The Eurogroup discussed macro-economic developments and policy challenges in the euro area in the current global context, with input from the International Monetary Fund, which presented the outcome of its interim visit, carried out in the context of its Article IV consultation of the euro area.
The IMF Article IV review of the euro area is a regular exercise during which the IMF reviews economic developments, consults the euro area policy makers and provides targeted policy advice.
The discussions in the Eurogroup were an opportunity to exchange views on current developments and emerging challenges. These exchanges and the Fund’s global perspective are particularly valuable at a time when international developments are generating uncertainty and policy challenges.
Budgetary situation in the euro area and fiscal policy orientations for 2023
Following up on the March Eurogroup statement on the fiscal guidance for 2023, ministers discussed the budgetary situation in the euro area and the fiscal policy orientations for 2023.
The Eurogroup adopted a statement on the fiscal policy orientations in view of the preparation of the national budgets for next year.
Based on input from the ECB and the Commission, ministers discussed the potential impacts of a digital euro on the financial system and the use of cash. This discussion followed the work plan on the digital euro, agreed by the Eurogroup at its meeting on 12 July 2021.
In this context, ministers expressed their views on potential financial stability implications of the digital euro, and on ensuring the digital euro’s attractiveness as a means of payment.
Euro area enlargement – Croatia
Ministers discussed the proposal for a Council regulation on the conversion rate between the Croatian kuna and the euro, in preparation for the decision by the Ecofin Council expected on 12 July.
More information: European Council – Press release