We use cookies to improve your browsing experience. Necessary cookies are required to support essential features of the Council's website. Optional cookies help us produce anonymous and aggregated statistical reports to better serve your needs.
With your permission, we will use cookies to produce aggregated, anonymous data about our visitors' browsing and behaviour on our website. We will use this data to improve your experience on our website.
Video highlights of the June 2019 Eurogroup meeting
Inclusive format
EMU deepening - preparation of the June Euro Summit
Following the mandate received by EU leaders at the 14 December Euro Summit, the Eurogroup in inclusive format continued discussing the deepening of the Economic and Monetary Union (EMU) with a view to preparing the Euro Summit in June.
Ministers agreed on a term sheet describing features of the budgetary instrument for competitiveness and convergence. This term sheet will be submitted to the President of the European Council ahead of the upcoming Euro Summit.
The Eurogroup also reached a broad agreement on revising the ESM treaty text to implement the political agreement reached at the Euro Summit in December 2018. This agreement covers issues such as the common backstop for bank resolution, the precautionary instruments as well as institutional aspects and the issue of cooperation between the ESM and the European Commission within and outside programmes.
Our aim was to deliver on three key areas ahead of the Euro Summit: the budgetary instrument, the ESM Treaty and Banking Union. More work is needed, but we made real progress.
Eurogroup President Mário Centeno
The International Monetary Fund's (IMF) Managing Director, Christine Lagarde, presented the outcome of the IMF's Article IV consultation with the eurozone. The IMF is expected to publish the final report shortly.
The IMF carries out such consultations every year with all of the IMF members, both individual countries and currency regions, including the eurozone. This is done in accordance with Article IV of the IMF's Articles of Agreement.
Thematic discussion on growth and jobs - inequality
The Eurogroup discussed inequality in the eurozone, based on the European Commission analysis as well as a presentation by Philippe Aghion, a French economist and Professor at the College de France and at the London School of Economics. He joined the meeting at the Eurogroup President's invitation and gave a presentation on how to reconcile innovation and inclusive growth.
Promoting conditions leading to inclusive growth is among the Eurogroup's priorities, and key to better functioning of the Economic and Monetary Union overall.
The European Commission and the European Central Bank (ECB) updated the Eurogroup of the main findings of their 6th post-programme surveillance mission to Cyprus that took place between 18 and 22 March 2019. The ESM informed about the results of its Early Warning System, and the IMF – on its 3rd post-programme monitoring mission to Cyprus. The Eurogroup concurred with the assessment of the institutions.
Post-programme surveillance aims 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.
The Eurogroup adopted its work programme for the second half of this year.
Commission spring package
The Commission briefly informed ministers of its recent spring package, including some Stability and Growth Pact (SGP) related steps. In this context, the Eurogroup briefly discussed the situation in Italy. Ministers concurred with the Commission analysis and with the opinion of the Economic and Financial Committee (EFC) that a debt based Excessive Deficit Procedure (EDP) is warranted. Looking ahead, further elements put forward by Italy could be taken into account.
"Italy is invited to take the necessary measures ensure compliance with the provisions of the Stability and Growth Pact."
Eurogroup President Mário Centeno
Our aim was to deliver on three key areas ahead of the Euro Summit: the budgetary instrument, the ESM Treaty and Banking Union. More work is needed, but we made real progress.