President of the Eurogroup, Minister Donohoe, travels to Brussels to chair March Eurogroup meeting

11th March, 2024

President of the Eurogroup and Minister for Public Expenditure, National Development Plan Delivery and Reform, Paschal Donohoe TD, is in Brussels today (Monday) to chair Eurogroup’s March meeting.

The Eurogroup meeting will begin with a discussion on economic developments and prospects in the euro area before focusing on budgetary policy. The Eurogroup President intends to issue a joint statement with ministers reflecting on budget developments so far this year within the euro area and outlining the broad orientations for policy in 2025. This statement will also refer to the ongoing work on the revised economic governance framework, which is expected to become operational later this year.

Following this, Ministers will meet in extended format (all EU 27 countries) to finalise a Eurogroup statement on the future of the Capital Markets Union. This will conclude an extensive period of work that the Eurogroup has undertaken over the past twelve months with the aim of agreeing a shared set of policy priorities to deepen European capital markets. This work is in response to a call from EU leaders a year ago to step up efforts to make further progress in developing Europe’s capital markets.

Speaking ahead of Eurogroup, Minister Donohoe commented: 

“As we approach the end of the first quarter, I look forward to a busy March Eurogroup meeting. We will finalise our year-long work on reflecting on the future direction for advancing capital and financial markets in Europe in response to the call by EU leaders last March. I will look to agree a statement by all EU Finance Ministers on our key policy priorities and actions for the next few years at both EU and national levels, which will deepen the integration of our EU capital markets. Open, well-functioning and integrated European capital markets are an essential pillar of the Single Market”. 

“We need now, more than ever, to ensure we have the right environment for European businesses to access funding and scale-up in Europe, and for savers and investors to have new opportunities to invest more productively in Europe.”

“This will boost our competitiveness, contribute to improving our living standards and ensure that the EU is a global leader for innovation. We will also exchange views on the euro area economy, drawing on recent forecasts from the European Commission. Fiscal policy is likely to be restrictive this year as energy support measures are phased out and we will provide our common euro area view on orientations for budget planning for 2025.” 

 

ENDS