We use cookies to improve your browsing experience. Necessary cookies are required to support essential features of the Council's website. Optional cookies help us produce anonymous and aggregated statistical reports to better serve your needs.
With your permission, we will use cookies to produce aggregated, anonymous data about our visitors' browsing and behaviour on our website. We will use this data to improve your experience on our website.
Macroeconomic and budgetary situation and developments, including a briefing from the international meetings
The Eurogroup president and the institutions provided their assessment of the latest macroeconomic developments and outlook, including a debrief on recent international meetings. The Commission shared its views on recent budgetary developments in the euro area.
a. Policy priorities of the new government of Portugal
The Portuguese Minister for Finance presented the economic and financial policy priorities of the new government of Portugal.
In banking union format:
Reporting on banking union
Ministers heard the biannual reporting of the Chairs of the Single Supervisory Mechanism and the Single Resolution Board.
They discussed the current status and upcoming challenges of the euro area banking system, as well as what remains to be done to bolster its resilience.
The efforts taken to protect the stability of the banking sector have worked. However, the challenges of tomorrow are not always the same as those of today or yesterday. In that light, we acknowledged the importance of cybersecurity and climate action with regard to the financial sector.
Euro area competitiveness: closing the innovation and productivity gap
Building on an analysis of the Commission and a presentation by Michiel Scheffer, the President of the Board of the European Innovation Council, ministers discussed the gaps in innovation, R&D spending and human capital, which Europe is facing compared to key global competitors.
Ministers highlighted the need to strengthen investments in research and development, the importance of education and the steps that need to be taken with regard to taxation, reducing levels of administration, and how we regulate the single market – all of which will overtime make the a EU better place to innovate.
Paschal Donohoe, President of the Eurogroup
They also discussed the necessary policy responses from a macro-structural and macro-fiscal perspective going forward.
Ministers followed up on the March Eurogroup statement on the future of the capital markets union and discussed ways to advance and track progress. They agreed on the main elements of a high-level work programme for the months to come.
It is now all about how we can move to action at national level and how we can provide guidance to the next Commission regarding the actions they can take. We all want to find ways in which we can maintain the momentum and build the urgency to make progress.
Paschal Donohoe, President of the Eurogroup
Ministers took the opportunity to discuss the recommendations for developing European capital markets put forward by the French task force led by Christian Noyer, who presented his report. Ministers exchanged further on ongoing national initiatives and the Commission shared initial thoughts on aspects of the Eurogroup statement that require initiatives from the Commission.
