Thu. Sep 19th, 2024

Brussels, 7 December 2023

In regular format

Assessment of euro area member states’ draft budgetary plans

The Eurogroup adopted a statement on euro area member states’ draft budgetary plans.

While we need to maintain agility and be capable of adapting to conditions in the world and in Europe, an overall restrictive budget stance in the euro area for 2024 is appropriate. This is consistent with the statement that we issued on budget policy before the summer. A coordinated and careful approach to fiscal policies is essential not only for next year, but beyond.

Paschal Donohoe, President of the Eurogroup

The Eurogroup discussed the overall budgetary situation and prospects in the euro area and reviewed the economic and fiscal situation of the euro area member states. This discussion was based on Commission opinions on the draft budgetary plans (DBPs) of the euro area member states and on the Commission communication on its overall assessment of the DBPs, published on 21 November 2023.

 

Euro area recommendations for 2024

Ministers exchanged first views on the euro area recommendation published with the autumn package on 21 November 2023.

The euro area recommendation is expected to be agreed at the Eurogroup and ECOFIN meetings on 15 and 16 January 2024 before being transmitted to the European Council for its meeting on 21-22 March 2024.

 

Functioning of the ERM II

The Eurogroup discussed the functioning of the exchange rate mechanism (ERM II), together with the ministers of Bulgaria and Denmark.

 

Miscellaneous

Policy priorities of the new government of Luxembourg

The minister of finance Gilles Roth presented the economic and financial policy priorities of the new government of Luxembourg. This is standard practice in the Eurogroup when new governments take office.

 

Update on the ESM treaty ratification

The Eurogroup took stock of progress made with the European Stability Mechanism (ESM) treaty ratification.

 

In inclusive format

Future of European capital and financial markets

Following the approach agreed in the Eurogroup in inclusive format in May, ministers continued their exchange of views on the future of the European capital and financial markets.

The second phase of work, which has been informed by exchanges with market participants, was concluded with a comprehensive and broad perspective provided by Mathias Cormann, secretary-general of the OECD, and Thomas Wieser, former chair of the Economic and Financial Committee (EFC)/Eurogroup Working Group (EWG) and of the 2020 high-level forum on capital markets union.

Today’s discussion confirmed the strong engagement from Ministers to take work forward in a decisive manner. We have now concluded our exploratory phase of identifying obstacles, drivers for progress and possible solutions to develop our capital markets. From early next year, we intend to set political priorities for the work ahead, both at EU and national level. The end objective would be to allow our capital markets to play their role as a catalyst for our growth, competitiveness, twin transition, resilience and strategic autonomy.

Paschal Donohoe, President of the Eurogroup

Based on their presentations, ministers highlighted some priority policy measures to address the issues raised so far, paving the way for the final output in the last phase of the Eurogroup work.

 

Meeting information
  • Brussels
  • 7 December 2023
  • 15:30
Preparatory documents
Outcome documents
Press releases

Source: Eurogroup

 

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