| ● Eurogroup | | | 25/02/2022 18:13 | MEETING | | | | | The Eurogroup reflected on the euro-area dimension of the macroeconomic imbalances procedure. It issued statements on the digital euro, on Greece, and reappointed Tuomas Saarenheimo as EWG President |
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Meetings Eurogroup
Eurogroup, 25 February 2022
Main results
Economic governance review: Euro area dimension of the macroeconomic imbalances procedure
As part of the economic governance review, ministers reflected on the euro-area dimension of the macroeconomic imbalances procedure. A secretariat issues note framed the discussion.
Eurogroup recognises that macro-economic imbalances are of particular importance to the euro area and that the Macroeconomic Imbalances Procedure has supported their unwinding. It was particularly successful to reduce current account deficits but admittedly less effective to reduce high surpluses.Paschal Donohoe, President of the Eurogroup
The digital euro will complement euro coins and banknotes
Digital euro project
The European Central Bank and the European Commission updated the Eurogroup on the digital euro. The ECB presented the state of play as to the use cases of a digital euro. The Eurogroup then issued a statement in support of the work carried out by the Eurosystem and the Commission on a digital euro. This investigative work needs to build on careful and thorough analysis and will benefit from Eurogroup members’ views during the process.
Eurogroup statement on the digital euro project (press release, 25 February 2022)Digital finance (background information)Greece
The Eurogroup welcomed the early repayments by Greece of the Greek Loan Facility (GLF) and International Monetary Fund (IMF) loans and issued a statement, stressing the positive impact that the early repayments will have on Greece’s public finances and the signal of confidence to financial markets.
This is a very positive sign for Greece, reflecting the strong economic recovery from the pandemic and the successful implementation of reform commitments, even in those challenging times. We have adopted a statement today, welcoming this positive development.Paschal Donohoe, President of the Eurogroup
Eurogroup statement on the early repayments of IMF and GLF loans by Greece (press release, 25 February 2022)Reappointment of EWG President
Tuomas Saarenheimo was reappointed as President of the Eurogroup working group (EWG).
Eurogroup reconfirms Tuomas Saarenheimo as President of the Eurogroup working group (press release, 25 February 2022)Eurogroup Working Group (background information)President of the Economic and Financial Committee (background information)Meeting information
Paris
25 February 2022
09:00
Preparatory documents
Draft agenda, EurogroupDraft annotated agenda, EurogroupThe euro as a digital currency - state of playPress releases
Remarks by Paschal Donohoe following the Eurogroup meeting of 25 February 202225 February 2022, 17:10
Eurogroup reconfirms Tuomas Saarenheimo as President of the Eurogroup working group25 February 2022, 16:50
Eurogroup statement on the early repayments of IMF and GLF loans by Greece25 February 2022, 16:45
Eurogroup statement on the digital euro project25 February 2022, 16:40
| ● Eurogroup | | | 25/02/2022 17:19 | Statements and remarks | | | | | It is in these darkest of hours, in these darkest of moments, that our thoughts are with Ukraine and with the Ukrainian people as they face this unprovoked attack and they fear for their lives. We will do all that we can, all that is necessary to support them in these tragic circumstances. This is not only an attack on Ukraine, it is an attack on the values of a free and democratic world, values that are at the core of the European Union. Therefore the Union stands strongly united in protecting our common values, our freedoms and the rule of law. Our leaders last night took decisive and collective action to hold Russia accountable. This is one further step in our response. There is more to come. But our first priority now is to implement those sanctions and finance ministers will be acting urgently to do this. We know there will be consequences for standing up for our European values and freedoms. We know there will be economic costs. But it is these very values and freedoms that are fundamental to the success of our Union and fundamental to our societies and to our economies. These costs will emerge over the coming weeks and months. The impact will be different for different member states. But our discussion here today led by Bruno, illustrated that we will maintain the unity of purpose that we have demonstrated over the past two years. While we have started to consider the consequences of the last few days’ events, we do so with an economy that is already strong and resilient thanks to the policy decisions that we have taken in recent years. Only in December, the Eurogroup collectively agreed to maintain a moderately supportive budgetary stance for our economies, complementing the monetary policy of our central bank to give our governments the ability to respond to the challenges of then, and now the challenges of today. In three weeks' time, the Eurogroup will again review this issue. We will discuss the coordination of our budgetary policies. This discussion will come at the right time - between now and then it will allow us to revisit, to review our strategies, to ensure that we can support our economies and our citizens at this moment of greatest challenge. But we will do this with an economy that due to its recovery, will allow us to respond to this test. The Eurogroup and the euro area is united with our institutions as we respond to this grave test. Before I hand over to the president of the European Central Bank, one further matter that it's important from a Eurogroup discussion today is that our Greek Finance Minister colleague, Minister Staikouras updated us on the early repayment of IMF and Greek Loan Facility loans. A very important achievement by him and his government. A further statement will issue at that later. |
| The Eurogroup today reappointed Tuomas Saarenheimo as President of the Eurogroup Working Group (EWG), the body tasked with preparing the meetings of … |
| ● Eurogroup | | | 25/02/2022 16:51 | Press release | | | | | The Eurogroup today reappointed Tuomas Saarenheimo as President of the Eurogroup Working Group (EWG), the body tasked with preparing the meetings of euro area finance ministers. Saarenheimo has held the position since 1 April 2020. This will be his second two-year term. "I am very pleased to announce the reappointment of Tuomas today which is testament to his excellent work for the past two years. Tuomas is extremely knowledgeable, diligent, skilful in building bridges between member states and does not shy away from challenging tasks. The EWG has the right person at its helm to support our ambitious Eurogroup agenda."
Paschal Donohoe, President of the Eurogroup Today’s appointment follows Saarenheimo’s election by EWG members on 18 February. The EWG prepares the meetings of the Eurogroup and promotes policy coordination on euro-area specific matters. It is composed of representatives of the euro area member states of the Economic and Financial Committee, the European Commission and the European Central Bank. The office of the President of the EWG is located in the General Secretariat of the Council of the EU, in Brussels. Saarenheimo has also been re-elected as the President of the Economic and Financial Committee, which among other tasks, contributes to preparation of the work of the Council (Ecofin) and promotes policy coordination among EU member states. Tuomas Saarenheimo’s bio Eurogroup: Tuomas Saarenheimo appointed President of the Eurogroup working group (press release, 17 February 2020) Eurogroup Working Group (background information) President of the Economic and Financial Committee (background information) |
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