Euro Group Agreement

    The President of the ECB, the Commissioner for Economic and Monetary Affairs and the Chair of the Eurogroup Working Group also participate in the meetings. EU members who choose not to participate in the euro area have been excluded from observer status. However, adherence is fluid; IMF staff are sometimes allowed to attend meetings. [14] What remains unknown about this group is whether it allows observers to speak or whether it is forbidden to speak to observers. The Eurogroup elects its President by a simple majority for a term of 2.5 years. Since 13 July 2020, the President of the Eurogroup has been Paschal Donohoe, Ireland`s Minister for Finance and Public Expenditure and Reform. He was elected on July 9, 2020. Klaus Regling, CEO of the ESM, said the credit lines would be available to all eurozone members, but it is up to each of them or a group of them to request it. The Eurogroup is the generic term recognised for informal meetings of euro area finance ministers – the European Union (EU) Member States that have adopted the euro as their official currency.

    The group has 19 members. It exercises political control over the currency and related aspects of the EU`s monetary union, such as the Stability and Growth Pact. The current president of the Eurogroup is Paschal Donohoe, the Irish Finance Minister. [1] First, the Presidency of the Eurogroup mirrored that of the rotating Presidency of the Council of the European Union, unless the Presidency was chaired by a country outside the euro area, in which case the Presidency was entrusted by the next euro area country that would hold the Presidency of the Council. [4] In 2004, ministers decided to elect a president and, for the first time in 2008, the group held a summit of heads of state and government rather than finance ministers. [5] This was known as the EuroZone Summit and held irregular meetings during the financial crisis. After discussing for more than five hours the alternatives presented by the Eurogroup and the nine Heads of State and Government at its meeting on 26 March, with the same divisions between Heads of State and Government that emerged two days earlier among finance ministers, the European Council issued a statement that said: The Heads of State and Government "fully recognise the seriousness of the socio-economic consequences of the COVID-19 crisis and will do whatever is necessary to meet this challenge in the spirit of `solidarity.` He added: "We take note of the progress made by the Eurogroup. At this stage, we invite the Eurogroup to make proposals within two weeks. If necessary, our response will be strengthened by new measures in an inclusive manner and taking into account the evolution of the situation in order to provide a comprehensive response. The following day, nine Heads of State and Government – French President Emmanuel Macron, Italian Prime Minister Giuseppe Conte, Spanish Prime Minister Pedro Sánchez and the Heads of State and Government of Belgium, Luxembourg, Ireland, Greece, Portugal and Slovenia – wrote to Michel calling for a "coordinated response at European level" that "activates all existing common budgetary instruments to support national efforts" and guarantee financial solidarity". especially within the euro area.


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