In its recommendation of 16 November for a Council recommendation on the economic policy of the euro area, the European Commission had called for a positive fiscal stance, inviting member states with budgetary space to invest (especially Germany and the Netherlands). The Eurogoup disagrees, arguing that a broadly neutral aggregate fiscal stance in 2017 is appropriate. […]Read More..
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After Greece adopted its 2017 budget with a tight 152-146 majority on Saturday 10 December, including a total of 617 million to around 1.6 million low-income pensioners, the Eurogroup has circulated a statement concluding that the necessary unanimity for Greek debt relief (see this ESM explainer) is now lacking: "- The institutions have concluded that […]Read More..
For the main results see here: "The Eurogroup exchanged views on the implementation of the 2015 euro area recommendation and discussed the draft Council recommendation on economic policy of the euro area for 2016, which is scheduled to be approved by the ECOFIN Council on 15 January 2016. Ministers agreed on five policy priorities for […]Read More..
In a statement following its 11 February meeting, the Eurogroup supports the Commission's view on the Portuguese draft budgetary plans for 2016. The full statement by the Eurogroup reads: "Today, the Eurogroup discussed the Draft Budgetary Plan (DBP) of Portugal, submitted on 22 January, on the basis of the Commission's Opinion, which was published on […]Read More..
The ECB has published its secret Agreement on Net Financial Assets with the national Central Banks after calls by Eurogroup President Dijsselbloem for more transparancy on the agreement. The agreement sets rules and limits for holdings of financial assets which are related to national tasks of the NCBs. For more information on ANFA, see the […]Read More..
19 February: Heads of State and Government agree on principles governing relationship euro in’s and out’sFebruary 20, 2016
Following the UK's request for a New Settlement within the EU and in light of the British referendum on EU membership to be held on 23 June 2016, the Heads of State and Government during their European Council meeting of 18/19 February agreed (next to issues relating to for example social benefits and free movement, […]Read More..
In an attempt to secure IMF participation in the 3rd Greek assistance programme, the Eurogroup of Monday 9 May agreed that: "In line with the statements of the Euro Summit and the Eurogroup in the summer of 2015, the Eurogroup stands ready to consider, if necessary, possible additional debt measures aiming at ensuring that Greece's […]Read More..
On Monday 23 May, one day before a Eurogroup meeting devoted to Greece, IMF staff has published a report with a critical preliminary debt sustainability analysis of Greece. The report was distributed to the IMF Executive Board in the morning, but – the report explicitly mentioned – was neither discussed nor approved by the same […]Read More..
The Eurogroup of 25 May 2016 welcomed the staff-level agreement between Greece and the institutions in the first programme review and considered the sustainability of Greek public debt. Read the full Eurogroup statement here. On the important issue of debt relief, the statemen reads: "In line with the 9 May Eurogroup statement, and in view […]Read More..
Chris Koedooder is a PhD Researcher at the Amsterdam Centre for European Law and Governance (ACELG), University of Amsterdam. Late last year, the European Commission finally unveiled its proposal for a Council decision on unified representation of the Eurozone in the IMF. The proposal had been a long time in the making. It followed […]Read More..
At the Eurogroup of 16 June, IMF Director Christine Lagarde has again advocated the creation of a fund to help finance structural reforms in the euro area. See the reporting by Reuters.Read More..
During a meeting of the Economic and Monetary Affairs Committe of the European Parliament review the Dutch Presidency of the ECOFIN Council, he remarked: "If we have an agreement between us, it is important that all of us comply. The role of the Commission is crucial when it comes to interpretation of flexibility rules and […]Read More..
20 September: ECJ judgments on the liability of EU institutions within the ESM and the legal nature of the Eurogroup (Ledra Advertising and Mallis Case)September 20, 2016
Both cases were started by a number of Cypriot account holders that suffered losses from the bank restructuring that followed from the Cypriot request for financial assistance from the ESM. In the Ledra Advertising case, the Grand Chamber of the Court established that the Commission and ECB can be liable for their actions under the […]Read More..
The Eurogroup of 7 November heard presentations by Danièle Nouy, the Chair of the European Central Bank's Supervisory Board, and Elke König, the Chair of the Single Resolution Board (SRB). They briefed the Eurogroup on recent developments in the financial sector, on the two institutions' main activities in the past months, and on their key […]Read More..