Eurogroup, 9 September 2022

Main results

Macro-economic developments

The Eurogroup discussed macro-economic developments in the euro area including energy, and inflation and their impacts on fiscal policy. It exchanged views with Ms. Irene Tinagli, Chair of the European Parliament's ECON Committee.

The European Central Bank (ECB) briefed ministers on the monetary policy decisions taken by the ECB Governing Council on 8 September 2022.

The euro area now confronts an energy price shock caused by the war on Ukraine. However, we will overcome this challenge and we are confident in our resilience and our ability to recover. We face into this challenge with record levels of employment and public finances that are recovering fast after the pandemic. Finance ministers of the euro area will intervene to support vulnerable households and businesses to face this unprecedented price shock. We must reduce inflation. Failure to do so will make our citizens poorer for longer. So, our interventions will be coordinated with ECB monetary policy and aim to avoid adding to inflationary pressures. Paschal Donohoe, President of the Eurogroup

Inclusive format

Digital euro

Based on input from the ECB and the Commission, ministers exchanged views on the progress of the discussions on the digital euro and on the work on central bank digital currencies in the non-euro-area member states.

We looked at the resilience of our currency and the work that is underway regarding whether and how it could have a digital future. We were joined in that discussion by our non-euro area colleagues to take stock of the ongoing work on digital currencies. This included a comprehensive update from the President of the ECB and from Commissioner Gentiloni regarding the extensive work that is underway in the euro area. And we also received an update on the e-krona project in Sweden. The Eurogroup believes that the digital euro project is of strategic importance and has the potential to strengthen our financial and monetary sovereignty and to improve the functioning of the euro area.

Paschal Donohoe, President of the Eurogroup

• Digital finance (background information)