Video conference of the Eurogroup, 5 October 2020

Main results

Eurogroup work programme

Ministers discussed priorities for the Eurogroup under the presidency of Paschal Donohoe. The Eurogroup adopted its work programme until June 2021.

I tabled a comprehensive programme to help ensure the Eurogroup will continue to lead the euro area economy towards an inclusive recovery that benefits all citizens and works on the strengthening of the Economic and Monetary Union. (...) I am pleased to say it is now officially endorsed.

Paschal Donohoe, President of the Eurogroup

Priorities for reforms and investment in the euro area

As member states prepare their recovery and resilience plans and draft budgets for 2021, the Eurogroup exchanged views on the policy priorities for the euro area in the context of the recovery.

As we progressively move away from emergency action to recovery, we agreed that our policies should foster economic transformation and unlock new growth potential in the euro area. At the same time, our policy should address the risks of economic divergence and of imbalances. Paschal Donohoe, President of the Eurogroup

This discussion marks the start of a process of building a common view on the key forward-looking economic priorities for the euro area as a whole. These priorities would be reflected in annual recommendations proposed by the Commission and adopted by the Council.

• A recovery plan for Europe (background information)

Selection process of a new ECB executive board member

The Eurogroup gave its support to the candidacy of Frank Elderson to replace the outgoing member of the European Central Bank’s executive board, Yves Mersch, whose term of office expires on 14 December. Frank Elderson is currently executive board member of De Nederlandsche Bank NV (DNB), the central bank of the Netherlands.

• ECB Executive Board: Eurogroup gives support to Frank Elderson's candidacy (press release, 5 October 2020)
• ECB executive board appointment procedure (infographic)
• Statement by President Donohoe on the candidates for the post of ECB executive board member (press release, 25 September 2020)

Greece

The Eurogroup discussed the 7th enhanced surveillance report on Greece. This report is not linked to a decision on the policy-contingent debt measures. 

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 programme in August 2018. The quarterly enhanced surveillance reports enable close monitoring of the:

• economic, fiscal and financial situation in Greece
• post-programme policy commitments agreed by the Eurogroup in June 2018.

Preparation of international meetings: exchange rate developments

The Eurogroup took stock of exchange rate developments over the previous months in view of the upcoming annual meetings of the World Bank Group and the International Monetary Fund.