Eurogroup and Economic and Financial Affairs Council meetings, 20 and 21 January 2020

Executive Vice-President Valdis Dombrovskis and Commissioner Paolo Gentiloni will represent the Commission at this week’s Eurogroup and Economic and Financial Affairs Council (ECOFIN) meetings. At the Eurogroup meeting beginning today, the Commission will present its Recommendation on the economic policy of euro area for 2020. Ministers from Spain, Austria and Finland will present the policy priorities of the new governments which have taken office in recent weeks. The Eurogroup will discuss the updated draft budgetary plan of Portugal for 2020, on the basis of the Opinion adopted by the Commission. The International Monetary Fund (IMF) will present the main findings of its euro area Article IV interim mission. The Eurogroup will then continue in an inclusive format to follow up on the December 2019 Euro Summit on further strengthening Europe’s Economic and Monetary Union. These discussions will focus on the reform of the European Stability Mechanism (ESM) Treaty, strengthening the Banking Union and further follow-up to the agreement on the Budgetary Instrument for Convergence and Competitiveness (BICC) term sheet in October. Commissioner Paolo Gentiloni will participate in the press conference following the meeting. Tomorrow, Tuesday 21 January, the ECOFIN meeting will start with a presentation by the Presidency of the priorities for economic and financial affairs for the duration of its term. On behalf of the Commission, Executive Vice-President Valdis Dombrovskis, will make a presentation on the economic and financial aspects of the European Green Deal, including its investment pillar – the European Green Deal Investment Plan.Finance ministers will also have an exchange of views on tax challenges arising from digitalisation. In particular, ministers will take stock of the state of play of negotiations in the OECD in order to prepare for the next steps. The OECD has been working intensively in the past months with a view to produce a first set of results by its next meeting on 29-30 January 2020 and a final report by the end of the year. Finally, the Commission will also present its Annual Sustainable Growth Strategy and Alert Mechanism Report, kick starting the 2020 European Semester. Executive Vice-President Valdis Dombrovskis will participate in the press conference following the meeting.