Eurogroup and ECOFIN meetings set to kick-off in Vienna

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Croatian Finance Minister Zdravko Maric (L) and Luxembourg's Finance Minister Pierre Gramegna during an Ecofin Finance Ministers meeting in Brussels.

Eurogroup and ECOFIN meetings set to kick-off in Vienna


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European Commission vice-presidents Valdis Dombrovskis and Jyrki Katainen, along with Economic and Financial Affairs Commissioner Pierre Moscovici will represent the Commission at the Eurogroup and Economic and Financial Affairs Council (ECOFIN) meetings set to take on September 7-8 in Vienna.

The Eurogroup meeting will give ministers the opportunity to exchange of views with the Chair of the European Parliament’s Committee on Economic and Monetary Affairs, Roberto Gualtieri, and to discuss efficiency in the labour and product markets. The ministers will also be updated on the 8th post-bailout oversight programme for Portugal.

Also expected to be on the agenda for Eurogroup will be a debate about the deepening of Europe’s Economic and Monetary Union.  The group is expected to discuss a proposed common backstop to the Single Resolution Fund, which ensures the application of resolution tools and exercise of the resolution powers under the Single Resolution Mechanism – the foundation of the EU’s banking union as it is directly responsible for the resolution of entities and groups directly supervised by the European Central Bank, as well as other cross-border groups.

The first item on the agenda of the ECOFIN meeting will be a debate on the achievements and future of the European Investment Bank and a discussion on the implications of increasing interest rates on financial stability as well as the economic potential and the risks of crypto-assets and crypto-currencies.

The ministers will also discuss the InvestEU programme, which aims to bring together under one roof the multitude of EU financial programmes currently available and trigger additional investment to the tune of more than €650 billion, as well as the Commission’s proposal to support structural reforms in the Member States.

The finance ministers have said they will attempt to find a way forward on the Commission’s proposals to ensure that European digital business activities are taxed in a way that is both fair and promotes growth.

Eurogroup is the collective term for informal meetings of the finance ministers of the Eurozone, which include the 19 EU Member States that have adopted the euro as their official currency.

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