Good afternoon everyone.
This was my first meeting in my new role as Eurogroup President. It was also the first meeting for Hartwig Löger, the new Austrian minister, whom we welcomed. By contrast, it was the last meeting for Thomas Wieser, as chair of the Eurogroup Working Group. It was a special moment. We thanked him for his enormous contribution at a crucial period for our currency union.
Today, we also confirmed his successor, Hans Vijlbrief, who will start on 1 February. Hans and I go way back, he is very experienced and I am sure he will do a great job.
Still on appointments: I also launched today the call for candidates for the upcoming ECB Vice President vacancy, to ensure a smooth succession of Vitor Constâncio, whose term ends on 31 May.
Now a few words on our discussions. Today we covered Greece, Portugal, the euro area economy and follow-up to the December euro summit. Let me highlight a few key points.
On Greece, there are good news. We have achieved a political agreement on the third review of the ESM programme. We welcomed the adoption of nearly all agreed prior actions and mandated the EWG to check the completion of the remaining ones in the coming weeks. This reflects the huge efforts and excellent cooperation between the Greek government and the institutions.
The next disbursement will amount to 6.7 billion euros to cover debt service, arrears clearance and to support Greece's cash buffer - this is critical to ensure full market access.
Looking ahead, we can start with technical work on debt relief measures, in particular we will look into a mechanism that will link debt relief to growth developments. This is in line with the Eurogroup statement of June 2017. At the same time, a sizeable primary surplus and reform momentum must stay on and outlive the programme in order to unlock growth potential and regain investors' confidence. A holistic growth strategy will also be instrumental to this effect. We look forward to see it because we know from experience that ownership of the reform process during and after the programme is critical.
On the euro area economy, the IMF presented their article IV report. There are good news again: it shows how the economic situation has improved significantly with solid growth and job creation in virtually all euro area countries; it is a good time to make our economies more resilient.
With this in mind, we discussed policy priorities for the euro area in 2018. We agreed on five recommendations for the euro area focussing on growth and jobs, fiscal issues, labour market functioning, the financial sector and the euro area architecture.
On reforming the euro area, we discussed the guidance from the December euro area summit. There is strong interest in further developing the Banking Union and the ESM. Some Ministers also argued in favour of exploring other issues, such as fiscal capacity and improved fiscal rules. I’m convinced that sequencing will also help to bring all views on board.
In terms of process, our discussions over the coming months will then feed into the March and June summits. Non-euro area countries will be included in our debates.
After our meeting today, I sense a strong team spirit and common purpose. I will do my best to help deliver the changes that will make the Euro area stronger. I will also do my best in explaining to our citizens the benefits of these reforms.
| 22/1/2018 | PRESS RELEASE |
|
|
Eurogroup statement on Greece
|
|
|
The Eurogroup welcomes the implementation of almost all of the agreed prior actions for the third review, following the staff level agreement on the policy package that was presented to the 4 December Eurogroup. Notably, the Greek authorities have adopted the 2018 State Budget which is compliant with the agreed primary surplus target of 3.5% of GDP. Moreover, the European institutions' compliance report shows that the Greek authorities have over-achieved the fiscal targets set over the last three years (2015-2017). The Greek authorities have also continued to strengthen tax collection through the Independent Authority of Public Revenue and enhanced the fairness and effectiveness of the social welfare system. The business environment has been improved by further actions aimed at opening up regulated professions, improving the investment licensing system, lifting regulations that unnecessarily restrict competition in product markets as well as the opening-up the energy markets. Progress in the framework supporting NPL resolution was achieved through further actions related to the effective operationalization of the out-of-court workout scheme and the start-up of electronic auctions.
The Eurogroup reconfirms the importance of an ambitious comprehensive growth strategy with strong ownership from the Greek authorities. The authorities are invited to finalize it in cooperation with the institutions well before the end of the programme.
The Eurogroup calls on the Greek authorities to complete the outstanding prior actions as a matter of urgency. The Eurogroup mandates the EWG to verify the full implementation of the outstanding prior actions on the basis of an assessment by the European institutions. This will include an assessment to confirm that a continuous and unimpeded flow of electronic auctions is ensured as well as the completion of government pending actions in the field of privatization.
Following the full implementation of the prior actions and subject to the completion of national procedures, the ESM governing bodies are expected to endorse the supplemental MoU and approve the disbursement of the fourth tranche of the ESM programme. The fourth tranche under the ESM programme amounting to EUR 6.7 bn will be disbursed to Greece in two disbursements, starting with a first disbursement in February of EUR 5.7 bn to cover debt servicing needs, to allow the further clearance of arrears and to support the build-up of the cash buffer of the Greek State, in order to support Greece's return to the market. The subsequent disbursement for arrears clearance may be approved by the EWG in Spring, subject to a positive reporting by the European Institutions on the clearance of net arrears using also own resources and a confirmation from the European institutions that the unimpeded flow of e-auctions has continued.
The Eurogroup will now turn its attention to the final stages of the ESM programme, which is expected to end in August 2018. The Eurogroup confirms the start of the technical work by the EWG on the growth-adjustment mechanism, as part of the medium-term debt relief measures to be implemented, if needed, following the successful conclusion of the programme, in line with the agreement in the Eurogroup of 15 June 2017. The Eurogroup invites the European institutions and the IMF to take into account the holistic Greek growth strategy when updating the DSA.
|
Main results
Greece's programme: state of play
The Eurogroup reached a political agreement on the third review of Greece's economic adjustment programme, as the Greek authorities have implemented nearly all required reforms under this review.
The agreement enables the Eurogroup Working Group and the governing bodies of the European Stability Mechanism to take the steps necessary for the disbursement of the next tranche, once the few remaining conditions have been fully completed. A first disbursement is foreseen for February, a second one in spring.
The Eurogroup issued a statement.
Appointment of the new President of the Eurogroup Working Group
The Eurogroup appointed Hans Vijlbrief as the new President of the Eurogroup Working Group, for a term of two years. Vijlbrief will succeed Thomas Wieser, who has been presiding over the group since January 2012.
Appointment of the Vice-President of the ECB
The Eurogroup President initiated the procedure for the appointment of a new Vice-President of the European Central Bank with a call for candidacies. The term of the incumbent, Vítor Constâncio, ends on 31 May.
Economic and Monetary Union
Following the Euro Summit which took place on 15 December 2017, the ministers held a follow-up discussion on the further steps towards deepening of the EMU.
European Semester: 2018 euro area recommendation
The Eurogroup discussed the draft Council recommendation on the economic policy of the euro area for 2018, issued in the context of the European Semester, the EU's policy coordination mechanism.
The draft recommendation will be approved by the Economic and Financial Affairs Council on 23 January. It will be formally adopted by the Council after endorsement at the March European Council.
Post-programme surveillance mission to Portugal
The Eurogroup was informed about the results of the 7th post-programme surveillance (PPS) mission to Portugal, which took place between 28 November and 6 December 2017.
IMF Article IV consultation with the euro area
The Eurogroup exchanged views on the International Monetary Fund's presentation of its main preliminary findings from its interim mission relating to the Article IV consultation with the euro area.
|
|
Eurogroup: Hans Vijlbrief appointed President of the Eurogroup working group
|
|
|
The Eurogroup today appointed Hans Vijlbrief as the new President of the Eurogroup working group (EWG).
He will take office as of 1 February 2018 and will serve a two-year term. He will succeed Thomas Wieser who was the first full-time EFC/EWG president and held the position since 2012.
The President of the Eurogroup Working Group is elected by its members and then appointed by the Eurogroup. He was elected to this position by the EWG on 15 December 2017. The office of the President of the EWG is located at the General Secretariat of the Council of the EU, in Brussels.
The EWG prepares the meetings of the Eurogroup and coordinates on euro-area specific matters. It is composed of representatives of the euro-area member states of the Economic and Financial Committee, the European Commission and the European Central Bank.
Hans Vijlbrief will also serve as the President of the Economic and Financial Committee, which prepares the ECOFIN Council and promotes policy coordination among EU member states. He was elected to this position by the EFC on 15 December 2017.
Until now, Hans Vijlbrief has held numerous positions at the ministry of economic affairs and at the ministry of finance of the Netherlands. Since October 2012, he has been serving as treasurer general at the ministry of finance of the Netherlands and a principal adviser to the minister of finance of the Netherlands on Eurogroup matters.
|
| 
Δεν υπάρχουν σχόλια:
Δημοσίευση σχολίου