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Meetings
Eurogroup
Eurogroup, 4 April 2022
Main results
Highlights from the Eurogroup meeting of 4 April held in Luxembourg
Euro area macro-economic situation and outlook
The euro area impact from the war in Ukraine in the short- and medium term
Ministers discussed economic developments resulting from the Russian military aggression in Ukraine.
Monitoring and assessing these fast-moving developments is crucial for Eurogroup’s coordination of economic policies and promotion of the conditions for stronger economic growth.
This war is having an impact in terms of energy price increases and consequences on standards of living. In other areas such as food and raw materials, the war has led to price increases. We have highlighted the numerous policies in place to soften these impacts, particularly for the most vulnerable. The Eurogroup acknowledged these significant costs to standing against the abhorrent actions that are now being inflicted on the people of Ukraine. The euro area has the strength to absorb these costs. Support is being provided by states to their citizens. The discussion today emphasised the value of building on the unity and coordinated action that we developed in response to the pandemic in order to effectively tackle the consequences of this war and maintain cohesion within the euro area.Paschal Donohoe, President of the Eurogroup
Preparation of the international meetings
In preparation for the upcoming spring meetings of the World Bank Group and the International Monetary Fund, ministers looked into the global economic developments, risks and policy challenges, and took stock of exchange rate developments over the past months.
The threat Russia represents to regional security and prosperity and for global economic cooperation is also taken into account in the preparation of upcoming international meetings.
Trade-offs in the design of a digital euro between privacy and other policy objectives
Based on input from the ECB and the Commission, ministers discussed privacy considerations related to a digital euro and how they relate to other policy objectives, such as preventing money laundering, illicit financing and tax evasion.
This discussion followed the work plan on the digital euro, agreed by the Eurogroup in July 2021.
We had a very constructive exchange of views on the digital euro, in particular on issues related to privacy, and other policy objectives such as anti-money laundering. The ECB presented options for building appropriate privacy safeguards. The Eurogroup agreed that the design of a digital euro should accommodate privacy concerns while complying with the broader policy objectives and counteracting the use of digital euros for unwarranted purposes. A risk based approach could be followed to allow for more privacy in the case of less risky and smaller transactions. I also heard some support to explore a limitation of offline functionality to low value payments in close proximity. This could improve the financial inclusion objectives of the digital euro and of its convenience, potentially enhancing its overall success.Paschal Donohoe, President of the Eurogroup
Digital euro: privacy options (presentation by the ECB)
Thematic discussion - Housing market developments in the euro area and policy implications
Ministers held a thematic discussion on housing market developments, focused on housing affordability issues.
The discussion took place in the context of rising housing prices over the last years in the euro area.
It is the first time we have discussed housing market developments and related policy implications in Eurogroup format. The picture today was varied. In many economies the issue of affordability was raised with the knock-on effects on our citizens. We had a good discussion today on these challenges based on input from the Commission. We shared the different measures that are being taken at national level to respond to these challenges, while also recognising that the national specifics of housing markets vary a lot.Paschal Donohoe, President of the Eurogroup
Banking Union Update: including reporting on operational aspects
Fifteenth hearing of the Chair of the Supervisory Board
The Eurogroup was informed about the supervisory tasks carried out by ECB Banking Supervision, notably on the banking sector outlook and supervisory activity in the euro area in the context of the invasion of Ukraine by Russia, on European banking supervision priorities, and on the broader financial regulation agenda.
Reporting on recent activities of the Single Resolution Board
The Eurogroup was updated on the recent activities undertaken by the Single Resolution Board (SRB), focusing particularly on recent resolution cases, SRB priorities for 2022, and the state of play on the Single Resolution Fund and the common backstop.
Meeting information
Luxembourg
4 April 2022
15:00
Preparatory documents
Note from the Commission: 'Housing Market developments in the euro area: housing affordability'
Draft agenda, Eurogroup
Draft annotated agenda, Eurogroup
Outcome documents
List of participants
SRB bi-annual reporting note 2022
Written overview ahead of the exchange of views of the Chair of the Supervisory Board of the ECB with the Eurogroup on 4 April 2022
Press releases
Remarks by Paschal Donohoe following the Eurogroup meeting of 4 April 2022
4 April 2022, 22:00
Highlights from the Eurogroup meeting of 4 April held in Luxembourg
