Eurogroup, 27/01/2014, 27 January 2014

Successful euro introduction in Latvia

The Eurogroup welcomed Latvian Finance minister and congratulated him on the successful currency changeover to the euro in Latvia.

Latvian Finance minister Andris Vilks updated the Eurogroup ministers on the smooth changeover process that had taken place in Latvia from 1 January this year.

The changeover had been well prepared. A large proportion of Latvians had already been in possession of euro coins and notes in the days leading up to the changeover date. Banks and the retail sector had also been ready. ATMs had been distributing euro banknotes in the first hours of new year's day and the largest banks opened branches for cash services. Shops' card terminals were converted to euro in time for business to resume after the new year break on 2 January.

The two-week transition during which euro and lats circulated alongside each other has now been successfully completed. Since 15 January it has only been possible to make payments in euro.

The Eurogroup President said that economic developments in Latvia were encouraging and congratulated Latvia on the smooth changeover process.

Final Spanish programme review successfully completed

Ministers also discussed the findings of the fifth and final review of the financial sector programme in Spain. They welcomed the successful completion of this programme, which has proved effective in addressing financial sector vulnerabilities. The Spanish authorities were encouraged to keep up the reform momentum beyond the banking sector so that remaining macroeconomic challenges can be tackled effectively.

Asian partners welcome positive economic trend in Europe

The President of the Eurogroup debriefed colleagues on his visit to Asia. He considered that Asian partners recognised that Europe had come a long way in overcoming its challenges and that investor confidence had improved.

Eurogroup priorities

An important priority for Eurogroup countries over the coming months will be to continue to push through the structural reforms needed to underpin growth. Equally important will be completion of the Banking Union and finalisation of the operational framework for the ESM direct recapitalisation instrument. The implementation of on-going adjustment programmes in Greece, Portugal and Cyprus will continue to be carefully monitored.

The next Eurogroup meeting will be held on 17 February.

• Photos and videos of the Eurogroup meeting, 27 January 2014