Main results – Eurogroup, 03/12/2018
Main results
The Eurogroup first met in regular format and afterwards came together for a Eurogroup meeting in inclusive format.
Regular format
Assessment of member states’ draft budget plans
The Eurogroup discussed the overall budgetary situation and prospects in the euro area and conducted the review of the economic and fiscal situation of the member states concerned.
This discussion was based on Commission opinions on the draft budgetary plans of the 19 euro area member states and on the Commission Communication on its overall assessment of the DBPs.
The outcome of this discussion was reflected in the Eurogroup statement.
It is the 6th time that this exercise is conducted and it is the first time that no country is expected this year to register an excessive deficit, meaning above 3% of GDP.
Eurogroup President Mário Centeno
- Eurogroup Statement on the Draft Budgetary Plans for 2019
- Draft budgetary plans for 2019 (European Commission website)
Post-programme surveillance of member states
Greece
The European Commission presented to ministers the first enhanced surveillance report for Greece.
The Commission adopted a decision on 11 July to activate the enhanced surveillance framework for Greece, which entered into force following the end of the ESM programme, in August 2018.
The quarterly enhanced surveillance reports enable close monitoring of the economic, fiscal and financial situation and the post-programme policy commitments, as agreed by the June 2018 Eurogroup.
Cyprus
The Eurogroup was debriefed by the European Commission and the ECB on the main findings of the fifth post-programme surveillance mission to Cyprus carried out between 24-28 September. The ESM also debriefed the Eurogroup on its early warning system. The IMF conducted an Article IV mission in parallel.
Spain
The European Commission and the ECB presented the main findings of the tenth post-programme surveillance mission to Spain carried out on 4-5 October. The ESM also debriefed the Eurogroup on its early warning system.
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 is biannual in terms of reporting and missions.
- Staff statement following the tenth post-programme mission to Spain (European Commission)
- Financial assistance to Eurozone member states
IMF Article IV interim mission to the euro area
The IMF presented its main findings from its euro area Article IV interim mission.
The IMF conducts an annual consultation on euro area policies with an interim mission usually around the end of the year and a final mission in late spring. Findings are customarily discussed with the Eurogroup.
Draft Eurogroup work programme for the first semester of 2019
The Eurogroup also adopted its work programme for the first half of 2019.
Inclusive format
Deepening EMU – Preparation of the December Euro Summit
The Eurogroup in inclusive format prepared the Euro Summit that will take place on 14 December. The Euro Summit is expected to take concrete decisions and provide guidance on the way forward on EMU deepening.
Ministers agreed on a report to leaders on EMU deepening, including draft terms of reference of the common backstop to the SRB, a term sheet on the ESM reform and a way forward on the banking union and possible instruments for competitiveness, convergence and stabilisation EMU.
After several months of intense negotiations and a very tough and long meeting we delivered a comprehensive plan to strengthen the euro. A plan that is agreed by all of us.
Eurogroup President Mário Centeno
