10 October 2019

Main results - Eurogroup

The Eurogroup agreed on all the critical elements of governance and financing of the budgetary instrument for convergence and competitiveness (BICC) for the eurozone. It defined governance, financing as well as allocation and modulation of the BICC in a term sheet.

Budgetary instrument for convergence and competitiveness

The Eurogroup in inclusive format agreed on all the critical elements of governance and financing of the budgetary instrument for convergence and competitiveness (BICC) for the eurozone.

It defined governance, financing as well as allocation and modulation of the BICC in a term sheet. 

Banking union - Eurozone aspects

The chair of the European Central Bank's supervisory board, Andrea Enria presented recent activities of the Supervisory Board, focusing on bank profitability, Brexit preparedness, anti-money laundering measures, Basel 3 implementation and the supervisory challenges for 2019. 

The Chair of the Single Resolution Board, Elke König informed ministers about ongoing activities of the SRB, focusing particularly on progress regarding resolution planning, minimum requirement for own funds and eligible liabilities (MREL) and resolvability. She will also give an update on the build-up of the Single Resolution Fund (SRF) and provide information on Brexit preparations.

Thematic discussion on growth and jobs: Competitiveness developments in the eurozone

As part of the discussion on growth and jobs, ministers exchanged views on developments in competitiveness in the eurozone, on the basis of a technical note by the Commission.

Portugal Post Programme Surveillance – 10th review

The European Commission and the European Central Bank (ECB) informed ministers on the main findings of the 10th post-programme surveillance mission to Portugal that was carried out between 14-19 June. The European Stability Mechanism (ESM) briefed the Eurogroup on its early warning system. The International Monetary Fund (IMF) conducted its Article IV mission in parallel.

Other topics

The Eurogroup gave it support to the candidacy of Fabio Panetta to replace the outgoing member of the ECB’s executive board, Benoît Cœuré.

Eurogroup President Mário Centeno also invited the member states to put forward their candidates to replace Sabine Lautenschläger in the ECB's executive board with a view of agreeing on a candidate at the November Eurogroup.

The Eurogroup had a follow-up discussion on the economic outlook in the eurozone. It has been monitoring economic developments closely for several months and agreed to closely co-ordinate policies in case downside risks materialise. [...]

Full press release

Remarks by Mário Centeno following the Eurogroup meeting of 9 October 2019

 

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