Eurogroup – Consilium

Highlights from the Eurogroup meeting held in Luxembourg on 17 June 2021

Main results

Regular format
Post-programme surveillance

The European Commission and the European Central Bank (ECB) briefed the Eurogroup on the main findings of the post-programme surveillance reports on Cyprus, Portugal, Ireland and Spain.

Post-programme surveillance (PPS) starts automatically after the end of financial assistance programmes and continues until at least 75% of the financial assistance received has been repaid. PPS reports are produced biannually.

Greece: tenth enhanced surveillance report and policy-contingent debt measures

Ministers exchanged views on the tenth enhanced surveillance report on Greece, including on whether the necessary conditions are in place to confirm the release of the fifth tranche of policy-contingent debt measures.

On Greece, we agreed that the positive assessment of the institutions warrants the approval of the next tranche of policy-contingent debt measures, worth 748 million euros.

Paschal Donohoe, President of the Eurogroup

The Eurogroup welcomed the assessment by the European institutions that Greece met the conditions necessary for the release of the fifth tranche of policy-contingent debt measures, worth 748 million euro. The Eurogroup issued a statement containing the technical details.

The enhanced surveillance framework for Greece entered into force in August 2018, after Greece successfully completed its European Stability Mechanism (ESM) programme.

The quarterly enhanced surveillance reporting enables close monitoring of the economic, fiscal and financial situation in the country and the implementation of the post-programme policy commitments, as agreed by the Eurogroup in June 2018.

International Monetary Fund article IV interim mission to the euro area

The International Monetary Fund (IMF) presented the outcome of its interim staff visit in the context of its article IV surveillance of the euro area. The IMF will complete its surveillance cycle at the end of the year.

The review is a regular exercise in which the IMF assesses economic developments, consults with euro area policy-makers and provides targeted policy advice.

Functioning of the Exchange Rate Mechanism II

Our discussion today recognises the important economic reforms already undertaken by Bulgaria and Croatia, as well as the continued attractiveness of the euro as a tangible symbol of European unity, prosperity and solidarity.

Paschal Donohoe, President of the Eurogroup

Ministers discussed the functioning of the Exchange Rate Mechanism II (ERM II). The Bulgarian lev and the Croatian kuna were included in the ERM II on 10 July 2020, and Bulgaria and Croatia provided an update on the implementation of the reforms that their authorities committed to upon the start of their participation in the ERM II.

Inclusive format (EU27)
Completing the banking union

The mandate which I received from Leaders and which I set for myself is to reach an agreement on a credible, ambitious work plan that will create momentum for action. With that spirit, we will return to our work on Banking Union later on in the year.

Paschal Donohoe, President of the Eurogroup

As provided for in the Treaty on Stability, Coordination and Governance (TSCG), the Eurogroup prepared for the Euro Summit that will take place on 25 June 2021.

In this context, the chair of the high-level working group briefed ministers of the 27 member states on the progress made in preparing a work plan on all outstanding elements needed to complete the banking union, as requested by the Euro summit in December 2020.

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