Eurogroup, 17/02/2014, 17 February 2014

Euro area recovery strengthens

Eurogroup welcomed the improving economic outlook for the euro area.

Ministers took stock of the economic situation in the light of the Commission and European Central Bank (ECB) analysis, and new Eurostat data. Euro area real GDP growth has picked up over recent quarters. Eurostat's latest estimate for the fourth quarter of 2013 confirmed moderate positive growth over three successive quarters as the recovery takes hold in the euro area. The euro area's resilience to the recent turmoil in emerging markets was also seen as positive sign. 

The President of the Eurogroup welcomed the good news but reiterated that there remained no room for complacency. While unemployment levels have stabilised these remain at unacceptably high levels.  With this in mind, the President underlined the need for the euro area to "implement bold structural reforms in order to enhance competitiveness and to continue on the track of differentiated and growth friendly fiscal consolidation".

Cypriot programme on track

The Commission, ECB and the International Monetary Fund (IMF) have found the Cypriot programme to be on track. Ministers particularly welcomed the macroeconomic and fiscal data that was more positive than anticipated, even though serious challenges remain.

The President of the Eurogroup expressed his satisfaction at the stabilising financial sector in Cyprus, "allowing for the second phase of the gradual relaxation of restrictions to start shortly".

Ministers also discussed the on-going review of the Greek programme.  They welcomed the intention of the Commission, IMF and ECB to return to Athens in the coming days, as well as the commitment of the Greek authorities to deliver reforms in a number of key areas.

Ministers will aim to reach political agreement on the European Stability Mechanism (ESM) Direct Recapitalisation Instrument in March 2014 following a fruitful discussion on its operational framework in February.  The next Eurogroup will be held on 10 March.

• Photos and videos of the Eurogroup meeting, 17 February 2014