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The incumbent Eurogroup president, Mário Centeno, informed ministers of the process for electing a new president. Interested ministers will be able put forward their candidacy by 25 June. President Centeno's term comes to an end on 12 July. He will not seek a second mandate.
"I informed my fellow ministers today that I will not be seeking a second mandate. I will remain President of the Eurogroup until the end of my mandate, which is 12 July."
Eurogroup President Mário Centeno
The Eurogroup is scheduled to elect a new president at its meeting in July 2020.
The Eurogroup discussed the sixth enhanced surveillance report on Greece. Ministers concluded that the conditions to confirm the release of the third tranche of policy-contingent debt measures had been met.
"Even in this extraordinary situation, Greece has taken necessary action to deliver on its reform commitments. On this basis, we reached a political understanding on the approval of the next tranche of debt measures."
Eurogroup President Mário Centeno
The Commission adopted a decision on 11 July 2018 to activate the enhanced surveillance framework for Greece, which entered into force following the end of the European Stability Mechanism (ESM) programme, in August 2018.
The quarterly enhanced surveillance reports enable close monitoring of the economic, fiscal and financial situation and the post-programme policy commitments, as agreed by the June 2018 Eurogroup.
The Eurogroup was briefed by the European Commission and the European Central Bank (ECB) on the main findings of the:
8th post-programme surveillance mission to Cyprus
thirteenth post-programme surveillance mission to Spain
Post-programme surveillance starts automatically after the end of European Stability Mechanism financial assistance programmes. It continues until at least 75% of the financial assistance received has been repaid. Reporting and missions follow a biannual schedule.
The chair of the European Central Bank (ECB)Supervisory Board, Andrea Enria, presented ECB Banking Supervision tasks carried out since the previous hearing in October 2019. The report focused on the measures adopted to mitigate the impact of the COVID-19 crisis on banks and to support them to continue lending to households and firms.
The Chair of the Single Resolution Board (SRB), Elke König, presented recent activities undertaken in response to the COVID-19 crisis to alleviate the immediate operational burden on the banks under their remit. She also updated the Eurogroup on resolution planning, resolvability, including MREL (minimum requirement for own funds and eligible liabilities), and the build-up of the Single Resolution Fund (SRF).
The hearings of the chairs of the European Central Bank (ECB) Supervisory Board and the Single Resolution Board (SRB) take place twice a year.
Economic situation and policy measures to support the recovery
On 23 April, the President of the European Council asked the Eurogroup to “closely monitor the economic situation and prepare the ground for recovery”.
In this context, ministers exchanged views on the economic situation and recovery needs. They focused on the complementarity between national and European policies.
"We discussed a possible euro area dimension to the recovery facility. Protecting the single currency is as critical as protecting the single market."
Eurogroup President Mário Centeno
Ministers also reflected on the implications of euro area membership for the recovery and resilience plans, including the possible link with the euro area recommendations, and the organisation of the Eurogroup's work in this respect.
"I informed my fellow ministers today that I will not be seeking a second mandate. I will remain President of the Eurogroup until the end of my mandate, which is 12 July."
