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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
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.
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.
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.