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.
Tasks
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.
Meetings
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.
President
The Eurogroup elects its president for a term of 2.5 years by a simple majority of votes. The incumbent president is Mário Centeno. He was elected to the post on 4 December 2017. Mário Centeno is Minister for Finance of Portugal.
Remarks by President Centeno following the Eurogroup meeting of 5 April on Greece, the updated draft budgetary plan of Luxembourg and deepening the economic and monetary union.
Remarks by President Centeno following the Eurogroup of 11 February on Philip Lane's candidacy as ECB executive board member, post-programme surveillance for Ireland and Portugal, the Commission's winter forecast and discussions on an euro-area budgetary instrument.
Euro area members have been asked to submit nominations of candidates to replace European Central Bank Executive Board member Peter Praet, whose term ends on 31 May. The Eurogroup President has received one name: Ireland proposed the Central Bank of Ireland Governor, Philip Lane.
Remarks by the president of the Eurogroup, Mario Centeno, on the meeting of 21 January 2019 on the reform of the economic and monetary union, the international role of the euro, Italy and Brexit.
Remarks by President Centeno following the Eurogroup meeting of 5 November on Italy's draft budgetary plan, financial stability in the euro-area and EMU reform.
Remarks by President Centeno following the Eurogroup meeting of 7 September on ongoing discussions on labour market reforms, Portugal and euro area reforms ahead of December Euro Summit.
Remarks by President Centeno following the Eurogroup meeting of 12 July on follow-up to June Euro Summit, euro-area budgetary and economic situation, Ireland, Spain, Greece and Bulgaria’s preparations to join ERM II.
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.
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.
The Eurogroup welcomed the progress made by Greece on the implementation of reform commitments. In inclusive format, ministers continued work on the euro area budgetary instrument.
The Eurogroup discussed progress Greece made with reforms. Ministers also held a thematic discussion on housing markets and, in inclusive format, looked at features of the budgetary instrument for convergence and competitiveness for the eurozone.
The Eurogroup endorsed the candidacy of Philip Lane for the ECB's executive board. Ministers also held a first exchange of views on the way forward regarding the budgetary instrument for convergence and competitiveness for the euro area.
The Eurogroup President launched a call for candidates for a new member of the ECB's Executive Board. Ministers discussed the international role of the euro and, in inclusive format, exchanged views on the follow-up to the December Euro summit.
The Eurogroup agreed on a report to leaders on EMU deepening. Ministers also discussed member states' draft budgetary plans and looked at recent post-programme surveillance of member states.
The Eurogroup looked into the status of the ongoing assessment of the eurozone member states' draft budgetary plans for 2019. Ministers also continued their work on deepening EMU.
Ministers exchanged views on the euro area's economic outlook and discussed allocative efficiency in labour and product markets. In a meeting of ministers of 27 EU member states, the Eurogroup discussed issues related to the common backstop to the Single Resolution Fund.
Animation on the Eurogroup
How does the Eurogroup work?
The Eurogroup is made up of the 19 EU member states that have adopted the euro as their currency:
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
SpainMinister of Economy, Industry and Competitiveness
The euro is used by almost 337.5 million EU citizens
Joining the euro area
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.
