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Eurogroup      2/3/2018  Statement by Eurogroup President Mario Centeno on Greece I have been informed that the Eurogroup Working Group on 2 March verified that all prior actions of the third review of the Greek ESM programme have been completed. The full implementation of the prior actions confirms the commitment of the Greek government to the programme and a continued reform effort. The ESM Board of Directors is expected to approve the disbursement of the fourth tranche of the ESM programme after national parliamentary procedures have been completed. This will pave the way to the release of the first subtranche of €5.7bn in the second half of March. We have now entered the final lap of the ESM Greek programme. The fourth and final review is ongoing. So is the technical work of possible new debt relief measures. Greece has started its return to market financing and the Greek government is working on a long-term growth strategy, which will be critical to define the post-programme framework. I’m confident this will help Greece to return to an equal footing with its European partners and leave crisis days behind.

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Eurogroup      19/2/2018 | ECB Vice Presidency: Eurogroup gives support to Luis de Guindos The Eurogroup today gave its support to the candidacy of Luis de Guindos for the position of Vice President of the European Central Bank (ECB). The recommendation to the European Council, composed of the heads of state and government, should be formally adopted by the Council on 20 February. On this basis, the European Council will request opinions from both the European Parliament and the Governing Council of the ECB. It is then expected to adopt its final decision at its meeting of 22-23 March. The new Vice President will replace Vítor Constâncio as of 1 June 2018. He will serve a non-renewable 8-year term. Eurogroup      19/2/2018 | STATEMENTS AND REMARKS Remarks by M. Centeno following the Eurogroup meeting of 19 February 2018 Good afternoon. The euro area finance ministers had 3 meetings today. We started with the regular Eurogroup, then the ESM Board of Governors, and finally we had a discussion on banking union, including non-euro area members. In the Eurogroup we covered Greece, Ireland, the reform of the ESM and the appointment of the ECB Vice President. Let me start with the last point. The Eurogroup agreed to endorse Luis de Guindos for the upcoming ECB Vice-President vacancy. We had a brief exchange of views in the Eurogroup, and I am glad to report that it was a unanimous decision. I would like to congratulate Luis. Let me as well highlight the skills and expertise of both candidates and thank them for the interest and commitment they have shown. Tomorrow the ECOFIN is expected to formally adopt a Recommendation to the European Council. The final decision by our Leaders will be taken at the March Summit, after consulting the ECB and the European Parliament. So we are well on track for Luis to take up his position at the ECB on the 1st of June. On Greece, excellent news. The institutions reported that Greece has acted on all prior actions. It has been a tremendous effort by the Greek government, who is showing strong ownership of the programme. Of all 110 prior actions, only 2 are still outstanding, which are outside the control of the government. I’m confident that they can be cleared soon by the institutions. The ball is also on our side now. National procedures will be needed to approve the disbursement of €5.7 billion once the institutions validate the completion of the pending prior actions. Klaus will tell you more about this. The Eurogroup will now turn to the next stages of the ESM programme and ensure that the reform agenda will outlive the programme period. As I promised in the last Eurogroup, the technical work on debt relief measures has already started. We then discussed Ireland post-programme surveillance. We congratulated the Irish authorities for the strong economic performance of the country. In December, Ireland repaid early - and in full - its outstanding loans from the IMF, Denmark and Sweden. That was another sign of the impressive recovery of the country. We encouraged Ireland to stay on this path so that it is able to weather any downside risks. Finally, we had a rich discussion on how to reinforce the ESM. Our starting point was that the ESM has proved successful in fulfilling its mandate by providing financial assistance to Member States in need and acting as a firewall for euro area sovereigns. Going forward, we agreed that the role of the ESM should be further developed. As regards possible new tasks for the ESM, becoming the backstop for the Single Resolution Fund received strong support. This is a critical element to make banking union more credible and more resilient. Enhancing the ESM role in crisis management also came out as a priority. This concerns its role in programme design and monitoring, as well as reviewing its toolkit. At the same time, new tasks cannot overlap with the role of the Commission. The division of labour between the institutions must be very clear. So, as you can see, the Eurogroup is very much aligned on the future of the ESM. We mandated our deputies to continue working on this plan and we will come back to it in our next meetings. Now, let me debrief you on our discussion on how to take stock and further develop the 2016 Banking Union Roadmap. In this discussion we included non-euro area EU finance ministers, plus Daniele Nouy of the Single Supervisory Mechanism and Elke Koenig of the Single Resolution Board. In line with what was decided by our Leaders in December, work is ongoing to move forward with the implementation of the June 2016 Roadmap. The aim is to add more precision to the steps that need to be taken in terms of risk reduction and risk sharing. Just to be clear: This is not about adding new measures. It is about providing clarity on timing and content of the different elements of the June 2016 roadmap. We have been doing a lot in terms of risk reduction since the beginning of the crisis. The results are clear and they are supporting growth. Looking forward, we must consider advancing the discussion and implementation of risk-sharing measures. Taken together, they will contribute to reinforce confidence and resilience of the euro area. video:https://static.council-tvnewsroom.eu/94624e1a-15b0-11e8-8dd1-bc764e093073/118111-Eurogroup-Council-Highlights_PRV.mp4 Main results The Eurogroup meeting took place in two formats - the first part was a regular meeting of the euro area ministers, while the second part was a meeting of the ministers of 27 EU member states. Eurogroup meeting in regular format Greece: economic adjustment programme The Eurogroup was informed of the further progress achieved by Greece in implementing the remaining prior actions under the third review of the programme. Their fulfilment is a precondition for the disbursement of the next tranche of financial assistance available under the programme from the European Stability Mechanism. Greece: the third economic adjustment programme (background information) Ireland: post-programme surveillance The Eurogroup was informed of the key findings of the 8th post-programme surveillance mission to Ireland, which took place from 28 November to 1 December 2017. Post-Programme Surveillance report. Ireland, Autumn 2017 Statement by European Commission and ECB staff following the conclusion of the eighth post-programme surveillance mission to Ireland (ECB press release) European Stability Mechanism reform Ministers exchanged views on how to bring forward the debate on the reform of the European Stability Mechanism. The discussion will feed into the preparation of the decisions that the EU leaders might take in the context of the wider discussion on the deepening of the Economic and Monetary Union. Appointment of the Vice-President of the European Central Bank The Eurogroup discussed the appointment of the Vice President of the European Central Bank and has given its political support to the candidacy of Luis de Guindos. The Vice President of the ECB will be appointed by the European Council on a recommendation from the Council of the EU. Eurogroup gives support to Luis de Guindos (press release, 19 February 2018) ECB Executive Board appointment procedure (infographic) Eurogroup meeting in inclusive format Banking union: the way forward The finance ministers of 27 EU member states discussed the progress achieved in implementing the June 2016 roadmap to complete the banking union and looked into its further development. Council conclusions on a roadmap to complete the Banking Union (press release, 17 June 2016) Banking union (background information) Preparatory documents Draft annotated Eurogroup Agenda 19 February 2018 Draft annotated Eurogroup Agenda in inclusive format 19 February 2018

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Eurogroup      22/1/2018  Remarks by M. Centeno following the Eurogroup meeting of 22 January 2018 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.  Eurogroup statement on Greece (22/1/2018) Greece: the third economic adjustment programme (background information) 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. Hans Vijlbrief appointed President of the Eurogroup working group (press release, 22/1/2018) Hans Vijlbrief  Eurogroup Working Group 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. Euro Summit, 15 December 2017 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. Recommendation on the economic policy of the euro area European Semester in 2018 (background information) 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. Statement by the European Commission and the European Central Bank after the 7th post-programme surveillance 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.  22/1/2018  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.

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Eurogroup      12/1/2018  Mário Centeno starts mandate as Eurogroup President Mário Centeno will tomorrow start his mandate as Eurogroup President, taking over from Jeroen Dijsselbloem who served in the position since 2013. Euro area finance ministers elected Mr Centeno Eurogroup President on 4 December 2017, for a term of two and a half years. Mr Centeno said: “I am highly motivated to take on the helm of the Eurogroup. We have a unique window of opportunity to deepen monetary union, making our common currency more resilient against future crises. Our responsibility is to deliver and meet the expectations of our citizens. I will spare no efforts to bring about the necessary consensus. I would also like to thank Jeroen Dijsselbloem for his strong leadership in the Eurogroup in a period where the euro area was put to the test”. Mr Dijsselbloem said: “The eurozone is in much better shape now than in 2013. We have economic growth in all countries, unemployment is falling and public finances are on a sounder footing. Decisive steps have been taken to strengthen the monetary union, notably the banking union. I would like to wish Mário Centeno all the best in his new role as Eurogroup President.”  To mark the handover of the Eurogroup Presidency and complete the transition of tasks, Mr Dijsselbloem and Mr Centeno had a working meeting where they also discussed the Eurogroup agenda. Mário Centeno is finance minister of Portugal, a position he was appointed to in 2015. The first Eurogroup meeting under the presidency of Mr Centeno will take place in Brussels on 22 January 2018.  About the Eurogroup The Eurogroup is an informal body in which the ministers from euro area member states discuss matters related to their countries' common responsibilities with regard to the euro. Its main task is to ensure close coordination of economic policies among euro area member states and promote conditions for stronger economic growth. Policy coordination among euro area countries is crucial for ensuring stability in the euro area as a whole. The Eurogroup's role was set out in Protocol No 14 to the Lisbon Treaty, which entered into force on 1 December 2009.