Minister Donohoe travels to Austria, Luxembourg & Italy as part of Eurogroup work

20th June, 2024

President of the Eurogroup and Minister for Public Expenditure, National Development Plan Delivery and Reform, Paschal Donohoe, is in Vienna today, (Wednesday, 19 June), where he will participate in a panel discussion on the future of the Capital Markets Union organised by the Austrian Finance Ministry.  

He will then travel to Luxembourg on Thursday (20 June) where in the morning, he will chair the Annual meeting of the European Stability Mechanism (ESM) Board of Governors, which is expected to approve the 2023 ESM Annual Report, including the annual accounts.  

In the afternoon he will chair the June Eurogroup meeting where the IMF Managing Director, Kristalina Georgieva, will present the main messages of the IMF Article IV mission to the euro area, a regular exercise in which the Fund reviews economic developments, consults euro area policymakers and provides targeted policy advice. The Eurogroup will also exchange views on the international role of the euro, based on the annual review published by the European Central Bank. Following this, in the presence of Finance Ministers from all EU Member States, the Eurogroup will continue its discussions on euro area competitiveness with a focus on the role of industrial policy and market integration.  

On Friday, 21 June, the Eurogroup President will travel to Rome to participate at an event of the Group of Thirty (G30), an independent global body comprised of economic and financial leaders from the public and private sectors and academia, before returning to Dublin. 

Minister Donohoe said: 

“The Annual meeting of the ESM Board of Governors is an important moment to take stock of the activities of the ESM, which has a key role in Europe’s economic and monetary union’s crisis response capacity.  

“At the Eurogroup meeting I look forward to a series of important topics of special relevance to the euro area – our regular exchange with the IMF on the euro area economic outlook followed by a discussion on the international role of the euro. The euro area economy and the role of the euro internationally have proven to be more resilient than expected despite a challenging global environment. However, we need to remain vigilant to the impact of geopolitical threats that have the potential of further fragmenting the international monetary system. 

“We will also continue our discussions on euro area competitiveness, a topic that is gathering significant political attention and is a key priority for all of us. After looking at energy price developments, trade developments and innovation gaps in previous months, I look forward to a good exchange of views on how to design more effective industrial policy, which is so relevant for euro area competitiveness.

“Alongside these meetings, I also look forward to discussing the Eurogroup work at events in both Vienna and Rome, an important part of my bilateral engagements with euro area members and key stakeholders.”

ENDS