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Video highlights of the July 2020 Eurogroup meeting
Election of the President of the Eurogroup
The Eurogroup elected Paschal Donohoe, Minister for Finance and Public Expenditure and Reform of Ireland, as President of the Eurogroup.
Let me just say that it has been a true pleasure working with Paschal for the past two and a half years, and his contributions to the Eurogroup's work have been highly valued by colleagues. I have no doubt that Paschal will make an excellent President of the Eurogroup and wholeheartedly wish him every success in this post.
Mário Centeno, President of the Eurogroup
The new president succeeds Mário Centeno, the third permanent Eurogroup President, who was elected on 4 December 2017.
As I begin my tenure as President of the Eurogroup, I'm deeply conscious that citizens of Europe are looking at where their national economies now stand, are looking at the European economy and have become concerned (…) for their futures, their jobs and their incomes. This is a challenge that I understand, it is a challenge that members of the Eurogroup understand. I'm absolutely confident that with my colleagues in the Eurogroup we have the ability and we have laid the foundations to overcome these challenges and to prevail.
Paschal Donohoe, Eurogroup President-elect
The Eurogroup exchanged views on the economic situation in the euro area, based on a presentation of the European Commission's summer 2020 interim economic forecast.
The Commission summer forecast confirms that the euro area entered a recession of unprecedented depth in the second quarter. The forecast also confirms that the rebound has started, though it is far too early to relax. (…) Without the swift and determined policy responses we have implemented at the national and European levels, the situation would even have been far worse.
Mário Centeno, President of the Eurogroup
Budgetary situation and fiscal stance in the euro area
Ministers discussed the budgetary situation in the euro area. The outcome will feed into the preparation of the draft budgetary plans and the recommendations for the euro area for 2021.
The Chairman of the European Fiscal Board (EFB), Niels Thygesen, presented the EFB's report of 1 July 2020 on the assessment of the fiscal stance appropriate for the euro area. The Commission also presented its assessment of the budgetary situation arising from its analysis of the 2020 stability programmes.
The EFB, the Commission, the ECB and Eurogroup Ministers all support timely and targeted policies to combat the pandemic and to protect the fabric of our economies and societies.
Mário Centeno, President of the Eurogroup
Let me just say that it has been a true pleasure working with Paschal for the past two and a half years, and his contributions to the Eurogroup's work have been highly valued by colleagues. I have no doubt that Paschal will make an excellent President of the Eurogroup and wholeheartedly wish him every success in this post.
As I begin my tenure as President of the Eurogroup, I'm deeply conscious that citizens of Europe are looking at where their national economies now stand, are looking at the European economy and have become concerned (…) for their futures, their jobs and their incomes. This is a challenge that I understand, it is a challenge that members of the Eurogroup understand. I'm absolutely confident that with my colleagues in the Eurogroup we have the ability and we have laid the foundations to overcome these challenges and to prevail.
