Eurogroup, 4 October 2021
Main results
Macro-economic developments in the euro area
Ministers exchanged views on the macro-economic situation in the euro area. The director of the EU Agency for the Coordination of Energy Regulators (ACER), Christian Zinglersen, updated the Eurogroup on recent energy price developments. This will inform Eurogroup's regular monitoring of economic developments in the euro area.
To give you a sense of today’s discussion, we all concur with the Commission and with the ECB that a significant part of current developments is likely to be temporary, and that inflation should start to fall again next year. The most vulnerable are not the only ones affected: this is an issue that touches all Europeans – citizens and businesses, in particular SMEs. That’s why we agreed on the need to monitor the evolution of energy prices and factor this into our budgetary policymaking to ensure it doesn’t compromise the recovery that has taken hold.Paschal Donohoe, President of the Eurogroup
Preparation of international meetings
Ahead of the upcoming annual meetings of the World Bank Group and the International Monetary Fund, the Eurogroup took stock of exchange rate developments in past months.
The discussion on exchange rate developments is a part of the Eurogroup’s preparation for international meetings.
Euro area priorities in recovery and resilience plans and lessons learnt from European response to Covid-19
Ministers took stock of the implementation of euro area priorities in the recovery and resilience plans based on a presentation by the European Commission. They also exchanged views on the future economic policy priorities for the euro area
The growth we are seeing now, the continued policy support we have in place, and the recovery funding that is now flowing, are the best medicine there is to help firms and households to recover from this economic crisis.Paschal Donohoe, President of the Eurogroup
Background document - Euro-area priorities in RRPsThematic discussion work programme for 2022
Ministers exchanged views on the 2022 programme of Eurogroup thematic discussions on growth and jobs. The aim was to select relevant and priority themes and discuss ways to structure the thematic discussions so as to maximise their contribution to the achievement of the euro area policy objectives.
Greece – 11th enhanced surveillance report
The Eurogroup discussed the 11th enhanced surveillance report on Greece. This report is not linked to a decision on the policy-contingent debt measures.
The Commission adopted a decision on 11 July 2018 to activate the enhanced surveillance framework for Greece, which entered into force following the end of the European Stability Mechanism (ESM) programme in August 2018. These quarterly enhanced surveillance reports enable close monitoring of the economic, fiscal and financial situation and the post-programme policy commitments, as agreed by the Eurogroup in June 2018.
11th enhanced surveillance report - Greece (European Commission)Banking union update and reporting on operational aspects
14th hearing of the chair of the Supervisory Board
The chair of the European Central Bank (ECB) Supervisory Board, Andrea Enria, informed the Eurogroup about the supervisory tasks carried out under the ECB banking supervision. The chair focused in particular on the impact of the COVID-19 pandemic on credit risk, the emerging risks that warrant supervisory action, the structural transformation of the European banking sector and the adjustments of business models driven by digitalisation and climate risk.
Written contribution of the Chair of the ECB Supervisory BoardReporting on recent activities of the Single Resolution Board
The chair of the Single Resolution Board (SRB), Elke König, updated the Eurogroup on the recent activities undertaken by the SRB, focusing on priorities with regard to banks' resolvability, the minimum requirements for own funds and eligible liabilities (MREL), preparation for the implementation phase of the common backstop and the recent rulings of the European Court of Justice affecting the SRB.
These are regular presentations that take place twice a year.
SRB bi-annual report note to the Eurogroup
