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Minister for Finance and President of the Eurogroup Paschal Donohoe, T.D., today, Monday 3rd October will travel to Luxembourg to chair the Eurogroup meeting and attend the Informal ECOFIN meeting.  

Ahead of the Eurogroup meeting, Minister Donohoe will meet with ECB President Lagarde, Executive Vice-President Dombrovskis, and Commissioner Gentiloni to discuss European economic and financial developments. Later that afternoon, Minister Donohoe will chair the Eurogroup meeting, where euro area Finance Ministers will discuss the economic situation and the coordination of macroeconomic policies in the euro area.  The Eurogroup will exchange views with Mr Mathias Cormann, Secretary General of the OECD on the appropriate fiscal policy response to high energy prices and inflationary pressures.  

The Eurogroup will also discuss euro area priorities in the Recovery and Resilience Plans (RRPs) and the appropriate priorities for 2023, exchange rate developments in view of the upcoming annual meetings of the World Bank Group and International Monetary Fund, and business models of public and private participants in the digital euro ecosystem. 

On Tuesday 4th October during the ECOFIN meeting finance ministers will provide a general economic update and discuss how to manage the economic and financial consequences for Europe of the Russian war in Ukraine.  

Speaking ahead of the meetings, Minister Donohoe said:

“The euro area is responding to a number of economic challenges including high energy prices and inflationary pressures as a result of Russia’s war on Ukraine. We will overcome these challenges by supporting households, businesses and in particular those most vulnerable in our societies.  Reducing inflation is a key priority, so our interventions will be coordinated with ECB monetary policy and aim to avoid adding to current inflationary pressures. I look forward to our exchange of views on the macro economic outlook in the euro area with Mr Mathias Cormann, Secretary General of the OECD.”

ENDS

Note to Editor: Minister Donohoe was elected President of the Eurogroup in July 2020. Further information on the Eurogroup Work programme can be found at:

https://www.consilium.europa.eu/en/council-eu/eurogroup/president/