Eurogroup, 16 March 2020

Main results

Finance ministers met, by video conference, starting in inclusive format (all EU member states) and concluding in regular format (euro area ministers).

Inclusive format

COVID-19: economic policy challenges

The Eurogroup took stock of the economic situation and adopted a statement on the economic policy response to the COVID-19 outbreak. 

We will protect our citizens and our currency, come what may and with everything we have got. Our commitment to provide support in this time of need is unlimited.

Eurogroup President Mário Centeno

• COVID-19 coronavirus outbreak (background information)
• Statement on COVID-19 economic policy response

Reform of the European Stability Mechanism treaty

Ministers discussed the state of play of the European Stability Mechanism (ESM) package of reforms and the early introduction of the common backstop.

• Deepening Europe's Economic and Monetary Union (background information)

Regular format

Preparation of international meetings

The Eurogroup took stock of inflation and exchange rate developments over the past months in view of the upcoming IMF Spring meeting.

Greece: fifth enhanced surveillance report

The Eurogroup briefly discussed the fifth enhanced surveillance report on Greece. The report is not linked to a decision on the policy-contingent debt measures.

Greece has been able to outperform its fiscal targets for the fifth year in a row, reaching a primary surplus of 4% in 2019. We all agree that Greece will also be able to make full use of the flexibility with the fiscal rules to deal with the consequences of the coronavirus. Eurogroup President Mário Centeno

Updated draft budgetary plan of Austria

The Eurogroup was informed on the next steps concerning Austria's draft budgetary plan (DBP).