Eurogroup, 7 November 2019
Main results
ECB: unanimous support for Isabel SchnabelRegular format
The Eurogroup gave its unanimous support to the candidacy of Isabel Schnabel to become a member of the European Central Bank's (ECB) executive board, replacing Sabine Lautenschläger. The Council will adopt a formal recommendation to the European Council.
Thematic discussion on growth and jobs: investment in innovation
Ministers exchanged views on investment in innovation and research as a means to boost productivity and competitiveness in the eurozone.
The European Commission underlined that the eurozone underinvests in research and innovation compared to its competitors. Expenditure in R&D (research & development) from the private sector remains low compared to Japan, the US or China.
Albert Bravo-Biosca, Director of the Innovation Growth Lab at Nesta, shared concrete recommendations on how to increase the efficiency of innovation policy.
- Increasing the impact of public investments in innovation, discussion note by Albert Bravo-Biosca
- Increasing the impact of public investments in innovation, presentation by Albert Bravo-Biosca
- Investment in the euro area, focusing in research and innovation – Technical note from the Commission
- Eurogroup statement on common principles to promote investment (press release, 07/04/2017)
Autumn Economic Forecast
The European Commission presented the Autumn Economic Forecast.
Policy priorities of the Portuguese government
The Portuguese representative presented the policy priorities of the new Portuguese government. This is customary practice for a new eurozone government.
Inclusive format
ESM treaty: November package
Ministers took note on the progress made on the legal documents related to the European Stability Mechanism (ESM) treaty, in particular, legal documents related to the common backstop for bank resolution and to the precautionary instruments.
The aim is to conclude on the full package in December.
EDIS: interim report
The Chair of the High Level Working Group on the European deposit insurance scheme (EDIS) presented the progress made in the discussions on a roadmap for political negotiations and outlined the further work planned until December.
I see a clear commitment now from all ministers to engage in a much needed debate to complete the banking union. Next step is to agree on a roadmap to start political negotiations on EDIS in December.Eurogroup President Mário Centeno
Budgetary instrument for convergence and competitiveness (BICC) follow-up
The President of the Eurogroup Working Group presented the state of play of the technical work on the budgetary instrument for convergence and competitiveness (BICC) in line with the Eurogroup agreement on a BICC term sheet in October.