The Minister for Public Expenditure, NDP Delivery and Reform and President of the Eurogroup, Paschal Donohoe T.D., is in Brussels today (Thursday) to chair the July Eurogroup meeting of euro area finance ministers.
The July Eurogroup meeting will begin with a discussion on the euro area economy, informed by a presentation from the Chair of the European Fiscal Board, Niels Thygesen. Following this, the Eurogroup will look to agree and publish a statement on the appropriate budgetary stance for the euro area in 2024 which will guide member states as they prepare annual budgets for the coming year.
The Eurogroup will then exchange views on the international role of the euro on the background of a presentation of the European Central Bank’s findings from its annual review. Eurogroup will also meet in extended format (with all EU countries present) to discuss the future of European capital and financial markets. This item is part of a series of discussions which started in June. Ministers will be invited to share their domestic experience in developing financial and capital markets and set out their views on how best to unlock private capital and savings in order to boost investment and growth across the EU.
The meeting will conclude with a further update on the digital euro project, where ministers will hear and discuss the latest developments including the Commission’s recent Single Currency legislative package.
On Friday 15 July, the Eurogroup President will attend the Economic and Financial Affairs Council (ECOFIN) to debrief on Eurogroup discussions. Speaking ahead of the meetings, Minister Donohoe commented:
“The July Eurogroup meeting always marks a critical part of the year where we take stock of our economic performance and we look to agree a statement on budgetary policy for the year ahead. These statements are a core part of what Eurogroup does and are a crucial input as ministers prepare annual national budgets. The backdrop to these discussions is complex with slowing economic activity, high inflation and a robust labour market. At the same time, discussions on the economic governance review are progressing and will be increasingly relevant as 2024 draws closer given the need to reduce deficit and debt levels.
Aside from budgetary policy, the Eurogroup will continue its discussions on the euro – encompassing both a stocktake on its international performance to date as well as a further update on the digital euro project. The euro remains one of the key symbols of European integration and I look forward to hearing from our institutions and the member states on this item.
Our meeting will also feature the second in a series of discussions on European capital markets which is so important as we look to unlock savings and investment opportunities for our citizens both now and in the future.”
While in Brussels, Minister Donohoe will also have a bilateral meeting with the Chair of the European Fiscal Board.
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