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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. Since 13 July 2020, The President of the Eurogroup is Paschal Donohoe, Minister for Finance and Public Expenditure and Reform of Ireland. He was elected on 9 July 2020.
On 27 January 2021, the President of the Eurogroup, Paschal Donohoe, issued a statement welcoming the signature of ESM Treaty and the Single Resolution Fund Amending Agreements.
Remarks by Paschal Donohoe following the Eurogroup video conference of 18 January 2021 on imbalances in the euro area, Recovery and Resilience Plans and relations with the US in the monetary and financial area.
The President of Eurogroup looks back at 2020, a year without recent precedent with regard to our health, but also a remarkable year for economic decisions that responded to this crisis. He also looks ahead at what is next for 2021.
Remarks by Paschal Donohoe following the Eurogroup video conference of 16 December 2020 on the economic situation, draft budgetary plans and euro area recommendation for 2021.
Remarks by Paschal Donohoe following the Eurogroup video conference of 30 November 2020 on the ESM Treaty reform, the common backstop to the Single Resolution Framework, IMF report on the euro area, draft budgetary plans and enhanced surveillance report on Greece.
The Eurogroup in inclusive format today agreed to proceed with the reform of the European Stability Mechanism and to advance the entry into force of the common backstop to the Single Resolution Fund by the beginning of 2022.
The Eurogroup adopted a statement on Greece. It confirms that the necessary conditions are in place to confirm the release of the fourth tranche of policy-contingent debt measures.
Remarks by Paschal Donohoe following the Eurogroup video conference of 3 November 2020 on the latest health and economic developments in view of the COVID-19, the ECB’s report on digital euro and the Banking Union.
Remarks by Paschal Donohoe following the Eurogroup video conference of 5 October 2020 on ECB nomination, Eurogroup’s Work Programme, economic policies to support recovery and Greece.
The Eurogroup President, Paschal Donohoe, received the applications of Frank Elderson and Boštjan Jazbec to replace Yves Mersch as new ECB executive board member.
The Eurogroup discussed imbalances in the euro area in the wake of the COVID-19 crisis. Ministers exchanged views on the preparation of national Recovery and Resilience Plans in line with the priorities agreed in the euro area recommendation. In inclusive format, ministers exchanged views on EU-US future relations in the monetary and financial area with former US Secretary of the Treasury, Lawrence H. Summers.
Euro area finance ministers exchanged views on the economic situation and the draft Council recommendation on the economic policy of the euro area. The Eurogroup discussed draft budgetary plans for 2021 and issued a statement.
The Eurogroup reached a political agreement on the reform of the ESM Treaty and the early introduction of the common backstop to the Single Resolution Fund (SRF) by the beginning of 2022. Ministers also discussed the eighth enhanced surveillance report on Greece and greenlighted the release of the fourth tranche of policy-contingent debt measures.
Ministers discussed the economic situation in the context of resurgence of the pandemic and issued a statement. They also exchanged views on the euro as a digital currency, heard reports on the operational aspects of the banking union and reviewed the state of play of the EU COVID-19 safety nets agreed in April 2020.
The Eurogroup adopted its work programme until June 2021. Ministers also discussed candidacies for a new ECB executive board member, the 7th enhanced surveillance report on Greece and exchanged views on policy priorities for the eurozone in the context of the recovery.
In regular format, the Eurogroup exchanged views on the current economic situation in the euro area. In inclusive format, ministers took stock of the ongoing work towards the further strengthening of the banking union.
The Eurogroup elected Paschal Donohoe, Minister for Finance and Public Expenditure and Reform of Ireland, as President of the Eurogroup. His two and a half year term begins on 13 July 2020. Eurogroup ministers also discussed the economic and budgetary situation in the euro area.
The incumbent Eurogroup president, whose term comes to an end on 12 July, informed ministers of the process for electing a new president. The Eurogroup discussed the sixth enhanced surveillance report on Greece and published a statement on the release of policy-contingent debt measures. In inclusive format, ministers exchanged views on the economic situation and economic recovery plans following the COVID-19 pandemic.
In inclusive format, the Eurogroup reviewed progress made on economic safety nets to tackle the COVID-19 fallout and discussed plans to relaunch the economy. The European Commission briefed ministers on recent amendments to the state aid temporary framework.
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.
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.
