Fri. Aug 19th, 2022

21 June 2022

The President of the Eurogroup, Paschal Donohoe, has sent a letter to the President of the Euro Summit, Charles Michel, reporting on ongoing and future work of the Eurogroup. The letter will inform the discussion that leaders will hold at the Euro Summit of 24 June 2022.

The euro has been the most visible symbol of Europe’s unity and has also proved a tangible source of stability for citizens and companies across the continent.

As part of the successful policy cooperation in the euro area, the letter notes the following achievements:

  • The Eurogroup agreed that Croatia should introduce the euro as of 1 January 2023, on the basis of the European Commission’s and the European Central Bank’s positive assessment of Croatia’s fulfilment of convergence criteria.
  • Given the successful delivery of the bulk of Greece’s policy commitments, euro area finance ministers welcomed the European Commission’s intention not to prolong enhanced surveillance after its expiration on 20 August 2022.
  • The Eurogroup in inclusive format made an important step to put the completion of the Banking Union back into motion by agreeing to prioritise work on the common framework for bank crisis management and the use of national deposit guarantee funds.

In addition, the Eurogroup continues its important work on the close coordination of economic and fiscal policies. In July, the Eurogroup will update its fiscal strategy in view of the complex economic environment that euro area countries are currently navigating.

Euro area finance ministers will also continue their discussions on the economic governance review and their work on the digital euro project.