19 Jun 2018
EUROGROUP 21 JUNEBrussels Daily
The Eurogroup meeting will take place in two formats – the first part will be a regular meeting of the euro area ministers, starting at 15.00, while the second part will be a meeting of the ministers of 27 EU member states, starting at 18.30.
15.00 – Eurogroup meeting in regular format
Greece’s economic adjustment programme
The Eurogroup will assess the progress achieved by Greece in implementing the prior actions required under the fourth (and the final) review of its programme. The assessment will enable ministers to take a decision on all the elements needed to ensure the successful completion of the programme by August.
These elements are related to the surveillance framework that will apply after the programme, the size of the final tranche of financial support by the ESM and the possible debt measures. The Eurogroup listed debt measures in its statement of June 2017.
The programme is scheduled to end on 20 August 2018.
IMF Article IV consultation with the euro area
The Eurogroup will exchange views on the International Monetary Fund’s (IMF) presentation of the outcome of its Article IV consultation with the euro area. The IMF will publish the final report shortly thereafter.
This year, the IMF focused on national and European-level policies aimed at protecting the euro area economy from future shocks.
The IMF carries out such consultations every year with all of the IMF members, both individual countries and currency regions, including the euro area. This is done in accordance with Article IV of the IMF’s Articles of Agreement.
Updated draft budgetary plan of Spain
The Eurogroup will discuss Spain’s updated draft budgetary plan for 2018, based on the European Commission’s opinion on the plan published on 23 May 2018.
The Eurogroup is expected to issue a statement.
Cyprus: post-programme surveillance
The European Commission and the ECB will inform the Eurogroup of the main findings of their fourth post-programme surveillance mission to Cyprus that took place between 19 and 23 March 2018.
The European Stability Mechanism will present the findings related to its early warning system; the IMF conducted its second post-programme monitoring mission at the same time.
The aim of the post-programme surveillance is to establish any possible risks to the country’s ability to repay loans received under its earlier adjustment programme. The surveillance continues until at least 75 % of the loan has been repaid.
Eurogroup work programme for the second semester of 2018
The Eurogroup will adopt its work programme for the second half of this year.
Other items on the agenda
Italy’s Minister of Economy and Finance, Giovanni Tria, and Spain’s Minister of Economy, Industry and Competitiveness, Nadia Calviño, will present the policy priorities of their respective governments. This is standard practice in the Eurogroup when new governments come into office.
18.30 – Meeting of 27 member states
Preparation of the June Euro Summit: deepening of the Economic and Monetary Union (EMU)
The Eurogroup in inclusive format will prepare the Euro Summit which will take place on 29 June 2018. The Summit is expected to take decisions and provide guidance on the way forward on EMU deepening.
Since the Euro Summit of December 2017, ministers have been working on two priority areas:
- the completion of the banking union (indicators measuring progress in risk reduction and the roadmap for risk reduction and risk sharing)
- the future role of the European Stability Mechanism (ESM) (the review of the ESM instruments, the role of the ESM in programmes, debt sustainability, the common backstop to the single resolution fund)
Ministers also discussed fiscal issues, including a possible central stabilisation function.