Eurogroup, 21/01/2019


Main results

The Eurogroup first met in regular format and afterwards came together for a Eurogroup meeting in inclusive format

Regular format

European semester: 2019 euro area recommendations

The Eurogroup discussed the draft Council recommendations on the economic policy of the euro area for 2019, issued in the context of the European Semester, the EU’s policy coordination mechanism. 

The draft recommendations will be approved by the Economic and Financial Affairs Council on 22 January. They will be formally adopted by the Council after endorsement at the March European Council.

International role of the euro

The Eurogroup discussed the international role of the euro on the basis of the Commission communication “Towards a stronger international role of the euro” from December 2018.

In its communication, the Commission outlined scope for the euro to develop further its global role and achieve its full potential, reflecting the euro area’s political, economic and financial weight.

This discussion sparked an interesting exchange as it is an important point for economic and political reasons. At the Euro summit, leaders asked us to work further on this, so we will be taking discussions forward in the next few months.

Mário Centeno, Eurogroup President

Appointment of an ECB Executive Board Member

The Eurogroup President launched a call for candidates for a new member of the European Central Bank’s Executive Board to succeed Peter Praet, whose term ends on 31 May.

Inclusive format

Deepening EMU – Follow-up to the December Euro Summit

Ministers exchanged views on the follow-up to the December Euro summit where it was agreed that finance ministers should continue the work toward a significant strengthening of the EMU on the basis of the comprehensive package endorsed by EU leaders.

Ministers also discussed how to organize the work ahead. This includes an exchange of views on the next steps on the European deposit insurance scheme (EDIS) and the budgetary instrument for convergence and competitiveness for the euro area and ERM II member states on a voluntary basis.