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FINMIN takes part in Eurogroup and Ecofin meetings in Brussels

05/12/2022 12:04

Minister of Finance Constantinos Petrides will participate in the Eurogroup and the EU Economic and Financial Affairs Council (Ecofin) deliberations that will take place in Brussels on Monday and Tuesday.

According to a press release by the Ministry, during today's Eurogroup meeting, EU Ministers will exchange views on the macroeconomic outlook and prospects, with a focus on the coordination efforts regarding the policy response to high energy prices and inflationary pressures.

The Eurogroup will discuss the overall budgetary situation and prospects in the euro area and review the economic and fiscal situation of the euro area member states. 

Ministers will discuss euro area aspects of the Commission Communication on orientations for a reform of the EU economic governance framework.

In addition, Ministers will discuss post programme surveillance, where the institutions will be invited to present the main outcomes of the latest reports on four of the member states concerned, Cyprus, Ireland, Portugal and Spain. The IMF will also take part in the discussions.

The Eurogroup will discuss the first post programme surveillance report on Greece. The Eurogroup is also expected to discuss whether the necessary conditions are in place to confirm the release of the eighth and final tranche of policy-contingent debt measures as well as the abolition of the step-up interest rate margin from 2023. The Eurogroup will adopt a statement. The IMF will also take part in the discussion.

Ministers will elect the President of the Eurogroup.

The President of the Eurogroup will present the Eurogroup work programme for the first half of 2023, on which ministers will be invited to exchange views.

Petrides will also attend the deliberations of the Board of Directors of the European Stability Mechanism.

During Ecofin's deliberations on Tuesday, Ministers will discuss the proposal for a Council implementing decision on measures for the protection of the Union budget against breaches of the principles of the rule of law in Hungary and  take stock of the implementation of the Recovery and Resilience Facility, following a presentation by the Commission on the state of play. The Council will also discuss the Hungarian recovery and resilience plan

The Council will discuss a legislative package a financial support to Ukraine, the directive on ensuring a global minimum level of taxation for multinational groups in the Union, the EU 2023 budget, the economic governance review and will hold a policy debate on the revision of the energy taxation directive.