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Coordination of economic policies in the euro area could benefit from further strengthening, notably by increasing the level of commitment, ownership and implementation of economic reforms. The progress achieved so far in our comprehensive strategy to overcome the euro area sovereign debt crisis, as reflected in improved financial market conditions and encouraging signs of economic recovery, presents an opportunity to put a stronger focus on preventive policy coordination. The euro area should also 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 line with this, the first semester of 2014 will be marked by the European Semester. As part of this process, the implementation of the euro area recommendations must continue and the Eurogroup should take an active role in taking forward those recommendations and overseeing their implementation.
Furthermore, a close and timely monitoring of the implementation of EDP recommendations of euro area Member States will need to be continued, as well as a regular monitoring of the overall budgetary situation in the euro area as a whole. The European semester will end with the provision of euro area guidance in June, one month after the European elections.
Also, the Eurogroup is planned to continue reviewing the adjustment programmes for Greece, Portugal and Cyprus. The Eurogroup will also be involved in the post-programme surveillance for Ireland and Spain as deemed appropriate. The exact timing of the post-programme reviews will still need to be determined. At the same time, the Eurogroup should continue the close scrutiny of financial and macro-economic stability developments in the euro area throughout the first semester of 2014; specific attention should also be given to Member States which may be identified as having excessive macro-economic imbalances following the in-depth reviews.
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 and their policy implications for the euro area and its members. In the coming months, this will not only concern the implementation of the Single Supervisory Mechanism, the design of a Single Resolution Mechanism and possible backstop arrangements but also the finalisation of the ESM's direct recapitalisation instrument.
The Eurogroup will also continue its 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 useful to have an additional dedicated Eurogroup meeting before Euro Summit meetings. In this context, the Eurogroup should continue to provide HoSG with insight on current discussions regarding the deepening of the Economic and Monetary Union, as appropriate.
The Eurogroup will not only welcome a new Member State, but may also have to discuss a further enlargement of the euro area. The Eurogroup will thus again have a specific responsibility with an assessment of convergence to carry out in the next semester.
The Eurogroup work programme should be seen as indicative. Sufficient flexibility will be needed to ensure an appropriate focus on changing priorities.
Notably, the first half of next year will have a particular political context, with the European elections scheduled for May.
27 January 2014
17 February 2014
10 March 2014
1 April 2014
5 May 2014
19 June 2014
President Dijsselbloem statement