They are meeting today in Brussels the eurozone finance ministers, in the context of the first Eurogroup of the yearwhile the third row takes the Ecofin.
The most “hot” topic on the agenda of the Eurogroup, which will be held under the Belgian presidency, is the Stability Pact and some details to be settled after the agreement in principle at the end of December.
Initially, on Monday at the Eurogroup and on Tuesday at Ecofin, details of the new Stability Pact will be discussed before it goes to the European Parliament for approval. The Eurogroup will take stock of the progress of the ratification of the treaty establishing the European Stability Mechanism.
After the latest developments in December, there seems to be a more general convergence of views on the need to exclude defense spending from the process of calculating excessive budget deficits. The special care for countries with high defense expenditures is good news for Greece as it will give our country an extra fiscal breath.
In addition, in the framework of the axis of work on competitiveness of the eurozone and based on a note prepared by the Commission, the Eurogroup will hold a second debate and exchange views on the external competitiveness of the euro area, with a focus on changes in energy prices in the euro area, their impact on its economy and future policy measures.
Ministers will welcome Christian Zinglersen, director of the EU Agency for the Cooperation of Energy Regulators (ACER), and Jeromin Zettelmeyer, director of Bruegel, who will present their views.
Ministers will also discuss draft recommendations on economic policy of the eurozone for 2024before their adoption at the ECOFIN Council meeting on 16 January.
Based on the Commission’s proposals, the Council makes annual recommendations on economic policy to the euro area as a whole in the context of the European Semester. The recommendations are first discussed within the Eurogroup and are formally issued by the Council after their approval by the European Council.
Ecofin
On Tuesday 16 January, the agenda of the first semester under the Belgian presidency will be presented, while also on the agenda are the impact of the war in Ukraine, the conclusion of the report of the Vigilance Mechanism and the economic policy of the Eurozone in first half of 2024
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