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The International Monetary Fund presented the outcome of its Article IV mission to the euro area. The Article IV review is a regular exercise in which the IMF reviews economic developments, consults with policy-makers and provides targeted policy advice.
The emergence of new COVID variants is a reminder that policy support is still needed and that we should continue to monitor developments closely. Nonetheless, the economic recovery is strong enough now to warrant a shift from broad support measures to more targeted measures.
Paschal Donohoe, President of the Eurogroup
Euro area recommendation
The Commission presented its proposal for the recommendation on the economic policy of the euro area for 2022, published on 24 November.
The Eurogroup exchanged views on the proposal, and will return to the topic in January 2022.
The Eurogroup reviewed the economic and fiscal situation of the euro area member states.
This discussion was based on Commission opinions on the draft budgetary plans (DBPs) of the 19 euro area member states and on the Commission communication on its overall assessment of the DBPs, published on 24 November 2021. The Eurogroup issued a statement.
The statement we have just issued confirms the importance of maintaining moderate fiscal support in 2022, while remaining agile and ensuring that measures are well targeted as we continue to respond to a health environment that changes. At the same time, we note the importance of controlling the growth of current expenditure, especially for Member States with high debt levels.
Paschal Donohoe, President of the Eurogroup
The Eurogroup discussed the twelfth enhanced surveillance report on Greece. Within this context, ministers agreed that the necessary conditions were in place to release the sixth tranche of policy-contingent debt measures. The Eurogroup issued a statement.
On Greece, we welcomed the progress achieved in policy reform despite the difficult circumstances of the pandemic and the terrible fires of August 2021 and we gave our political agreement to the release of the sixth tranche of policy-contingent debt measures, which are worth 767 million euros.
Paschal Donohoe, President of the Eurogroup
The European Commission and the European Central Bank (ECB) briefed the Eurogroup on the main findings of the post-programme surveillance reports on Cyprus, Portugal, Ireland and Spain.
Post-programme surveillance starts automatically after the end of financial assistance programmes and continues until at least 75% of the financial assistance received has been repaid. The reporting occurs twice a year.
The Eurogroup adopted the work programme for the first half of next year, covering the period from January until June.
Any other business
After the Eurogroup meeting, the President of the Eurogroup invited all EU economic and financial affairs ministers to an informal dinner, to discuss the banking union and the preparation of the December Euro Summit.
The emergence of new COVID variants is a reminder that policy support is still needed and that we should continue to monitor developments closely. Nonetheless, the economic recovery is strong enough now to warrant a shift from broad support measures to more targeted measures.