03 December 2012

Work programme for the Eurogroup for the first half of 2013

A work programme for the Eurogroup for the following six months has been drawn up. The work programme should facilitate a longer working horizon and help to ensure an optimal preparation of issues for discussion.

The Eurogroup should continue to play a key role in providing the necessary solutions to the current macro-economic and financial challenges the euro area is facing. A large part of the work programme for the first half of 2013 will be directly related to these challenges.

In that respect, the Eurogroup is planned to continue to review the adjustment programmes for Greece, Ireland and Portugal, as well as the financial sector programme for Spain and in all likelihood an adjustment programme for Cyprus. At the same time, financial and macro-economic stability developments in the euro area will probably be a recurring item throughout the first semester. This includes the monitoring of Member States, which are (at risk of) experiencing severe difficulties with regard to financial stability.

The first semester of 2013 will also be marked by the European Semester, which will end with the provision of euro area guidance in June. Furthermore, a close and timely monitoring of the implementation of EDP recommendations of euro area Member States will need to take place in view of the fact that many Member States have a 2013 deadline for correction.

At the same time, further changes to euro area governance might have to be discussed related to June and October European Council and Euro Summit meetings. The Eurogroup will prepare the Euro Summit meetings and ensure their follow-up. Particular attention might also have to be devoted to those items stemming from the forthcoming four Presidents report regarding a genuine EMU.

With the establishment of the European Stability Mechanism (ESM) a new European institution was created, with strong linkages to the work streams of the Eurogroup. In order to ensure efficiency, synergies in these work streams will be actively pursued.

Finally, with respect to international issues, in addition to the discussion of exchange rate matters ahead of G7 meetings, an exchange of views on strategic IMF issues with relevance to the euro area will be discussed in light of the IMF Managing Director's proposal for the Global Policy Agenda.

These are exceptional times, where uncertainty is prevailing. The Eurogroup work programme should therefore be seen as indicative. Sufficient flexibility will be needed to ensure an appropriate focus on changing priorities.

Press release

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