The Eurogroup meeting took place in two formats: a regular meeting of the euro area ministers, and a meeting of the ministers of 27 EU member states to discuss issues related to the deepening of the Economic and Monetary Union.
9.00 – Eurogroup meeting in regular format
Exchange of views with the Chair of the European Parliament’s Economic and Monetary Affairs Committee
The Eurogroup exchanged views with Roberto Gualtieri, Chair of the European Parliament’s Committee on Economic and Monetary Affairs (ECON), on the euro area’s economic outlook and challenges.
The Eurogroup President regularly appears at the European Parliament’s ECON Committee, for an economic dialogue on the Eurogroup’s work and policy priorities. President Centeno’s initiative to invite the Chair of the European Parliament’s ECON Committee for a dedicated exchange of views aims to further strengthen the dialogue between the European Parliament and the Eurogroup.
Thematic discussion on allocative efficiency in labour and product markets
The Eurogroup discussed allocative efficiency in labour and product markets on the basis of a Commission analysis. A country’s ability to allocate resources efficiently in labour and product markets enhances economic resilience and is thus particularly relevant for the euro area.
Ministers also heard a presentation by Christopher Antoniou Pissarides, Professor of Economics at the London School of Economics and Nobel Prize laureate. Professor Pissarides talked about the impact of artificial intelligence and automation on labour markets.
Portugal: 8th post-programme surveillance mission
The Eurogroup was informed about the key findings of the 8th post-programme monitoring mission to Portugal, which took place from 5 to 12 June 2018.
The key objective of post-programme monitoring is to assess a country’s capacity to repay loans granted under its earlier programme. It comes to an end when at least 75% of the loans received have been repaid.
10.30 – Meeting of 27 member states
Deepening EMU: follow up to the June Euro Summit, including common backstop issues
Ministers discussed the follow-up to the June 2018 Euro Summit, which had agreed that the Eurogroup would further discuss all the items related to the deepening of the EMU listed in President Centeno’s letter of 25 June. The Eurogroup agreed to further look into these topics in a sequential manner at its upcoming meetings in preparation of the December Euro Summit.
At this meeting, the Eurogroup discussed in particular issues related to the common backstop to the Single Resolution Fund (SRF). The Euro Summit of June 2018 agreed that the ESM would provide the common backstop to the SRF and that the Eurogroup would prepare terms of reference on this matter by December 2018.