Eurogroup, 8 November 2023

Main results

In regular format:

Macroeconomic developments

As part of the Eurogroup’s regular monitoring of economic developments, the institutions provided their analysis of the most recent macroeconomic developments, including inflation, and the possible implications for fiscal coordination.

On this basis, ministers reflected on the main challenges ahead for the macroeconomic and budgetary outlook for 2024, building towards the Eurogroup’s discussion of the draft budgetary plans in December.

Euro area competitiveness

As part of a new workstream on euro area competitiveness and based on a note prepared by the European Commission, the Eurogroup held a first discussion focused on the state of play of the competitiveness of the euro area, the challenges, and the main policy trade-offs ahead.

As a discussion takes place across the European Union on the level of competitiveness that we enjoy within the global economy, how it is changing, and what needs to be done, I'm committed to making sure the Eurogroup and finance ministers have a voice in that debate and that their views regarding what we need to do in the future for our economies is made clear and emphasised.

Paschal Donohoe, President of the Eurogroup

• Commission communication on long-term competitiveness of the EU
• Euro area competitiveness: state of play, challenges, and trade-offs for policy (European Commission)

In banking union format:

Banking union update

Ministers of countries which are part of the banking union heard the bi-annual reports of the chairs of the Single Supervision Mechanism and of the Single Resolution Board. They engaged in a discussion on the health of the banking system and what remains to be done to preserve the resilience of our system and address the challenges ahead.

We acknowledged the good health of our banking and financial system, which has proved its resilience in the face of several shocks. This is a result of the decisive action that has been taken at the European level. Paschal Donohoe, President of the Eurogroup

• Banking union (background information)
• SRB bi-annual reporting note to Eurogroup
• Written overview ahead of the exchange of views of the chair of the Supervisory Board of the ECB with the Eurogroup on 8 November 2023 (European Central Bank)

In inclusive format:

Future of European capital and financial markets

Following the approach agreed in the Eurogroup in inclusive format in May, ministers continued their exchange of views with market participants on the future of the European capital and financial markets. The focus was on institutional investors, including sovereign wealth funds and pension funds, and retail participation.

We all know there's a massive potential to boost retail and institutional investment within the European Union, and the Commission already has really important initiatives underway with regard to this. We want to build on that work and look at how we can take it to the next level. Paschal Donohoe, President of the Eurogroup

The Eurogroup engaged with its guests on how to strengthen the contribution of institutional investors to European capital markets, with a particular emphasis on investment strategies and on addressing the fragmentation of EU capital markets.

• The future of European capital and financial markets (background information)
• Eurogroup, 15 May 2023