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Ministers discussed the euro area fiscal stance ahead of the preparation of 2026 budgets.
Chair of the European Fiscal Board (EFB), Pieter Hasekamp, presented the EFB’s latest report. The presentation was followed by the Commission’s analysis.
The Eurogroup adopted a statement on the fiscal stance for the euro area for 2026 ahead of the preparation of national budgets for next year.
We are underlining that, except for defence spending, fiscal restraint remains appropriate and we are committed to implementing our medium-term plans. We expect a broadly neutral budget stance in the euro area in 2026 and this seems overall to be appropriate in our current economic environment.
The Eurogroup exchanged views on the international role of the euro, based on the annual review published by the European Central Bank.
We must continue progress on key policy areas, such as deep and liquid capital markets, efficient and resilient payment system and credible institutions. This work will contribute to the effectiveness of the euro and ultimately support the welfare of our societies.
The Eurogroup elected by consensus, Paschal Donohoe, Minister for Finance of Ireland, as its President for a third term. His new term, lasting two and a half years, will commence on 13 July 2025.
I thank all my colleagues for their trust and confidence. The euro area has proven to be very resilient. My priority for the next term is to further strengthen our common currency area and to facilitate practical results in our key workstreams - from budgetary coordination to the digital euro and the savings and investment union.
Ministers discussed the Commission’s proposal for a Council regulation on Bulgaria’s conversion rate to the euro. The discussion took place ahead of the Economic and Financial Affairs Council (ECOFIN) approval of the final three legal acts, including the regulation, paving the way for Bulgaria to begin using the euro as of 1 January 2026.
Ministers exchanged views on some of the outstanding political issues in the digital euro negotiations.
The President of the Eurogroup Working Group also briefed ministers on ongoing work. The Council presidency updated the Eurogroup on discussions planned for the coming months.
Today’s exchange showed growing political convergence on some key topics. There was a strong interest in finding a balanced and workable approach to holding limits. This is an important signal of commitment to the digital euro.
As a follow-up to the March 2024 Eurogroup statement on the future of the capital markets union, the President of the European Investment Bank (EIB), Nadia Calviño, presented the EIB’s ongoing work and initiatives related to the capital markets union and the savings and investment union.
