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In that respect, the Eurogroup is planned to continue to review the adjustment programmes for Greece, Ireland, Portugal and Cyprus as well as the financial sector programme for Spain. At the same time, the scrutiny of financial and macro-economic stability developments in the euro area will remain a recurring item throughout the second semester; specific attention should also be given to Member States with excessive macro-economic imbalances.
The increased stability that is achieved presents an opportunity to put a stronger focus on preventive policy coordination and use the time to pursue the fundamental reforms necessary to ensure strong growth, sustainable public finances and high employment. The Eurogroup will have to monitor policy implementation at national level while assessing the overall policy stance for the euro area. In that respect the entry into force of the two-pack regulations is timely and will be very important. The Eurogroup will be heavily involved in these new monitoring requirements, including the introduction of a common budgetary timeline and common budgetary rules, which will introduce euro area wide ex-ante budgetary coordination in the second half of the year.
Moreover, the Treaty on Stability, Coordination and Governance has entered into force and created the obligation to coordinate ex ante the major economic reform plans of euro area Member States, for which the Eurogroup would provide a good forum.
The Eurogroup will also start in its new role of preparing the Euro Summit meetings. In order to ensure an optimal preparation of Euro Summit meetings adjustments might be needed to the Eurogroup meeting calendar. It may be considered to have an additional dedicated Eurogroup meeting before Euro Summit meetings.
The Eurogroup will continue to pay close attention to financial stability in the euro area as well as to the range of measures needed to complete the Banking Union. In the coming months, this will concern in particular the implementation of the Single Supervisory Mechanism and the single rulebook, the design of a Single Resolution Mechanism, the adoption of the ESM's direct recapitalisation instrument, as well as the timing of and interaction between these constituting elements of the Banking Union.
The Eurogroup shall also continue discussing the potential elements of a roadmap towards a genuine economic and monetary union, to support the work engaged by the European Council and Euro Summits.
The Eurogroup Work Programme should be seen as indicative. Sufficient flexibility will be needed to ensure an appropriate focus on changing priorities.
Press release including detailed Work Programme