Brussels, 8 December 2014
Work programme for the Eurogroup for the first half of 2015
I. Policy priorities
As stipulated in the Eurogroup working methods, a work programme for the Eurogroup for the
following six months has been drawn up. The work programme should facilitate a longer working horizon and help to ensure an optimal preparation of issues for discussion.
The Eurogroup should continue to play a key role in co-ordinating policy responses to bolster
economic growth and job creation in the euro area. The recent loss in the momentum of the
economic recovery underscores the need for decisive policy action, notably a credible mix of fiscal policy, structural reforms including attention to the social dimension, and investment by MemberStates. A large part of the work programme for the first half of 2015 will be related to thesechallenges.
As a mark of continuing progress in overcoming the effects of the financial crisis, the schedule ofprogramme reviews will become lighter as the number of Member States in receipt of macrofinancialassistance has been diminishing as foreseen. The Eurogroup is expected to continue to review the adjustment programme for Cyprus, and in all likelihood the post-2014 arrangement for Greece that would succeed the current programme. The post-programme surveillance of Portugal, Ireland and Spain is also expected to be discussed in line with the usual arrangements.
The first semester of 2015 will be marked by the European Semester, which will end with the provision of euro area guidance by the Eurogroup in June and Council adoption of the
recommendations in July. Discussions on structural reform implementation, and in particular the
implementation of the 2014 euro area recommendations will continue to be monitored throughout the semester.
A close and timely monitoring of the implementation of excessive deficit procedure (EDP)
recommendations of euro area Member States will need to take place in view of the fact that many have a 2015 deadline for correction. More generally, the follow-up to the discussion of the December 2014 Eurogroup meeting on the draft budgetary plans will also be an important element on the agenda. The euro area aspects of the review of the 6-pack and the 2-pack following the foreseen Commission review should also be discussed. The monitoring of financial and macroeconomic stability developments in the euro area will also feature prominently on the agenda.
Further changes to euro area governance might have to be discussed related to European Council and Euro Summit meetings and the forthcoming Four Presidents' report. The Eurogroup will prepare the Euro Summit meetings and ensure their follow-up . In this context, the Eurogroup should continue to provide Heads of State and Government (HoSG) with insight on current discussions regarding the deepening of the Economic and Monetary Union, as appropriate. With respect to international issues, exchange rate matters will be discussed inter alia ahead of G7 meetings.
The Banking Union has entered a new phase, with both the Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) beginning their operation. In line with the joint Eurogroup and Ecofin statement of 18 December 2013, the Eurogroup will actively participate in preparing the bridge financing arrangements for the Single Resolution Fund (SRF), which will need to be put in place by the time the SRF is established on 1 January 2016.
For optimal policy co-ordination, it will be necessary to maintain sufficient flexibility with respect to the Eurogroup agenda to ensure an appropriate focus on changing priorities.
Work programme for the Eurogroup for the first half of 2015
I. Policy priorities
As stipulated in the Eurogroup working methods, a work programme for the Eurogroup for the
following six months has been drawn up. The work programme should facilitate a longer working horizon and help to ensure an optimal preparation of issues for discussion.
The Eurogroup should continue to play a key role in co-ordinating policy responses to bolster
economic growth and job creation in the euro area. The recent loss in the momentum of the
economic recovery underscores the need for decisive policy action, notably a credible mix of fiscal policy, structural reforms including attention to the social dimension, and investment by MemberStates. A large part of the work programme for the first half of 2015 will be related to thesechallenges.
As a mark of continuing progress in overcoming the effects of the financial crisis, the schedule ofprogramme reviews will become lighter as the number of Member States in receipt of macrofinancialassistance has been diminishing as foreseen. The Eurogroup is expected to continue to review the adjustment programme for Cyprus, and in all likelihood the post-2014 arrangement for Greece that would succeed the current programme. The post-programme surveillance of Portugal, Ireland and Spain is also expected to be discussed in line with the usual arrangements.
The first semester of 2015 will be marked by the European Semester, which will end with the provision of euro area guidance by the Eurogroup in June and Council adoption of the
recommendations in July. Discussions on structural reform implementation, and in particular the
implementation of the 2014 euro area recommendations will continue to be monitored throughout the semester.
A close and timely monitoring of the implementation of excessive deficit procedure (EDP)
recommendations of euro area Member States will need to take place in view of the fact that many have a 2015 deadline for correction. More generally, the follow-up to the discussion of the December 2014 Eurogroup meeting on the draft budgetary plans will also be an important element on the agenda. The euro area aspects of the review of the 6-pack and the 2-pack following the foreseen Commission review should also be discussed. The monitoring of financial and macroeconomic stability developments in the euro area will also feature prominently on the agenda.
Further changes to euro area governance might have to be discussed related to European Council and Euro Summit meetings and the forthcoming Four Presidents' report. The Eurogroup will prepare the Euro Summit meetings and ensure their follow-up . In this context, the Eurogroup should continue to provide Heads of State and Government (HoSG) with insight on current discussions regarding the deepening of the Economic and Monetary Union, as appropriate. With respect to international issues, exchange rate matters will be discussed inter alia ahead of G7 meetings.
The Banking Union has entered a new phase, with both the Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) beginning their operation. In line with the joint Eurogroup and Ecofin statement of 18 December 2013, the Eurogroup will actively participate in preparing the bridge financing arrangements for the Single Resolution Fund (SRF), which will need to be put in place by the time the SRF is established on 1 January 2016.
For optimal policy co-ordination, it will be necessary to maintain sufficient flexibility with respect to the Eurogroup agenda to ensure an appropriate focus on changing priorities.
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