Minister Donohoe in Sweden for April Eurogroup

28th April, 2023

The Minister for Public Expenditure, NDP Delivery, and Reform and President of the Eurogroup, Paschal Donohoe, T.D., is in Stockholm today (Friday) to chair the April Eurogroup meeting of European Finance Ministers, which is taking place in inclusive EU27 format. 


The Eurogroup meeting will begin with a discussion on macroeconomic and financial developments with a focus on banking. This will be informed by updates from both the Chair of the ECB Supervisory Board and the Chair of Single Resolution Board, for a broad exchange of views and preliminary insights for policy makers from recent developments in the international banking sector. The Chair of the European Parliament’s Committee on Economic and Monetary Affairs will also be in attendance. Following this, Ministers will have a high-level discussion on the Commission’s legislative package on a reform of the crisis management and deposit insurance framework, which is intended to implement the Eurogroup’s agreement on the future of the Banking Union from last June. 


The President of Eurogroup will debrief Ministers on his discussion with Leaders at the March Euro Summit, including follow-up work for Eurogroup on strategic medium-term objectives for deepening the Capital Markets Union, as called for by EU Leaders. Ministers will also have a detailed debrief on the IMF/World Bank Spring Meetings that took place in Washington D.C. earlier this month, as part of preparations for the upcoming meeting of G7 Finance Ministers and Central Bank Governors in Japan in May, which Minister Donohoe will attend as President of the Eurogroup. 


Speaking ahead of Eurogroup, Minister Donohoe commented:

“The April Eurogroup meeting will have a particular focus on banking related matters. The EU banking system continues to prove resilient in the face of global instability, as a result ofthe robust supervisory and regulatory frameworks we have created over the past decade. Nonetheless, we must remain vigilant and ensure that our frameworks are responsive and adaptive to a changing external environment. We must also continue our work to complete the Banking Union. Last June, the Eurogroup reached agreement on the next steps towards that, and now we have legislative proposals from the Commission on reforming the crisis management and deposit insurance which respond to that agreement. The Commission’s proposals are a positive step forward and I expect a good first discussion at our meeting today.” 


Minister Donohoe will then attend the Economic and Financial Affairs Council (ECOFIN) to debrief on Eurogroup discussions. He will also participate in working sessions on Friday, on financing Europe’s future growth, and on Saturday on the topic of longer-term sustainable public finances in a changing interest rate environment.


While in Stockholm, Minister Donohoe will have a programme of bilateral meetings on a range of issues. He will meet Nadia Calviño, Spanish First Deputy Prime Minister and Minister of Economy, to discuss shared priorities for the Spanish Council Presidency in the latter half of the year. He will meet with his Bulgarian counterpart, Rositza Velkova-Jeleva, to discuss the progress of Bulgaria’s euro accession. He will meet Italian Minister of Economy and Finance, Giancarlo Giorgetti and Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD). Minister Donohoe will also meet with Ukrainian Finance Minister, Sergii Marchenko, and with Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland who are in Stockholm to address ECOFIN.


Noting his full bilateral programme, Minister Donohoe added:

I am taking the opportunity in Stockholm to meet bilaterally with several of my Ministerial colleagues to discuss specific matters of importance, where I hope progress can be made. I look forward to meeting with Minister Marchenko to discuss the EU’s continued support for Ukraine in the face of Russia’s illegal war of aggression.”