Digital euro
The Eurogroup took stock of the advancement of the digital euro project, based on an update from the European Commission ahead of the publication of its legislative proposal and a presentation by the European Central Bank (ECB) on the high-level product description of the digital euro, including aspects related to the compensation model for the digital euro.
Issues that ministers discussed today were the importance of developing a compelling and clear narrative regarding what would be the added value of this development and the difference that it would make to the lives of the citizens of Europe and to the commercial activity of businesses within the European Union. We acknowledge that while there is broad support regarding the project that is underway, within our institutions ministers want to support this work but also look at how we can further develop that narrative.
Paschal Donohoe, President of the Eurogroup
Work programme
The President of the Eurogroup, Paschal Donohoe, presented the Eurogroup work programme for the period until March 2024. Ministers gave their views and endorsed the programme.
The work programme outlines the main areas on which the group plans to focus its efforts in the coming months. It also contains preliminary agendas for upcoming Eurogroup meetings.
There are three strands of work on which we will be working together. First, the continued challenge of how we coordinate fiscal policies when we are working hard to get inflation down. Secondly, how we can continue to deepen our Economic and Monetary Union and make it more competitive – we began some of that work today on the future of European capital and financial markets, and we have also agreed to put further focus on the competitiveness of the euro area. And thirdly, the digital future of the euro and its role as an international reserve currency.
Paschal Donohoe, President of the Eurogroup
Post-programme surveillance
Ministers discussed post-programme surveillance for Greece, Cyprus, Ireland, Portugal and Spain. The European Commission and the ECB presented the main points of the latest reports of these five member states. The International Monetary Fund (IMF) also took part in the discussion.
Article IV review of euro area policies
The International Monetary Fund (IMF) presented the main messages of its ‘article IV mission’ to the euro area.
The article IV review of the euro area is a regular exercise in which the IMF reviews economic developments, consults with euro area policymakers and provides targeted policy advice. The discussions in the Eurogroup are a valuable opportunity to exchange views on current developments and emerging challenges.
I think it is fair to say that the areas that the IMF asked for a continued or increased focus are also the areas that we had identified for work in our work programme.
Paschal Donohoe, President of the Eurogroup
Capital markets
The IMF, the ECB and the Commission presented their views on the performance of European capital markets. Ministers gave initial reactions. This will set the scene for further policy discussions on the future of the capital markets union, following the approach agreed in the Eurogroup in inclusive format in May, and without prejudice to the legislative discussions in the Council.
We have made progress, but we have a lot more progress to make. What ministers recommitted to this evening is a process for identifying those areas of focus. This may indeed be familiar ground, but just because it’s familiar isn’t a reason why progress can’t be delivered. We want to make more of a difference in the future to how our own savings can fund our own growth. We aim to make recommendations to the Commission for their future work programme in this area.
Paschal Donohoe, President of the Eurogroup
The Eurogroup celebrated 25 years since its first meeting
Miscellaneous
The Eurogroup President will present the main elements of the letter that he will address in a personal capacity to the President of the European Council, Charles Michel, reporting on the work carried out in the Eurogroup since March 2023 and the plans for the months ahead.
Meeting information
- Luxembourg
- 15 June 2023
Preparatory documents
- Draft agenda, Eurogroup
- Draft agenda, Eurogroup in inclusive format
- Draft annotated agenda, Eurogroup
- Draft annotated agenda, Eurogroup in inclusive format
Outcome documents
Press releases
- Remarks by Paschal Donohoe following the Eurogroup meeting of 15 June 2023
- Statement of Paschal Donohoe on the 25th anniversary of the first Eurogroup meeting
Source – Eurogroup