Eurogroup, 10/03/2014, 10 March 2014

Cypriot and Portuguese programmes remain on track

Eurogroup scrutinised programme country progress and welcomed developments in Cyprus and Portugal. Ministers called for all parties involved to complete the ongoing Greek programme review. 

Ministers welcomed the confirmation that Cyprus' programme remains on track. All prior actions required for the next disbursement by the European Stability Mechanism of €150 million have been completed. Cyprus was commended for its prudent budgetary execution that contributed to fiscal targets being safely met in 2013.

The Commission, European Central Bank (ECB) and International Monetary Fund (IMF) also presented their findings on the Portuguese adjustment programme that also remains on track. Ministers endorsed the findings and took note of the latest steps taken by Portugal to regain market access. 

Commission, ECB and IMF updated ministers on their ongoing review mission in Greece. The Eurogroup called on Greece and these institutions to do their utmost to conclude the negotiations rapidly.

The results of the supervisory stress tests and asset quality review of the six Greek banks were also discussed. The Eurogroup expects the necessary capital to be injected. This additional capital should be raised above all from private investors.

Commission winter forecast confirms euro area recovery

Eurogroup held an exchange of views on the economic situation and concluded that the recovery in the euro area is gaining strength and confidence is improving, but that the recovery is set to remain slow and fragile. 

The ministers welcomed France and Slovenia's commitments to take the necessary measures to ensure full compliance with the Commission's recommendations in order to ensure a timely correction of their excessive deficits.  

Ministers also took note of the Commission's in-depth reviews of macroeconomic imbalances, and will return to this issue once measures designed to tackle these imbalances have been assessed.

The Eurogroup will further discuss the European Stability Mechanism direct recapitalisation instrument once the Single Resolution Fund is finalised.

The Eurogroup will return to the member states' implementation of commitments that were made in response to the Commission's analysis of their draft budgets at the Eurogroup's meeting of 22 November 2013.  This will be done in the broader context of the European Semester.

Updated draft budgetary plans by Austria, Luxembourg and Germany will be assessed by the Commission and Eurogroup in April and in May.

These countries were in the process of forming new governments in autumn 2013 when other draft budgets were considered.

The next Eurogroup meeting will take place on 1 April 2014.

• Photos and videos of the Eurogroup meeting, 10 March 2014
• Winter 2014 European economic forecast by the European Commission