Eurogroup, 21/06/2018, 21 June 2018

Main results

The Eurogroup meeting took place in two formats: a regular meeting of the euro area ministers, and a meeting of the ministers of 27 EU member states to discuss the future of the Economic and Monetary Union.

15.00 - Eurogroup meeting in regular format

Greece's economic adjustment programme

The Eurogroup discussed the fourth (and the final) review of Greece's economic adjustment programme and agreed on the elements to support Greece's successful exit from the programme in August this year.

It adopted a statement outlining the agreement, which includes the surveillance framework that will apply after the programme, the size of the final tranche of financial support by the ESM, debt measures and fiscal targets.

• Eurogroup statement on Greece, 22 June 2018
• Revised annex to the Eurogroup statement on Greece, 22 June 2018
• Factsheets - A new chapter for Greece (European Commission)
• Timeline: the third financial assistance programme for Greece (background information)
• Eurogroup statement on Greece (press release, 25/5/2016)
• Eurogroup statement on Greece (press release, 15/6/2017)

IMF Article IV consultation with the euro area

The Eurogroup exchanged views on the International Monetary Fund's (IMF) presentation of the outcome of its Article IV consultation with the euro area. The IMF is expected to publish the final report shortly.

This year, the consultation focused on national and European-level policies aimed at protecting the euro area economy from future shocks.

The IMF carries out such consultations every year with all of the IMF members, both individual countries and currency regions, including the euro area. This is done in accordance with Article IV of the IMF's Articles of Agreement.

• Articles of Agreement of the International Monetary Fund

Updated draft budgetary plan of Spain

The Eurogroup exchanged views and adopted a statement on Spain's updated draft budgetary plan for 2018.

• Eurogroup Statement on the updated Draft Budgetary Plans of Spain for 2018 (press release, 22 June 2018)
• Commission opinion on the updated draft budgetary plan of Spain
• Commission Staff Working Document: Analysis of the updated draft budgetary plan of Spain

Cyprus: post-programme surveillance

The European Commission and the ECB informed the Eurogroup of the main findings of their fourth post-programme surveillance mission to Cyprus that took place between 19 and 23 March 2018.

The ESM presented the findings related to its early warning system; the IMF conducted its second post-programme monitoring mission at the same time.

The aim of the post-programme surveillance is to establish any possible risks to the country's ability to repay loans received under its earlier adjustment programme. The surveillance continues until at least 75 % of the loan has been repaid.

• Statement by the staff of the European Commission and the European Central Bank following the fourth post-programme surveillance (PPS) mission to Cyprus
• FAQ on the ESM Early Warning System

Eurogroup work programme for the second semester of 2018

The Eurogroup adopted its work programme for the second half of this year.

• Eurogroup work programme for the second half of 2018

Other items on the agenda

Italy's Minister of Economy and Finance, Giovanni Tria, and Spain's Minister of Economy, Industry and Competitiveness, Nadia Calviño, presented the policy priorities of their respective governments. This is standard practice in the Eurogroup when new governments come into office.

18.30 - Meeting of 27 member states

Preparation of the June Euro Summit: deepening of the Economic and Monetary Union (EMU)

The Eurogroup met in inclusive format to prepare the Euro Summit of 29 June 2018.

The discussion focused on the further steps for the banking union and the reform of the European Stability Mechanism. Ministers also touched upon fiscal issues, including proposals on a possible euro area fiscal capacity.

• Euro Summit, 15 December 2017
• Euro Summit, 23 March 2018
• Euro Summit, 29 June 2018
• Council Conclusions on a roadmap to complete the Banking Union (17/6/2016)