Eurogroup – Main results: Ministers discussed economic developments in the euro area – 7 November 2022

 

Economic developments in and outlook for the euro area

The Eurogroup exchanged views on the latest economic developments in and the outlook for the euro area, following presentations by the European Commission and the European Central Bank (ECB).

Fiscal policy in the euro area: update on draft budgetary plans

Following a presentation by the Commission, ministers exchanged views on the broad picture emerging from the draft budgetary plans submitted by the member states. Ministers intend to return to this topic at the December Eurogroup meeting.

Budgetary measures to mitigate the impact of high energy prices

Following the Eurogroup statement of 3 October 2022 on the fiscal policy response to high energy prices and inflationary pressures, and with input from the Commission, ministers continued their discussion on the challenges they face with regard to measures at national level to cushion the impact of high energy prices on vulnerable households and businesses.

React-EU grants EUR 15.8 million to Spain to invest in skills and promote employment

International meetings

The Eurogroup took stock of the annual meetings in Washington, on the basis of reports from the President and the institutions, as well as from the G7 and International Monetary and Financial Committee (IMFC) presidencies.

Miscellaneous

• Policy priorities of the Italian government

The new Italian minister for economic affairs and finance, Giancarlo Giorgetti, presented the policy priorities of the new Italian government. This is standard practice in the Eurogroup when a new government takes office.

• Eurogroup President election process

The Eurogroup launched the election process for the Eurogroup President.

In banking union format:

Banking union update

• 16th hearing of the chair of the ECB Supervisory Board
• Reporting on recent activities of the Single Resolution Board

In banking union format, ministers held their regular exchange of views with Andrea Enria, Chair of the ECB Supervisory Board, and Elke König, Chair of the Single Resolution Board. They discussed developments, challenges and opportunities in the banking sector in the current economic, geopolitical and financial markets environment.

More information: European Council – Press release