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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
