The Eurogroup met in inclusive format of 27 member states to discuss the deepening of the Economic and Monetary Union.
Ministers continued preparations ahead of the December Euro summit meeting.
Ministers took stock of the progress achieved on risk reduction, on the basis of an assessment by the institutions. The Eurogroup also exchanged views on possible options to improve the current set-up to address possible liquidity needs of resolved banks.
The Eurogroup discussed issues related to the common backstop to the Single Resolution Fund. The exchange of views addressed in particular the possibility of introducing the backstop before the end of the transition period, i.e. before 2024, provided that sufficient risk reduction is achieved.
Building on previous discussions. ministers exchanged views on reforming the European Stability Mechanism, including on the cooperation between the ESM and the Commission.
The Eurogroup discussed debt sustainability issues including the possible introduction of single limb collective action clauses that could improve the efficiency of possible debt restructurings in the exceptional case that these were deemed necessary. Ministers also exchanged views on and the possible role that the ESM could play in facilitating the dialogue between member states and their creditors, in line with IMF practice.
Instruments for stabilisation and convergence
The Eurogroup looked into proposals on the introduction of instruments for stabilisation and convergence.