Main results - Eurogroup, 28 April 2023

 

Meetings Friday 28 April 2023

● Eurogroup   28/04/2023 15:45 | MEETING | Main results - Eurogroup, 28 April 2023   Meeting in Stockholm, the Eurogroup discussed macroeconomic and financial stability developments, in particular recent banking sector developments. It took work forward on the banking union and the capital markets union.

Eurogroup
Eurogroup, 28 April 2023

Main results
Banking union and banking sector developments
Macroeconomic and financial developments

The Eurogroup took stock of macroeconomic and financial stability developments. The Commission and the European Central Bank (ECB) updated ministers on the macroeconomic and financial situation. The chair of the ECB Supervisory Board, Andrea Enria, and the chair of the Single Resolution Board, Dominique Laboureix, provided their assessment of recent banking sector developments. This allowed for a broad exchange of views and offered preliminary insights for policy makers into recent developments in the international banking sector. The chair of the European Parliament's committee on economic and monetary affairs, Irene Tinagli, participated in the discussion.



The speed with which recent events in the financial sector have unfolded is a key theme that emerged from our discussion today. When we met a number of weeks ago, the Commission and the ECB had already debriefed us on issues that were taking place within America and some of the consequences of this for our wider financial system. Closer to the euro area, the developments that took place with regard to the merger of Credit Suisse with UBS were also a key area of focus. Acknowledging the speed of these recent developments, all ministers and all those who contributed this morning also acknowledged the fact that our banking system remains resilient and stable. Strong rules and strong supervision are the first line of defence. The work that has happened over many years with regard to the regulation and the resilience of our banking system proved so valuable over the last number of months.Paschal Donohoe, President of the Eurogroup
Eurogroup statement on the future of the banking union

Ministers followed up on the Eurogroup statement on the banking union of June 2022. In this context, the Commission presented the main objectives of its legislative package on the crisis management and deposit insurance framework that was presented on 18 April 2023. Ministers had a high-level political discussion. The legislative process will take place in the Council.


We looked at further steps regarding how we can make our system even more resilient. Two key priorities: looking at how we can continue to deliver against our commitment that the European Stability Mechanism can provide the liquidity backstop to the Single Resolution Fund; and looking at how we can deepen our resilience, reviewing the framework for crisis management and deposit insurance schemes targeting in particular small and medium-sized banks within the European Union. We will do all of this work because we know we need to continually upgrade our framework for managing banking difficulties. This is why I very much welcome the huge work that the Commission has done since our agreement in June to bring forward the proposal. I believe that moving forward on those areas, deepening and strengthening our capital markets is vital to not only how we can manage risks, but equally vital regarding how we can deepen our ability to invest in a better future for our citizens. Now is the time to proceed. Now is the time to move on with the really important legislative negotiations that will be starting immediately within the Council. I made the point to all of my colleagues here today that in our statement of last summer we had committed ourselves to completing this work within the current legislative cycle.Paschal Donohoe, President of the EurogroupEurogroup statement on the future of the banking union (press release, 16 June 2022)
Banking union (background information)
Banking union: Commission proposes reform of bank crisis management and deposit insurance framework (European Commission)
March Euro summit

Eurogroup President Paschal Donohoe debriefed ministers on the Euro Summit that took place on 24 March 2023, including follow-up work for the Eurogroup on strategic aspects related to the capital markets union.Euro Summit, 24 March 2023
Letter from the president of the Eurogroup, Paschal Donohoe, to the president of the Euro Summit, Charles Michel, ahead of the Euro Summit on 24 March 2023
Capital markets union (background information)
Miscellaneous
Policy priorities of the Estonian government

The new Estonian finance minister, Mart Võrklaev, presented the policy priorities of his government. This is standard practice in the Eurogroup when new governments take office.


Meeting information

Stockholm
28 April 2023
09:00
Preparatory documentsDraft agenda, Eurogroup in inclusive format
Draft annotated agenda, Eurogroup in inclusive format

The COVID-19 Vaccine Delivery Partnership

 

April 2023 | Issue 06

 

Mali: Vaccinating on the Borderlands

With a population of just over 20 000, Ménaka is the largest outpost in the Malian southeast frontier with Niger.

Regional security is volatile and violence is present: armed groups attack and constrict routes between Ménaka and its nearest neighbouring localities, Anderamboukane and Ansongo. 

As a result, people are displaced and on the move from the Ader Douchi hills to what is the nearest town with services, Ménaka. They need safety and shelter—but they also need vaccines. In December 2022 Ménaka and its surroundings were included in a Malian vaccination campaign against COVID-19. The vaccines are to be sent in by plane for delivery 1500 kilometres away. 

The journey starts in the capital, Bamako. Read the photo story.

 

 

 

COVID-19 Vaccine Delivery Partnership Situation Report

This report covers the months of February and March 2023.

In this edition:

• Overview: Global Situation | High-priority groups | 92 Advance Market Commitment Countries | 34 countries for concerted support
• In-depth: Community health workers and vaccine delivery
• Country snapshot: Pakistan and Liberia

 

 

COVID-19 Vaccine Delivery Stories

Boosting vaccinations among African populations suffering humanitarian crises

The health systems in 16 African countries get more resilient to epidemics of vaccine-preventable diseases, and their national immunization programmes stronger with support from the European Union. WHO implements a project for boosting COVID-19 vaccinations in vulnerable communities. The partnership is bringing results across Africa, as at-risk populations receive life-saving vaccines thanks to the hard work of community mobilizers, health staff and WHO teams. Read more

DRC: Ted Chaiban explique à la presse Congolaise le cadre de sa visite à Kinshasa

Mali: "Until they're all vaccinated, I'm not giving myself peace." 

Mozambique: Teenagers in Mozambique Participate in Countrywide COVID-19 Vaccination Campaign

India: COVID-19 vaccination is rising in many vulnerable African communities

Zimbabwe: Zimbabwe National COVID-19 Response Documentary Trailer

Africa: Compendium of human Interest stories This compendium provides a glimpse of how the sustained efforts of the GAVI-UNICEF partnership have touched the lives of many – across states, communities, and cultures

Sierra Leone: Protecting Girls in Sierra Leone from COVID-19 and Cervical Cancer Through Joint Vaccination Events

Mozambique: Teenagers in Mozambique Participate in Countrywide COVID-19 Vaccination Campaign

Sierra Leone: Protecting Girls in Sierra Leone from COVID-19 and Cervical Cancer Through Joint Vaccination Events

Global partners announce a new effort – “The Big Catch-up” – to vaccinate millions of children and restore immunization progress lost during the pandemic 

The State of the World’s Children 2023  

#BuildBackImmunity A global campaign to reach children who have missed out on vaccines

More stories

 

Resources, Reports and Technical Guidance

NEW: SAGE updates COVID-19 vaccination guidance

Following its 20-23 March meeting, WHO’s Strategic Advisory Group of Experts on Immunization (SAGE) revised the roadmap for prioritizing the use of COVID-19 vaccines, to reflect the impact of Omicron and high population-level immunity due to infection and vaccination. 

WHO SAGE Roadmap for prioritizing uses of COVID-19 vaccines

Good practice statement on the use of variant-containing COVID-19 vaccines

Considerations to inform country COVID-19 vaccine decision-making

COVID-19 Vaccine Delivery Partnership Information Hub

COVID-19 Vaccine Implementation Analysis & Insights Report archives

Management and safe disposal of COVID-19 vaccination waste at health facility level

WHO/UNICEF guidance document on programmatic considerations for C-19 integration into PHC

Improving Immunization Coverage and Equity Technical Resources Contains resources on improving coverage and equity of immunization services. Intended users of the collection include managers of national immunization programs and EPI & PHC technical advisers and partners. There are three browsing options: by topic, by question or by the IRMMA Framework for Zero-Dose.

Immunization Decision-Making Resource Catalogue Contains resources to support vaccine decision-making. Intended users include country-level decision-makers at all levels in the health sector, international partner organizations, and other policy making and coordination bodies. The catalogue is organized by different criteria used in decision-making. Moreover, overview of decision-support tools is included that can help structure a transparent and evidence-based decision-making process.

 

All COVID-19 vaccine delivery resources

COVID-19 vaccines

Global Compendium of country knowledge on COVID-19 vaccination

Tools and guidance on vaccine confidence and uptake

All WHO COVID-19 vaccine resources: toolkit

All WHO COVID-19 technical guidance AR EN ES FR RU ZH 

 

 

Coming up

Global Stocktake of COVID-19 Vaccine Delivery

A global stocktake is being convened to reflect on achievements of COVID-19 delivery in concerted support countries, identify lessons learned and good practices, develop critical actionable recommendations for integration into primary health care and where possible support recovery of essential immunization.

The meeting is scheduled to take place on 2-3 May 2023 in Addis Ababa, Ethiopia. It will be co-hosted by the Ethiopia Federal Ministry of Health and jointly convened with CoVDP, WHO, UNICEF, Gavi and other Stakeholders. Read more

 

Learning Collective Initiative in Covid-19 Vaccine Delivery Partnership

This initiative series aims to collect and share key learnings, best practices and challenges in planning and implementing COVID-19 vaccination uptake. Slides and recordings from past sessions as well as registration links for future sessions are available here. For more information on the topic of integration, see: Country experiences to date on integrating C-19 vaccination

 

Call for Abstracts

The 17th TechNet Conference will take place in Panama City, Panama in the Region of the Americas (PAHO). The conference will begin on Monday, October 16, 2023 and finish on Thursday, October 19, 2023. More information. 

Submit your ideas for a presentation or poster that will be featured at the conference here.  

 

The Vaccination Acceptance Research Network 2023 Conference

The Sabin Vaccine Institute and UNICEF, In Partnership With Gavi, The Vaccine Alliance present the Vaccination Acceptance Research Network (Varn) 2023 Conference

 

The COVID-19 Vaccine Delivery Partnership Transition

The next phase of COVID-19 vaccine delivery sees us transitioning to a new approach. This will ensure our efforts will create long-lasting benefits that will be seen beyond the COVID-19 pandemic. Vaccine equity - for all vaccines - is one of the great responsibilities of our lifetime. The work towards closing this gap continues.

Read more about the transition of the COVID-19 Vaccine Delivery Partnership:
Questions and Answers
About the COVID-19 Vaccine Delivery Partnership Transition

 

 

 

IMF news

 

Dear maria, We just published a new blog—please find the full text below.  Europe’s Knife-Edge Path Toward Beating Inflation Without a Recession (Credit: Lena Mucha/IMF Photo) By Alfred Kammer Following a strong exit from the pandemic, Europe was hit hard by the economic impact of Russia’s invasion of Ukraine. Growth slowed drastically, inflation shot up, and episodes of financial stress materialized. But as a result of decisive policy action, most economies narrowly avoided a recession this winter. Europe now faces the difficult task of sustaining the recovery, defeating inflation, and safeguarding financial stability. Growth in Europe’s advanced economies will slow to 0.7 percent this year from 3.6 percent last year, while emerging economies (excluding Türkiye, Belarus, Russia, and Ukraine) will also see a sharp decline to 1.1 percent from 4.4 percent. According to our latest Regional Economic Outlook, there will be a mild rebound in growth to 1.4 and 3 percent, respectively, in these two country income groups next year as real wages catch up and external demand picks up. Headline inflation continues to decline, but underlying inflation (excluding energy and food) will remain persistent and uncomfortably above central bank targets even by the end of next year. Recent and projected declines in energy prices will feed into lower underlying inflation, but not enough to bring it down quickly.

COUNCIL OF THE EUROPEAN UNION latest

 

Press material Friday 28 April 2023

● Eurogroup   28/04/2023 14:21 | Statements and remarks | Remarks by Paschal Donohoe following the Eurogroup meeting of 28 April 2023   I want to begin by offering a word of thanks to our Swedish hosts for the excellent organisation of the event. And I'll give you a brief summary of the key points that have emerged from our Eurogroup meeting this morning. We often begin our meetings by reflecting upon the policy developments and the economic developments that have taken place since we last met. Today was no exception. We began our meeting by focusing on recent developments that have taken place in the United States and in Switzerland, and their implications for our economies and for our banking systems. We also reviewed the indicators of economic performance over the last weeks and what that means for our policy decisions in the time ahead. There are some lessons with regard to what has happened with banking issues that stretch beyond the euro area. This is the reason why we had our non-euro area finance ministers attending today. In addition to the Commission, the ECB and the ESM, we also had the chairs of the Single Supervisory Mechanism and the Single Resolution Board in attendance and also the Chair of the ECON Committee of the European Parliament. We also welcomed the new member of the Eurogroup, the new finance minister from Estonia, Mart Võrklaev, to our meeting. He gave a brief presentation on the priorities of the government of Estonia. The speed with which recent events in the financial sector have unfolded is a key theme that emerged from our discussion today. When we met a number of weeks ago, the Commission and the ECB had already debriefed us on issues that were taking place within America and some of the consequences of this for our wider financial system. Closer to the euro area, the developments that took place with regard to the merger of Credit Suisse with UBS were also a key area of focus. Acknowledging the speed of these recent developments, all ministers and all those who contributed this morning also acknowledged the fact that our banking system remains resilient and stable. Strong rules and strong supervision are the first line of defence. The work that has happened over many years with regard to the regulation and the resilience of our banking system proved so valuable over the last number of months. But still, recent events have reminded us of the work that we still need to do. This is why we looked at further steps regarding how we can make our system even more resilient. Two key priorities: looking at how we can continue to deliver against our commitment that the European Stability Mechanism can provide the liquidity backstop to the Single Resolution Fund; and looking at how we can deepen our resilience, reviewing the framework for crisis management and deposit insurance schemes targeting in particular small and medium-sized banks within the European Union. We will do all of this work because we know we need to continually upgrade our framework for managing banking difficulties. This is why I very much welcome the huge work that the Commission has done since our agreement in June to bring forward the proposal. I believe that moving forward on those areas, deepening and strengthening our capital markets is vital to not only how we can manage risks, but equally vital regarding how we can deepen our ability to invest in a better future for our citizens. Now is the time to proceed. Now is the time to move on with the really important legislative negotiations that will be starting immediately within the Council. I made the point to all of my colleagues here today that in our statement of last summer we had committed ourselves to completing this work within the current legislative cycle. Today I also debriefed my colleagues on the last Euro Summit that myself and President Lagarde attended, and emphasised the focus that all our leaders put on how we can deepen our Capital Markets Union. The Eurogroup will return to that work very shortly.

28/04/2023 13:50 | Press release Renewed commitment to the capital markets union In the margins of the informal Ecofin meeting in Stockholm today, the European Parliament, the current and incoming Presidencies of the Council of the EU and the European Commission renewed their commitment to further integrating and developing the capital markets union (CMU). The joint statement commits to advancing and, where possible, finalising the negotiations on the current legislative proposals before the next elections to the European Parliament in 2024.

Renewed commitment to the capital markets union


Press release

28 April 202313:50
Renewed commitment to the capital markets union


Meeting and declaration on CMU with Vincent Van Peteghem, Spanish Minister of Finance, Mairead McGuinness, European Commissioner for Financial services, financial stability and Capital Markets Union, Elisabeth Svantesson, Swedish Minister for Finance, Nadia Calviño, Spanish First Deputy Prime Minister and Minister for Economy and Digitalisation and Irene Tinagli, Chair of the ECON Committee.© Johannes Frandsen/Government Offices


In the margins of the informal Ecofin meeting in Stockholm today, the European Parliament, the current and incoming Presidencies of the Council of the EU and the European Commission renewed their commitment to further integrating and developing the capital markets union (CMU). The joint statement commits to advancing and, where possible, finalising the negotiations on the current legislative proposals before the next elections to the European Parliament in 2024.

Strengthening EU competitiveness is one of the top priorities of the Swedish Presidency, and the CMU is a key component. We have put a lot of effort into advancing CMU-related dossiers and have worked tirelessly to ensure that we make as much progress as possible. The statement today confirms our determination to continue the work to deliver on the capital markets unionElisabeth Svantesson, Swedish Minister for finance.



The statement published today contains several commitments aimed at accelerating political agreements and making progress in ongoing CMU legislative work. The Commission committed to completing the 2020 Action Plan by presenting three additional legislative proposals. The proposals will seek to foster trust in capital markets and ensure higher retail participation, strengthen access to financial data and simplify cross-border taxation procedures. The ministers and members of the European Parliament committed to regular discussions on CMU initiatives to maintain momentum and ensure swift political agreements.

The statement is signed by Chair of the European Parliament Committee on Economic and Monetary Affairs Irene Tinagli, Ms Svantesson, Swedish Minister for Financial Markets Niklas Wykman, Spanish First Vice-President and Minister for Economy and Digital Transformation Nadia Calviño, Belgian Vice-Prime Minister and Minister of Finance Vincent Van Peteghem, and Commissioner for Financial Services, Financial Stability and Capital Markets Union Mairead McGuinness.

Read the statement on the website of the European Commission.

Read more

Background: EU capital markets union

Think Tank Review - April 2023

 

Library blog Friday 28 April 2023

● General Secretariat of the Council   Think Tank Review - April 2023   Key topics expected to be discussed during the upcoming Belgian EU Council presidency; the European Parliament initiative for the EU treaties revision; assessing the stability of the eurozone; the electricity market reform; the state of affairs regarding BRICS and SCO; a more geopolitical Europe; and US-China on a collision course are some of the issues dealt with in the April Think Tank Review.

Think Tank Review - April 2023

• 28 April 2023
 
• Think Tank Review
 
• gsclibrary

EU politics and institutions

Ahead of the Belgian EU Council presidency starting in January 2024, papers anticipate some topics that could be placed high on the EU agenda such as energy supply, if the war in Ukraine continues; economic governance, linked to the implementation of ‘Next Generation EU’; governance of the Euro area, and further progress on the green deal. As the European Parliament has used its powers to trigger a revision of the EU treaties, papers explain that the heads of government need the assistance of a reflection group to prepare for a new Convention. Think tanks consider that the handling of the 2020 Covid19 crisis provides valuable insights about how the EU functions and its governance; it is in many ways a textbook example of what the EU can do and how it does it.

Egmont – Royal Institute for International Relations

• Preparing for Belgium’s thirteenth presidency of the Council of the European Union

European Policy Centre

• Raising the stakes on constitutional reform: the European Parliament triggers treaty change

Fondation Robert Schuman