Eurogroup, 04/12/2017, 4 December 2017

Main results

The Eurogroup met in two formats: the first was a regular meeting of the euro area ministers, while the second part was a meeting of the ministers from 27 EU member states with the aim of preparing the Euro Summit that will be held in December.

Meeting in euro area format

Election of the new President of the Eurogroup

The Eurogroup elected Mário Centeno, Portuguese Minister for Finance as next Eurogroup President. He will begin his term as of 13 January 2018. The President of the Eurogroup is elected by its members by simple majority, for a term of 2.5 years, in line with Protocol 14 of the Treaty.

• Mário Centeno to become next Eurogroup President (press release)

Draft budgetary plans 

The Eurogroup discussed the 2018 draft budgetary plans of the euro area member states and the overall budgetary situation in the euro area. The Eurogroup issued a statement.

• Draft budgetary plans 2018 (European Commission website)
• Eurogroup statement on the Draft Budgetary Plans for 2018 (press release)

Post-programme surveillance: Cyprus and Spain

The Eurogroup was informed of the main results of the post-programme surveillance missions to Cyprus and Spain, carried out by the staff of the European Commission and the European Central Bank, in autumn this year.

The post-programme surveillance ends when at least 75% of the loan has been repaid.

• Post-Programme Surveillance Report. Cyprus, Autumn 2017 (European Commission website)
• Post-programme Surveillance Report. Spain, Autumn 2017 (European Commission website)

Greece's adjustment programme: state of play

The Eurogroup was briefed by the institutions (the European Commission, the European Central Bank, the International Monetary Fund and the European Stability Mechanism) on the progress of the ongoing third review of Greece's macroeconomic adjustment programme. On 2 December, the Greek authorities and the institutions reached a staff-level agreement on policy conditionality. The focus now shifts to the implementation of the required prior actions by the authorities.

• Greece: the third economic adjustment programme (background information)

Thematic discussions on growth and jobs: tax wedge on labour

Ministers continued their discussion on how to further reduce the tax wedge on labour as a means to enhance economic growth. They evaluated progress towards the benchmark that the Eurogroup agreed in 2015 by looking into the measures foreseen in the 2018 budgetary plans of the euro area member states.

• Eurogroup statement on structural reform agenda - thematic discussions on growth and jobs: benchmarking the tax burden on labour (press release, 12 September 2015)

Eurogroup work programme

The Eurogroup adopted its work programme for the first semester of 2018.

• Eurogroup work programme for the first half of 2018

Meeting in extended format

Deepening of the Economic and Monetary Union

The ministers continued their preparation of the Euro Summit meeting of 15 December, which will discuss matters related to the deepening of the Economic and Monetary Union (EMU) and the completion of the banking union.

• Euro Summit, 15 December 2017
• Letter from President Donald Tusk to EU leaders ahead of their informal dinner in Tallinn (press release)
• Leaders' Agenda (infographic)