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:
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.
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.
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.
The Eurogroup re-elected the Minister for Finance of the Netherlands, Jeroen Dijsselbloem, as its President for a second term of 2.5 years.