Eurogroup, Brussels - Main contents
| date | February 13, 2023 17:30 |
|---|---|
| city | Brussels, Belgium |
| location | Europa Building i  |
| station | EbS |
| organisation | Council of the European Union (Council) i, Eurogroup i, Euro Summit i, Swedish presidency of the EU i |
Main results
Recent developments in the energy markets
The Eurogroup discussed recent developments in the energy markets, after hearing a presentation by the director of the EU Agency for the Cooperation of Energy Regulators (ACER) on recent energy market developments. The exchange will provide input for the assessment of fiscal policy challenges going forward.
Compared to last summer, energy prices have come down significantly and the most pessimistic forecasts have not materialised. Developments with regard to demand and storage have been reassuring, but we need to continue with our efforts to diversify our energy sources and reduce energy consumption.
Paschal Donohoe, President of the Eurogroup
Thematic discussion - Euro area labour markets: recent developments and challenges ahead
Based on a note from the Commission services, the Eurogroup exchanged views on developments in the euro area labour markets in recent years. Ministers also discussed policy challenges in the current context of high inflation and longer-term changes linked to demographics and the green and digital transitions.
We know the very strong resilience which euro area labour markets have shown in recent years, despite the many crises that we have experienced. Unemployment reached a record low in November. While this year is likely to be more challenging, we can feel positive about this foundation. The euro area has turned into an employment powerhouse in a few short years.
Paschal Donohoe, President of the Eurogroup
Macroeconomic and financial developments, and policy coordination in the euro area
Against the backdrop of the two previous discussions, the Eurogroup exchanged views on macroeconomic and financial developments and prospects, taking into account the Commission’s winter forecast. In view of the in-depth discussion on fiscal policy orientations coming up in March, ministers reflected on the implications for policy coordination in the euro area going forward.
While the economic outlook remains challenging, the euro area economy is getting through this winter in much better shape than some had originally feared. We need to look at having in place a level of budgetary support that reflects changes that we expect to happen with regard to the price of energy and the general level of inflation. This is important in order to reduce the overall budgetary cost and to achieve an appropriate fiscal stance while protecting the most vulnerable and maintaining incentives for the green transition.
Paschal Donohoe, President of the Eurogroup
In the Council, government ministers from each EU country meet to discuss, amend and adopt laws, and coordinate policies. The ministers have the authority to commit their governments to the actions agreed on in the meetings.
Together with the European Parliament , the Council is the main decision-making body of the EU.
Not to be confused with:
-
-European Council - quarterly summits, where EU leaders meet to set the broad direction of EU policy making
The Eurogroup is an informal body where the ministers of the euro area i member states discuss matters relating to their shared responsibilities related to the euro.
Its main task is to ensure close coordination of economic policies among the euro area member states. It also aims to promote conditions for stronger economic growth. The Eurogroup is also responsible for preparing the Euro Summit meetings and for their follow-up.
The Euro Summit brings together the heads of state or government of the euro area countries, the Euro Summit President and the President of the European Commission. Euro Summit meetings provide strategic guidelines on euro area economic policy.
The Euro Summit provides policy guidance to ensure the smooth functioning of the Economic and Monetary Union. This helps to coordinate all the relevant policy areas between the euro area member states.