Ministers held a follow-up discussion on the agreement negotiated at the Eurogroup and the Euro Summit over the previous two days following the request by Greece for financial assistance from the European Stability Mechanism, which had been submitted on 9 July 2015.
On 13 July the euro-area leaders agreed on a set of measures to be implemented before formal negotiations on a new ESM programme can begin.
The President outlined the next steps that are expected to be taken in line with the agreement:
- By Wednesday (15 July) Greece is expected to implement the first set of measures outlined in the Euro Summit statement
- Then the national procedures necessary to authorise the start of negotiations on the programme would begin
- Following the completion of the national procedures, the Eurogroup would be in a position to give the institutions a mandate to start negotiations with the Greek authorities on a new Memorandum of Understanding
- In parallel with the negotiations, the Greek authorities would continue implementing the agreed measures
- The final formal decision on the ESM programme would then be taken.
The Eurogroup decided to set up an ad hoc working group of experts, which will explore all possible options and will report later this week. The Eurogroup will then hold a conference call on this issue to decide on the next steps.
Follow-up to the June European Council: the Five presidents' report
Ministers exchanged views on the Five president's report, which outlines a plan for further deepening of Economic and Monetary Union (EMU). They expressed strong support for taking steps to move the process forward. Discussions will continue at the Ecofin Council meeting on 14 July 2015.
Review of the fiscal compact: assessment of national provisions
The European Commission debriefed the Eurogroup on its ongoing review into how the provisions of the Treaty on Stability, Coordination and Governance (known as the 'fiscal compact') regarding balancing the budget are being enacted by the member states that are signatories to the compact. The Eurogroup will discuss this issue again in September 2015.
Election of the Eurogroup President
The Eurogroup re-elected the Minister for Finance of the Netherlands, Jeroen Dijsselbloem, as its President for a second term of 2.5 years.