming years. The strategy is to boost Greece's long-term growth potential and enhance the investment climate. Importantly, it underlines Greek ownership of the reform process beyond the end of the ESM programme. This exercise is key for the future of Greece. On the back of our experience in other programme countries - namely in the country I know best - ownership is critical for the sustainability of the current economic recovery in Greece. Lastly, we also addressed the post-programme legal framework to prepare for a successful exit from the programme this summer. The final decision on the implementation of the debt measures will be taken, if needed, at the end of the programme, conditional on full implementation of the programme, of course. We also discussed how we can further support the Greek authorities in their continued reform efforts in the years after the programme. We took note of the intention of the Greek government not to request a successor arrangement. On the future monitoring of the economic, fiscal and financial developments, the Eurogroup took note of the so-called 'enhanced surveillance', as proposed by the Commission. We will now continue discussions on these issues in the weeks ahead, also on the debt strategy. On the basis of a successful review, the Eurogroup will decide in June all the elements that can help facilitate the exit of Greece from the programme by August. Today, we also held our regular hearing of the ECB Banking Supervision Chair and we were debriefed by the Chair of the Single Resolution Board. Both provided a timely update covering their current activities and recent developments in the sector. They also highlighted challenges and priorities for 2018 and beyond. We welcomed that the banking sector has gained in resilience and continues to reduce risks. Some legacy issues still remain in banks' balance sheets. The work on non-performing loans is going in the right direction to address those legacies and to prevent the build-up of potential future problems. In addition, we discussed Anti-Money laundering issues, and we will continue discussions on technical level on how to strengthen coordination between supervisors. We commended both Chairs for their excellent work to-date and encouraged them and the Commission to continue working together closely. We look forward to our next rendez-vous in November.  We also discussed wage dynamics in Economic and Monetary Union (EMU). This is part of our regular thematic discussions on growth and jobs. We benefited from a rich presentation from our distinguished guest today– professor Tito Boeri, President of the Italian Social Security Institute. Wages are an important variable for macroeconomic adjustment in the monetary union. The issue has a strong national and in some cases sectoral dimension and the role of the social partners in wage setting is fully acknowledged. Moreover wage developments take place in a context that is affected by globalisation and technological change. Nevertheless, there is a range of possible supporting policies to help bringing wages and productivity developments more in line. These include reforms to reduce segmentation of labour markets, promote mobility and to take into account technological progress and digitalisation of the economy. We will continue our exchanges on labour market issues at our meeting in June.  Let me also report that this morning the Commission and the European Stability Mechanism (ESM) jointly announced that they are signing a Memorandum of Understanding (MoU) on their working relationship in the context of ESM financial assistance programmes. This is excellent news. All Euro finance ministers encouraged both institutions in this process. The Commission’s and the ESM’s responsibilities are, to a large extent, complementary. It is good that this successful cooperation between European Commission and ESM on the ground has now been formally codified. It goes to show that when we work together we combine our strengths, making the euro area more resilient and in this case re-enforcing both institutions. Finally, we welcomed that the updated draft budgetary plan of Austria is broadly compliant with the Stability and Growth Pact (SGP). Austria submitted an update because of the timing of national elections and the Eurogroup already issued a statement a few days ago, in time for Austrian parliamentary procedures. Eurogroup     27/4/2018  Main results - Eurogroup, 27/04/2018 The institutions informed the Eurogroup of progress made on the ongoing fourth review of Greece's financial assistance programme. Ministers were also briefed on the key topics that are relevant to the successful completion of the programme. Greece's economic adjustment programme The institutions informed the Eurogroup of progress made on the ongoing fourth review of Greece's financial assistance programme. Minister Tsakalotos presented Greece's forthcoming comprehensive growth strategy, outlining goals and priorities for the coming years. Ministers were also briefed on the key topics that are relevant to the successful completion of the programme. They were informed on the technical work that has been done to date on the growth adjustment mechanism, as part of the possible medium-term debt measures for Greece. They also discussed the possible form that the post-programme framework could take. Third financial assistance programme for Greece - timeline (background information) Banking Union: euro area aspects The Eurogroup heard a biannual presentation on the recent activities of the ECB Supervisory Board and the Single Resolution Board by the Chair of the European Central Bank's Supervisory Board, Danièle Nouy, and the Chair of the Single Resolution Board, Elke König. ECB Annual Report on supervisory activities - March 2018 Single Supervisory Mechanism (background information) Single Resolution Mechanism (background information) Thematic discussion on growth and jobs: wage dynamics The Eurogroup discussed wage dynamics as a channel for macroeconomic adjustment in the Economic and Monetary Union. The debate was based on a note by the Commission and a presentation by Professor Tito Boeri, who is also the President of the National Social Security Institute of Italy. Presentation by Professor Tito Boeri Meeting information Sofia   27/04/2018 Preparatory documents Draft annotated Eurogroup Agenda 27 April 2018 Wage dynamics in the EMU (Commission note) Wage dynamics in Europe (Secretariat issues note) European Council      27/4/2018  Remarks by President Donald Tusk after his meeting with Prime Minister Zoran Zaev in Skopje Good morning. There’s no better place than Skopje to end my Western Balkan tour ahead of the Sofia summit. I just had a very good meeting with Prime Minister Zaev, and later today I will also participate in the Brdo-Brijuni summit. A lot has changed since 2015, when I came here regularly to work with partners to stem the flow of irregular migrants towards Europe. The so-called Western Balkans route for illegal migration has since been closed, and it must remain so. Let me thank you again for your support back then, and your continued vigilance on this. Today, the topic was no longer migration, but the future of your country and the entire region. Here in Skopje, I sense a change in the political mind-set. I sense a real political will to move on with your country's Euro-Atlantic integration. And I sense a courageous and forward-looking leadership of Prime Minister Zaev. The European Commission's recommendation to open accession talks is the best proof that the efforts of your people and you yourself impress many in Europe; and that a new and promising chapter in the history of your country is just about to start. We agreed that when leaders from the European Union and the Western Balkan partners meet in Sofia in May, we should inject new energy into our relationship. Our summit should first and foremost reaffirm the European perspective of the region. Secondly, and more concretely, it should improve connections with and within the region – be they human, digital or infrastructural. We should also agree to tackle together our common security challenges, such as migrant smuggling, terrorism and organised crime. Let me in this context also thank you for your solidarity with the EU and its member states in the face of geopolitical challenges, such as the Salisbury attack. You have stood with us; we will stand with you. I also want to repeat here what I have said in every capital I have visited this week: the EU is, and will remain, the most reliable partner for the whole region. The European Union is by far the biggest investor, the biggest donor and the biggest trading partner for the whole region. This is also the true for your country. Close to 80% of your exports go to the European Union. Another 13% go to your Western Balkans neighbours. Only 1,5% goes to Turkey. 1% to Russia. And 1% to China. Beyond trade and investments, I am convinced that the EU is the best hope for a better future for your citizens. I say this because this is my own experience, as a Pole. For too many years geopolitics was against us. But today in the EU, we can cherish our national identity while at the same time being part of a bigger community in which we can all prosper. It’s no coincidence that 80% of Poles today continue to support EU membership. With this in mind, I can assure that the EU will assist you in your reform efforts. You have all the necessary ingredients for success: a consensus for EU and NATO membership of the political class and the determination of your people. Let me conclude by saying that we also discussed regional cooperation and good neighbourly relations, and their importance for the whole region. You have proven with Bulgaria that where there is a will to overcome the ghosts of the past, there is a way, to the future. I very much hope that you can make the journey also with Greece. You have my unconditional support and I believe in you. Thank you.