| 09/12/2024 21:31 | Meetings | | | | | The Eurogroup held a discussion with Rachel Reeves, the UK’s Chancellor of the Exchequer, on global economic developments, in inclusive format. The Eurogroup reviewed macroeconomic developments and policies in the euro area, including in the context of the International Monetary Fund's Article IV consultation. Additionally, ministers discussed draft budgetary plans and prospects for the euro area, based on the European Commission’s opinions. |
| ● Eurogroup | | | 09/12/2024 20:32 | Statements and remarks | | | | | Our regular Eurogroup meeting began with a discussion with the IMF on the euro area economy. Both the IMF and the Commission agreed that the euro area has shown remarkable resilience. We have contributed to this stability through our coordinated efforts. Inflation is down. Employment has stayed at record levels. And even if the outlook is uncertain these days, growth is set to resume. However, the focus for us - and the IMF has supported us in this - is on the reforms that can lift our growth, and our economic dynamism, and that can make room for investment and competitiveness. And innovation is at the forefront of this discussion. We continued our discussion with an important part of our coordination of budget policies, which is the Commission’s assessment of the draft budget plans for next year. To that end, we adopted a statement. We are at the start of the implementation of a major revision in the economic governance framework, which we agreed earlier in the year. The draft budget plans for 2025 marked the first steps towards translating this framework into real measures. And despite the challenges that may come along the way, we have the commitment, the capacity and the framework to deliver on the right policy: a gradual budget consolidation path for the medium term, coupled with investments on structural reforms and efforts to improve productivity and competitiveness. We consider the slightly contractionary fiscal stance for 2025, coupled with a positive trend in public investment, to be appropriate, given the budget challenges that we face and the need to support the ongoing reduction in inflation. We congratulated those with budget plans considered on track and we reflected jointly on the risks and challenges, notably around budgets for next year. The Finance Minister for France, Antoine Armand, took the opportunity to debrief us on the latest political developments in France. We all recalled the importance of sound public finances and the need for all of us to take the measures to deliver on our budget commitments, which fundamentally is about the ability of our economies to grow in the years ahead, giving us a better prospect for living standards that are good and that can develop further. |
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| ● Eurogroup | | | 09/12/2024 19:25 | Statements and remarks | | | | | The euro area economy has shown remarkable resilience despite a challenging environment over recent years, reflecting a strong, coordinated and timely policy response. Economic growth is set to resume at a moderate pace, as positive employment growth and improving financing conditions support consumption and investment. Sound and well-coordinated policies have secured economic stability and helped to bring down inflation, which will foster recovery in real disposable incomes. However, geopolitical risks and policy uncertainty have increased. Distortive practices by some trading partners could weigh negatively on global trade and growth. Based on the Commission’s autumn forecast for 2024-2026, we expect a gradual decline in the public deficit in the euro area and a slight increase in the public debt ratio, albeit remaining well below its 2020 peak. We welcome the submission of the first medium term fiscal structural plans in line with the revised economic governance framework, as well as the submission of the draft budgetary plans for 2025, which represent the first concrete steps towards the new framework’s effective implementation. We agree that draft budgetary plans remain a crucial element of fiscal policy coordination and will continue to contribute to the strength and cohesion of the euro area and the EU as a whole. Going forward, the draft budgetary plan process will be an important tool for multilateral fiscal surveillance and for annual monitoring of developments in net expenditure. The Commission’s assessment of the draft budgetary plans points to a slightly contractionary fiscal stance in 2025 in the euro area, driven by restraint in net current expenditure, coupled with continued growth in public investment. This is appropriate at the current juncture, in view of the high levels of deficit and debt in the euro area and the need to support the ongoing disinflationary process. We welcome that, in line with the new framework, a larger fiscal adjustment is planned by member states with greater fiscal challenges. We also welcome that euro area public investment is projected to continue its upward trend, reflecting ongoing efforts to enhance investment, and a positive impact from European funds, notably through the Recovery and Resilience Facility. Investment remains essential for a competitive and resilient economy. We take note of the Commission Opinions on the individual draft budgetary plans for 2025. The Eurogroup discussed varying degrees of risk regarding compliance with the fiscal recommendations. The Eurogroup welcomes the draft budgetary plans considered to be in line with the fiscal recommendations. We invite member states with draft budgetary plans presenting risks to compliance based on the Commission assessment, to stand ready to take action as necessary depending on the nature of the risks and to deliver on fiscal commitments. We look forward to the submission of the pending medium-term plans and draft budgetary plans as soon as possible. A shared currency entails shared responsibilities. The Eurogroup therefore underlines the importance of the effective implementation of the revised economic governance framework. The framework facilitates a strategy of gradual fiscal consolidation, while supporting investment and reforms, and promoting sustainable economic growth, thus improving fiscal sustainability across the euro area. As we outlined in the recent Eurogroup statement on competitiveness, we are committed to boosting the performance of our economy by increasing its productive capacity and enhancing its competitiveness through ambitious investment and well-calibrated structural reforms. The Eurogroup will continue to closely monitor economic and fiscal developments and reinforce its policy coordination.
Παρατηρήσεις του Paschal Donohoe μετά τη συνάντηση του Eurogroup σε μορφή χωρίς αποκλεισμούς με την Καγκελάριο του Οικονομικού του Ηνωμένου Βασιλείου, Rachel Reeves, 9 Δεκεμβρίου 2024 |
Όλοι οι υπουργοί Οικονομικών της ΕΕ μόλις ολοκλήρωσαν έναν πολύ θετικό, αξιόλογο και εποικοδομητικό διάλογο με την καγκελάριο του Οικονομικού Ρέιτσελ Ριβς. Όλοι μαζί την καλωσορίσαμε σε αυτή τη συνάντηση και ελπίζουμε ότι αυτός μπορεί να είναι ο πρώτος από πολλούς τέτοιους διαλόγους. Πολλοί ομιλητές αναγνώρισαν ότι βρισκόμαστε σε έναν κόσμο αυξανόμενης αστάθειας, πολλών προκλήσεων, διχασμού και δυσκολίας. Σε στιγμές όπως αυτή, είναι πολύ σημαντικό να εστιάσουμε ξανά σε εκείνες τις σχέσεις που έχουν ένα θεμέλιο κοινών αξιών, κοινής προοπτικής για τα πραγματικά σημαντικά ζητήματα της εποχής μας, καθώς και παρόμοιες και κοινές προτεραιότητες πολιτικής. Είμαστε όλοι της άποψης ότι έχουμε έναν τέτοιο εταίρο στο Ηνωμένο Βασίλειο και είχαμε έναν πολύ πλούσιο διάλογο για τα διάφορα θέματα που εργαζόμαστε συλλογικά. Όλοι αναγνωρίσαμε -και ξέρω ότι η Καγκελάριος θα μιλήσει γι' αυτό- την επαναφορά που βρίσκεται σε εξέλιξη μεταξύ της Ευρωπαϊκής Ένωσης και του Ηνωμένου Βασιλείου. Αυτή η επαναφορά θα οδηγήσει σε σημαντικές συναντήσεις και συζητήσεις στο προσεχές διάστημα, οι οποίες ελπίζουμε ότι μπορούν να εμπλουτίσουν περαιτέρω τη σχέση και τη φιλία μεταξύ του Ηνωμένου Βασιλείου και της Ευρωπαϊκής Ένωσης. Και καθώς μιλούσαμε για την επαναφορά, είχαμε μια πολύ ισχυρή υπενθύμιση όλων των κοινών μας. Εξετάζουμε τις κοινές μας αξίες όσον αφορά το κράτος δικαίου και τη διεθνή τάξη, και όλοι αναγνωρίσαμε τη σημαντική συμβολή του Ηνωμένου Βασιλείου στη στήριξη του λαού της Ουκρανίας, στην υποστήριξη της υπόθεσης της δημοκρατίας και της ασφάλειας, εδώ στην Ευρώπη . Στη συνέχεια προχωρήσαμε στους κοινούς τομείς στους οποίους εργαζόμαστε από κοινού από άποψη πολιτικής. Στην Ευρωπαϊκή Ένωση όπως και στο Ηνωμένο Βασίλειο, θεσπίζουμε νέα δημοσιονομικά πλαίσια, που επιδιώκουν να καταστήσουν τα δημόσια οικονομικά μας ασφαλή και να δημιουργήσουν τη δυνατότητα να επενδύσουμε στο μέλλον μας. Στην ΕΕ και στο Ηνωμένο Βασίλειο, εργαζόμαστε εντατικά για νέες ενεργειακές πολιτικές προκειμένου να προχωρήσουμε σε ένα πιο πράσινο και ασφαλές μέλλον. Συμμετέχουμε επίσης σε πολλή δουλειά σχετικά με το πώς μπορούμε να δημιουργήσουμε τη δυνατότητα να επενδύσουμε σε αυτό το μέλλον μέσω της καλύτερης διαχείρισης και χρήσης του ιδιωτικού κεφαλαίου. Είχαμε μια συζήτηση σχετικά με το πώς μπορούμε να υποστηρίξουμε ο ένας τον άλλον σε αυτό το ταξίδι. Η σημερινή συνάντηση λοιπόν ήταν πολύ θετική. Η πραγματική αξία σε αυτό ήταν ο διάλογος, το καλωσόρισμα και η αναγνώριση από όλους μας για το έργο που ηγούνται τώρα ο Καγκελάριος Ριβς και ο Πρωθυπουργός Keir Starmer στο Ηνωμένο Βασίλειο και η επιθυμία να εργαστούμε μαζί, για να προσφέρουμε ένα καλύτερο μέλλον για τους λαούς της Ευρωπαϊκής Ένωσης και του Ηνωμένου Βασιλείου. Αγαπητέ Rachel, σας ευχαριστώ πολύ για την παρουσία σας σήμερα και για τη συμβολή που έχετε κάνει. Ανυπομονούμε να είναι αυτή μια από μια σειρά συζητήσεων που θα έχουμε στο μέλλον. |
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| ● Council of the EU | | | 09/12/2024 20:35 | Meetings | | | | | During the first day of the Agriculture and Fisheries Council, the Council unanimously endorsed conclusions on a farmer-focused post-2027 common agricultural policy, towards a competitive, crisis-proof, sustainable, farmer-friendly and knowledge-based future EU agriculture. Ministers also exchanged views on the future opportunities for the bioeconomy, and the Council took note of the progress made on the proposal for a forest monitoring framework. |
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| ● Council of the EU | | | 09/12/2024 17:39 | Press release | | | | | The Council today renewed its restrictive measures in view of the situation in the Democratic Republic of the Congo (DRC) for an additional year, until 12 December 2025. Altogether, the EU restrictive measures related to human rights violations, electoral obstruction and for sustaining the armed conflict, instability, and insecurity in the DRC now apply to 23 persons and one entity. Those designated are subject to an asset freeze and EU citizens and companies are forbidden from making funds available to them. Natural persons are additionally subject to a travel ban, which prevents them from entering or transiting through EU member states. The EU keeps developments in the DRC under constant review, and can decide to renew sanctions, and amend the list of targeted persons, entities and bodies based on developments on the ground. BackgroundEU autonomous individual restrictive measures in view of the situation in the DRC were adopted by the Council for the first time in 2016 in response to serious human rights violations and the obstruction of the electoral process. On 5 December 2022, the Council decided to amend the designation criteria to allow for the application of individual restrictive measures against natural or legal persons, entities or bodies that sustain, support or benefit from the armed conflict, instability or insecurity in the DRC, as well as those responsible for inciting violence, or exploiting the armed conflict, instability and insecurity in the DRC, including through the illicit exploitation and trade of natural resources. |
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