Eurogroup, 05/11/2018

Main results

The Eurogroup met in regular format, and later in inclusive format (27 member states).

Regular format

Draft budgetary plans

The Eurogroup looked into the status of the ongoing assessment of the euro area member states’ draft budgetary plans for 2019 and discussed the European Commission opinion on Italy’s draft budgetary plan, issued on 23 October.

Eurozone member states are obliged to submit their national budgetary plans to the European Commission by 15 October each year.

After the meeting, the terms of reference on Italy’s draft budgetary plan have been published.

Thematic discussion on growth and jobs: financial stability in the EMU

The Eurogroup held another of its thematic discussions on growth and jobs, this time deliberating on the issue of financial stability in the Economic and Monetary Union.

The exchange was based on analysis by the European Commission as well as on a presentation by French economics professor and Nobel prize laureate Jean Tirole. 

Banking union: euro area aspects

The Eurogroup heard the biannual presentation on recent activities of the ECB Supervisory Board and the Single Resolution Board by the Chair of the European Central Bank’s Supervisory Board, Danièle Nouy, and the Chair of the Single Resolution Board, Elke König.

Inclusive format

Briefing on October Euro Summit 

Eurogroup President Mário Centeno briefed ministers on the outcome of the October Euro Summit, which assessed the state of play of the ongoing work on the deepening of the Economic and Monetary Union (EMU).

Deepening the Economic and Monetary Union

The Eurogroup continued its discussion on establishing a common backstop for the Single Resolution Fund and how to enhance the effectiveness of the precautionary tools of the European Stability Mechanism. The Eurogroup also looked into the work on the roadmap for beginning political discussions on EDIS.

Ministers had previously discussed the backstop to the Single Resolution Fund and the ESM reform at their meetings in September and October respectively.