President of the Eurogroup, Paschal Donohoe, travels to Santiago de Compostela to chair the Eurogroup meeting & participate in the informal ECOFIN meeting

15th September, 2023

The President of the Eurogroup and Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe, T.D., is in Santiago de Compostela today (Friday) to chair the September Eurogroup meeting of European Finance Ministers. 

The Eurogroup meeting will begin with a discussion on macroeconomic developments in the euro area. The Commission is expected to present its Summer Economic Forecast and the ECB to update Ministers on its latest monetary policy decisions. On this basis and recalling the Eurogroup statement from July on the euro area fiscal stance for 2024, Ministers will exchange views on budgetary preparations and policy coordination in the near- and longer-terms. Ms. Irene Tinagli, Chair of the European Parliament’s Committee on Economic and Monetary Affairs, is invited to participate in this exchange. 

Following this, the Eurogroup will discuss the candidacy that has been put forward to succeed the outgoing member of the ECB’s Executive Board, Mr Fabio Panetta. Ministers will also take stock of progress made with the ESM treaty ratification process and be briefed on ongoing technical work by the ESM.

Speaking ahead of Eurogroup, Minister Donohoe commented: ‘The September Eurogroup meeting will have a particular focus on assessing the most recent macroeconomic developments. While there is some loss of growth momentum in the euro area, we need to recognise that the euro area economy remains resilient given recent external shocks and recognise that growth is expected to remain positive in both 2023 and 2024. I look forward to discussing with Ministers how we continue to best coordinate our fiscal policies in light of our July Eurogroup statement on the 2024 euro area fiscal stance, which highlighted the need for determined, gradual and realistic fiscal consolidation in preparing budgets for next year’. 

After the Eurogroup meeting, the Eurogroup President will attend the informal ministerial meeting on EU Economic and Financial Affairs which will start on Friday afternoon with a joint meeting with ministers and international financial institutions from Latin American and the Caribbean. This is the first time both regions have met in this format. The meeting is being organised in cooperation with the Development Bank of Latin America and the Caribbean (CAF). Discussions will focus on the Global Gateway Investment Agenda, aimed at enhancing cooperation between Europe and Latin American and the Caribbean and deliver infrastructure projects in the region, creating local added value and promoting growth, jobs and social cohesion. Ministers from both regions will also discuss the current state of the Global Financial Safety Net. 

On Saturday morning, EU Ministers will discuss the interaction of fiscal and monetary policy as well as advancing strategic autonomy, economic security and the provision of EU public goods.

ENDS