The Eurogroup is an informal body where the ministers of the euro area member states discuss matters relating to their shared responsibilities related to the euro.
Its main task is to ensure close coordination of economic policies among the euro area member states. It also aims to promote conditions for stronger economic growth.
The Eurogroup is also responsible for preparing the Euro Summit meetings and for their follow-up.
The Eurogroup usually meets once a month, on the eve of the Economic and Financial Affairs Council meeting. The commissioner for economic and financial affairs, taxation and customs and the president of the European Central Bank also participate in the Eurogroup meetings.
The first informal meeting of finance ministers of the euro area countries took place on 4 June 1998 at the Château de Senningen in Luxembourg.
The Eurogroup met in two formats: the first was a regular meeting of the euro area ministers, while the second part was a meeting of the ministers from 27 EU member states with the aim of preparing the Euro Summit that will be held in December.
Ministers discussed possible future roles of the European Stability Mechanism and shared national best practices in financing labour tax cuts. They were also informed about the results of the sixth post-programme surveillance mission to Portugal.
The Eurogroup was briefed on the state of play of Greece's ongoing economic adjustment programme. Ministers also exchanged views on how to increase economic resilience in the Economic and Monetary Union.
The Eurogroup discussed insolvency frameworks in the euro area as well as the euro area fiscal stance. It was informed about recent developments in the banking sector and about the main findings of the 7th post-programme surveillance mission to Ireland.
The Eurogroup finalised its discussion on
the second review of Greece's economic adjustment programme. It also exchanged
views on the results of the IMF Article IV consultation with the euro area and
discussed ways to improve the quality of public finances.
The Eurogroup discussed Greece's macroeconomic adjustment programme, reviewed the economic situation and outlook in the euro area and was briefed on the 7th post-programme surveillance mission to Spain.
The Eurogroup was briefed on the ongoing second review of Greece's economic adjustment programme, discussed ways to encourage investment in the euro area and heard annual presentations by the resolution and supervisory authorities of the banking union.
The Eurogroup elects its president for a term of 2.5 years by a simple majority of votes. The incumbent president is Jeroen Dijsselbloem. He was re-elected to the post for a second term on 13 July 2015. Jeroen Dijsselbloem is Minister for Finance of The Netherlands.
To be able to join the euro area the EU member states are required to fulfil the so-called 'convergence criteria'. These are economic and legal conditions agreed in the Maastricht Treaty in 1992 and are also known as 'Maastricht criteria'.
The final decision on a EU country's joining the euro area is taken by the Council of the EU, based on a proposal by the Commission and after the European Parliament has been consulted.