With funding for European defence, the inflation outlook and the euro area’s fiscal prospects dominating the agenda, Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis is travelling to Brussels, where he will chair the Eurogroup meeting and take part in the ECOFIN proceedings.
Funding for European defence will be discussed in the presence of NATO Secretary-General Mark Rutte at an expanded-format Eurogroup meeting. At ECOFIN, finance ministers will seek to agree on a revision to the European framework for taxing tobacco products, an issue of direct interest to Greece.
On Monday afternoon, the Eurogroup President will meet European Council President António Costa.
Eurogroup agenda
Finance ministers will review the latest macroeconomic and fiscal developments in the euro area, in the wake of the annual meetings of the International Monetary Fund and the World Bank, held in October in Bangkok. The discussion will cover growth prospects, the inflation outlook and the fiscal position of member states.
On the digital euro, ministers will hear an update on the progress of negotiations and the European Central Bank’s (ECB) technical preparations. This will be followed by a briefing on the state of the European banking system from the heads of the ECB Supervisory Board and the Single Resolution Board (SRB), with a focus on risks and challenges for the Banking Union.
The agenda also includes an update on nominations to succeed Christine Lagarde as ECB president and to fill other vacant positions on the Bank’s Executive Board. The final decision will be taken by the European Council.
Funding for European defence will be discussed in an expanded format, with finance ministers from all 27 EU member states and the NATO Secretary-General taking part. Ministers will consider ways to make more effective use of public resources and boost joint procurement of defence equipment, with the aim of strengthening European defence capabilities.
Greece will be represented at the Eurogroup by Deputy Minister of National Economy and Finance Thanos Petralias.
ECOFIN agenda
At ECOFIN, finance ministers will seek to agree on a revision to the European framework for taxing tobacco products. The proposed reform provides for changes to excise duties, the inclusion of new products such as e-cigarettes and heated tobacco products in the European tax framework, and stronger measures to combat illicit trade.
Ministers will also discuss the economic impact of the war in Ukraine and the continuation of European support, as well as initiatives to boost competitiveness by reducing bureaucracy and regulatory burdens on businesses.
The agenda also includes implementation of the European economic governance framework, including consideration of a recommendation to activate Italy’s national escape clause, and progress on implementing the Recovery and Resilience Facility, with updates on investment, reforms and disbursements to member states.
Ministers will also review developments in financial services, conclusions on European statistics and the outcomes of the recent meeting of G20 finance ministers and central bank governors.