Chapter News

Main Results from Video conference of the Eurogroup, 16 April 2021

Regular format

International meetings

The President of the Eurogroup, Paschal Donohoe, informed the Eurogroup about the discussions at the spring meetings of the World Bank Group and the International Monetary Fund, in which he represented the euro area.

Thematic discussion on insolvency frameworks

The Eurogroup held a thematic discussion on insolvency frameworks based on a technical note prepared by the Commission.

Effective and efficient insolvency frameworks are very important for achieving a quicker recovery as well as more robust growth and deeper financial integration within the euro area in the future.

The euro as digital currency

Finance ministers took stock of ongoing work on the euro as a digital currency. The discussion was based on a report by the ECB outlining the results of the consultation on a digital euro that was launched on 12 October 2020.

The digital euro is an important project, not just technically, but also politically, and I expect that Eurogroup ministers will play an important role in considering the case for and the political dimensions of a digital currency.

Paschal Donohoe, President of the Eurogroup

Eurogroup transparency initiative

Ministers reviewed the Eurogroupʼs current practices on transparency.

In recent years, the Eurogroup has made significant progress in improving the transparency of its work and enhancing its public communication. It reviews its transparency policy regularly.

Inclusive format (EU27)

Banking union

The chair of the High-Level Working Group on a European Deposit Insurance Scheme (EDIS), Tuomas Saarenheimo, informed ministers about progress made on the consensus-based preparation of a stepwise and time-bound work plan on all outstanding elements needed to complete the banking union. The report was requested by the Euro Summit in December 2020.

Our banking system has proven its resilience to date during the era of Covid-19, and this is the result of our common efforts over the past decade in building up and in strengthening the banking union to this point. So we have achieved much, but today there was commitment from all to look at how we can achieve more.

Paschal Donohoe, President of the Eurogroup

Compliments of the European Council.