At the start of the Eurogroup meeting, ministers analyzed the economic and budgetary situation and adopted guidelines for fiscal policy in the euro area for 2025, preparing for national budgets for the coming year.
The fiscal stance of the euro area was expansionary from 2020 to 2023, in response to the COVID-19 pandemic and Russian aggression against Ukraine. It is expected that 2024 will be marked by a contractionary fiscal policy. Ministers concluded that such a stance is appropriate for maintaining debt sustainability and supporting monetary policy in reducing inflation.
In the discussion on the functioning of the European Exchange Rate Mechanism (ERM II), Bulgaria reported to the Eurogroup on the current state of meeting the convergence criteria and obligations within the process of introducing the euro. The Eurogroup recognized Bulgaria's significant progress and highlighted the importance of further meeting the remaining criteria and obligations.
The Eurogroup also adopted a work program until March 2025, focusing on continuing economic policy coordination, work on the Capital Markets Union, and discussions on the competitiveness of the euro area. Under other business, Dutch Finance Minister Eelco Heinen presented the priorities of the new Dutch government.
At the inclusive format Eurogroup meeting, ministers continued the discussion on the competitiveness of the euro area, particularly focusing on addressing the financial gap for implementing common priorities. Enrico Letta, President of the Jacques Delors Institute, presented his proposals and recommendations for financing common priorities such as green and digital transition and the defense industry. Ministers exchanged views on the role of private and public financing.
Deputy Prime Minister Primorac participated in the event "The Future of Cohesion Policy 2028-2034 from a Fiscal Policy Perspective," organized by the German Ministry of Finance. An independent report on the future of cohesion policy was presented as a contribution to upcoming discussions on the new Multiannual Financial Framework.
Creation time: 16 July, 2024
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