Brussels: Europe and the Arabs
The meetings of the Ministers of Finance and Economy in the member states of the European Union continue today, which began yesterday with the meeting of ministers of the Eurogroup countries that deal in the single European currency. The meetings expanded today to include the rest of the member states of the unified European bloc. Regarding the meeting of the eurozone countries, macroeconomic developments and financial policy were discussed in Eurozone in 2025 The Eurogroup adopted a statement on the direction of fiscal policy for 2025. “We have agreed that a slightly contractionary fiscal stance is appropriate at the current stage,” said Paschal Donohoe, Eurogroup President. “In light of the revised fiscal framework coming into force, we will continue to pursue Ambitious structural reforms and maintaining the level of investment, including in areas of common EU priorities.” According to what was reported in a European statement issued in Brussels at the conclusion of the meeting by Donohoe, President of the Eurogroup, the statement added, “The ministers assessed the macroeconomic and financial developments and prospects in the euro area and exchanged views on the direction of fiscal policy for the year 2025.”
The Eurogroup adopted a statement on the future of the Capital Markets Union. The European statement quoted Donohoe as saying, “We want the European Union to become a stronger leader in the world in terms of innovation and new industries. To achieve this goal, we have to make sure that companies have different ways to access the funds they need, and we have to give them more opportunities to grow and expand.” "Europe, and to compete better on the global stage. We have now agreed a shared ambition on this vital opportunity that goes to the heart of the competitiveness of each of our countries and the EU collectively."
The statement builds on nearly a year of policy discussions on the future of European capital markets which were held with ministers from all EU member states. The aim is to present the statement to leaders at the Euro Summit in March 2024.
Preparing for the Euro summit in March
President Donohoe presented the main elements of the message he will address to the Euro Summit Chair in his personal capacity, reporting on the work done in the Eurogroup since October 2023 and outlining plans for the coming months. The Euro Summit will take place on March 22, 2024
During today's expanded meeting, the Council will seek to approve the guidelines for the European Union budget for 2025 and adopt its recommendation regarding disbursement of the 2022 budget.
The Ministers will also discuss the Recovery and Resilience Facility and the economic and financial impact of Russian aggression against Ukraine. The Ministers of Economic and Financial Affairs will hold a discussion with the Ministers of Labor and Social Affairs on social investments and reforms for resilient economies.