Main results

Regular format

COVID-19: Sectoral impacts and structural changes in the euro area

The Eurogroup discussed the impact of the pandemic on various sectors of the euro area economy and the possible structural changes it may have triggered. The discussion was based on a note prepared by the European Commission.

The Commission’s analysis has shown how different sectors have been unevenly affected and hence their growth prospects may also differ. The crisis has accelerated some pre-existing trends within our economies, which in turn calls for us to strengthen our ambitions with regard to the green and digital transition.

Paschal Donohoe, President of the Eurogroup

State of play on fiscal support measures

Following the European Commission communication “One year since the outbreak of COVID-19: fiscal policy response” of 3 March 2021, finance ministers took stock of the state of play on fiscal support measures, with a focus on the fiscal strategy and fiscal stance in the euro area. They agreed on the main messages of the ongoing coordinated fiscal response and adopted a statement.

Today, the Eurogroup agreed on the need to keep a budgetary stance in 2021 and in 2022, which will be supportive and which will pave the way for recovery. This will also be facilitated by support from the Recovery and Resilience Facility. We are united, and we are determined in our efforts to protect jobs, to protect businesses and to protect our citizens in this very acute phase of a continued health crisis.

Paschal Donohoe, President of the Eurogroup

9th enhanced surveillance report on Greece

The Eurogroup discussed the ninth enhanced surveillance report on Greece. The report was not linked to a decision on the policy-contingent debt measures.

Quarterly reporting enables the close monitoring of the economic, fiscal and financial situation, and the progress on the post-programme policy commitments, agreed at the Eurogroup of 22 June 2018.

Preparation of international meetings

The Eurogroup took stock of exchange rate developments over the past months in view of the spring meetings of the World Bank Group and the International Monetary Fund, which will take place from 5 to 11 April 2021.

Exchange rate developments are regularly on the Eurogroup’s agenda, in particular ahead of international meetings.

Inclusive format (EU27)

Ministers exchanged views on the international role of the euro in preparation of the Euro Summit of 26 March 2021.

Our objective is not to rival other currencies, but rather to reap the benefits of the valuable international currency that we do have in the euro. In this context, we highlighted the importance of a strong economy, of integrated financial markets and payment systems, as well as in the work to develop and deliver green and digital finance.

Paschal Donohoe, President of the Eurogroup