Brussels Daily
04 Jul 2017


Brussels Daily

Agenda highlights

Ireland: post-programme surveillance

Ministers will be informed by the European Commission and the European Central Bank about the main findings of the 7th post-programme surveillance mission that European Commission staff and the European Central Bank carried out in Dublin from 16 to 19 May.

The European Stability Mechanism will inform about its early warning system, and the IMF will present the results of its Article IV consultation with Ireland.

Post-programme surveillance is carried out in countries that have closed a financial assistance programme. The aim is to assess whether there are any risks that they may not be able to repay the loans they received under the programme. The surveillance stops when the country has repaid at least 75% of the loan.

Statement by European Commission and ECB staff following the conclusion of the 7th post-programme surveillance mission to Ireland (European Central Bank)

National insolvency frameworks: non-performing loans

The Eurogroup will continue its thematic discussion on insolvency frameworks in the euro area, this time focusing on national supervisory practices and legal frameworks related to non-performing loans.

The discussion will be based on a study by the European Central Bank Banking Supervision and a debrief by the European Commission.

Well-functioning insolvency frameworks are indispensable for the swift and efficient reduction of debt overhang and for improving banks’ ability to extend credit to the economy.

The discussion is a follow-up to the Eurogroup meeting in November 2016, when ministers looked into the performance of the euro area member states when it comes to addressing non-performing loans.

Banking sector

The European Central Bank Banking Supervision, the Single Resolution Board and the European Commission will inform the Eurogroup about the recent developments in the euro area banking sector. 


The euro area fiscal stance

The Eurogroup will discuss the euro area fiscal stance for 2018, based on a note by the European Commission concerning the stability programmes of the euro area member states. The euro area member states prepare these programmes each year in the context of the European Semester – the EU’s yearly economic policy coordination process.

The discussion will help shape the preparations for the euro area member states’ draft budgetary plans for 2018 and the Council’s recommendation for the euro area’s economic policy in 2018.

The Chair of the European Fiscal Board (EFB), Niels Thygesen, will present the EFB’s recently published report analysing the overall direction of fiscal policy in the euro area. The EFB advises the European Commission on the prospective fiscal stance of the euro area.

Deepening the Economic and Monetary Union (EMU)

Ministers will exchange views on the elements that are needed to deepen the Economic and Monetary Union, including their possible prioritisation, sequencing and bundling. The discussion will be based on the reflection paper that the European Commission published on this topic on 31 May 2017.

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