The Eurogroup discussed macroeconomic and fiscal developments in the euro area and looked into the functioning of adjustment mechanisms. Ministers also adopted the Eurogroup work programme for the second half of 2021 and heard the reports from the chairs of the ECB Supervisory Board and of the Single Resolution Board.
Exchange of views on macroeconomic and fiscal developments
The Eurogroup exchanged views with the chair of the ECON committee of the European Parliament, Ms Irene Tinagli, on the macroeconomic and fiscal situation in the euro area, also on the basis of the Commission’s spring forecast.
We can see a recovery taking hold. But we also know that the challenges remain great, that the risk of scarring and damage from this pandemic in our societies, for our citizens and on the balance sheets of employers continues to be real.
Paschal Donohoe, President of the Eurogroup
This exchange is part of an ongoing dialogue aiming to strengthen the exchange of information between the European Parliament and the Eurogroup.
Functioning of adjustment mechanisms within the euro area – insights from the COVID-19 pandemic
Finance ministers discussed the functioning of adjustment mechanisms in the euro area, focussing on the COVID-19 pandemic.
In September 2017, the Eurogroup agreed to use economic resilience as a general framework for future thematic discussions on growth and jobs. As part of this work stream, ministers look into adjustment mechanisms, which are an important element of economic resilience in the euro area.
We will plan for a fiscal policy that would get the balance right between continuing to support our employers and our citizens towards a sustainable recovery, but also doing so in a sustainable and targeted way.
Paschal Donohoe, President of the Eurogroup
Work programme for the second half of 2021
The Eurogroup adopted the work programme for the second half of the year, covering the period from July until December.
Reporting on banking union operational aspects
13th hearing of the chair of the Supervisory Board
The chair of the Supervisory Board of the European Central Bank, Mr Andrea Enria, informed the Eurogroup about the supervisory tasks carried out since the last report. The chair focused on credit and climate risks, and Brexit.
A regular exchange of views between the Eurogroup and the chair of the ECB’s Supervisory Board is foreseen in the regulation (1024/2013) of the Single Supervisory Mechanism (SSM) as well as in the memorandum of understanding between the Council of the European Union and the ECB on the cooperation on procedures related to the SSM.
The 12th hearing took place in November 2020.
- Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions
- Memorandum of Understanding between the Council of the European Union and the ECB on the cooperation on procedures related to the Single Supervisory Mechanism
Reporting on recent activities of the Single Resolution Board
The chair of the Supervisory Board of the European Central Bank, Mr Andrea Enria, informed the Eurogroup about the supervisory tasks carried out since the last report. The chair focused on credit and climate risks, and Brexit.
A regular exchange of views between the Eurogroup and the chair of the ECB’s Supervisory Board is foreseen in the regulation (1024/2013) of the Single Supervisory Mechanism (SSM) as well as in the memorandum of understanding between the Council of the European Union and the ECB on the cooperation on procedures related to the SSM.
Meeting information
- Lisbon
- 21 May 2021
- 09:00
Preparatory documents
- Draft agenda, Eurogroup
- Draft annotated agenda, Eurogroup
- SRB bi-annual reporting note to Eurogroup
- Written overview ahead of the exchange of views of the Chair of the Supervisory Board of the ECB with the Eurogroup on 21 May 2021
- Adjustment to large shocks in the euro area – insights from the COVID-19 pandemic
Press releases
- Remarks by Paschal Donohoe following the Eurogroup meeting of 21 May 2021 – 21 May 2021, 15:33
- Statement by the Eurogroup President on the Eurogroup work programme for the second half of 2021 – 21 May 2021, 12:45
- Press briefing ahead of Eurogroup meeting of 21 May 2021 – 17 May 2021, 09:40