Economic and financial policies, Banking union, Euro area fiscal stance, The euro as a digital currency: stock-taking
Economic and financial policies
Finance ministers exchanged views on the international dimension of euro area economic and financial policies with Janet Yellen, the United States Secretary of the Treasury. The discussion focused on the economic recovery as well as on banking and financial stability issues.
We had a broad and rich discussion with US Treasury Secretary
Yellen. We addressed the challenges currently facing the global
economy, starting with our fight against COVID-19. We discussed how this
disease is affecting our businesses and our workers on both sides of
the Atlantic, and how our agendas can be fully aligned as we deal with
this crisis.
Paschal Donohoe, President of the Eurogroup
Banking union
Paschal Donohoe, the President of the Eurogroup, briefed ministers on the June Euro summit, focusing in particular on the banking union discussions, with a view of preparing the work ahead.
Eurogroup (16:15)
Euro area fiscal stance
Ministers discussed the budgetary situation and prospects in the euro area as a whole, and focused on prospects for 2022.
The chairman of the European Fiscal Board (EFB), Niels Thygesen, was
invited to this meeting and presented the EFB's recently published
report.
The key issue for the euro area is how to adjust our
budgetary policy back to ‘normal’. A gradual shift in the focus of
measures from emergency to recovery support is underway. We’ll need to
maintain policy agility going forward.
Paschal Donohoe, President of the Eurogroup
The European Commission presented its assessment based on its
analysis of the 2021 stability programmes. The discussion fed into the
preparation of the draft budgetary plans and the recommendations for the
euro area for 2022.
The Eurogroup regularly discusses the budgetary situation and
prospects in the euro area as a whole, in the framework of the
assessment of the draft budgetary plans drawn up by the euro area member
states.
The euro as a digital currency: stock-taking
Finance ministers discussed the potential implications of a digital euro for citizens, businesses and the Economic and Monetary Union as a whole. They focused on its political dimension, fully respecting the roles and mandates of all institutions involved.
In the coming months, the Eurogroup will consider the
different political dimensions of the digital euro’s design and impact,
in particular in terms of privacy, competition, innovation or
inclusiveness.
Paschal Donohoe, President of the Eurogroup
The Eurogroup discussed the euro as a digital currency in November
2020 following the publication of the Eurosystem report on the digital
euro. They did so again in April 2021 when the results of the ECB public
consultation were presented. In March 2021, the Euro Summit called to
take forward the exploratory work on the possible introduction of a
digital euro.
Eurogroup
© Council of the European Union
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article