Eurogroup agrees term sheet on euro-area budgetary instrument and revised ESM treaty
Following the mandate received by EU leaders at the 14 December Euro Summit, the Eurogroup in inclusive format discussed and took decisions on deepening of the Economic and Monetary Union (EMU).
Mário Centeno, President of the Eurogroup recently said:
Our aim was to deliver on three key areas ahead of the Euro Summit: the budgetary instrument, the ESM Treaty and Banking Union. More work is needed, but we made real progress.
Ministers agreed on:
- a term sheet describing the main features of the budgetary instrument for competitiveness and convergence.
- a revised ESM treaty draft, covering issues such as the common backstop for bank resolution, the precautionary instruments as well as institutional aspects and the issue of cooperation between the ESM and the European Commission within and outside programmes.
Both documents, together with a cover letter from the President of the Eurogroup summarising all the main elements of the Eurogroup's discussion on the EMU reform, have been submitted to the President of the European Council, in preparation of the Euro Summit of 21 June.
- Letter by President Centeno to President Tusk on the deepening of the economic and monetary union
- Term sheet on the budgetary instrument for convergence and competitiveness (press release, 14 June 2019)
- Revised draft of the ESM treaty as agreed by Eurogroup
- Annexes to the revised draft of the ESM treaty
Eurogroup President Spokesperson
+32 2 281 24 63
+32 470 88 23 83
Latest News from
EU: Brexit: protecting the rights of EU citizens living in the UK21/01/2020 15:25:00
Parliament is fighting to protect the rights of EU citizens in the UK and of British citizens in the EU after Brexit.
MEPs call for a common electronic charger21/01/2020 13:43:00
The Parliament's internal market and consumer protection committee is behind the initiative as its members want a common charger for smartphones, tablets, e-book- readers, smart cameras and wearable technology.
In Parliament this week: Brexit, Nato and Vietnam21/01/2020 12:25:00
On Thursday the constitutional affairs committee will vote on its recommendation to Parliament on whether it should approve the EU-UK withdrawal agreement. The final vote by all MEPs during a plenary scheduled is currently scheduled for 29 January and will take place if the UK has fully ratified the agreement by then.
Rule of law in Poland and Hungary has worsened17/01/2020 12:05:00
The EU’s discussions with Poland and Hungary have not yet led these countries to realign with the EU’s founding values, Parliament warned on Thursday.
Parliament supports European Green Deal and pushes for even higher ambitions16/01/2020 15:25:00
MEPs support the European Green Deal, but highlight challenges, including ensuring a just and inclusive transition and the need for high interim targets.
Brexit: MEPs concerned about citizens' rights16/01/2020 13:25:00
Parliament highlights that assurances are needed on the protection of citizens’ rights to ensure its consent to the Withdrawal Agreement.
Meeting between President von der Leyen and Leo Varadkar, Taoiseach of Ireland16/01/2020 11:48:00
Remarks made at the joint press point (15 January 2020).
Trade/WTO: EU, U.S. and Japan agree on new ways to strengthen global rules on industrial subsidies15/01/2020 13:25:00
In a Joint Statement, representatives of the European Union, the United States and Japan announced their agreement to strengthen existing rules on industrial subsidies and condemned forced technology transfers practices.
EC steps up protection of European intellectual property in global markets10/01/2020 15:20:00
The EC has published the latest report on protection & enforcement of Intellectual Property Rights (IPR) in third countries. IPR infringements worldwide cost European firms €bns in lost revenue and put thousands of jobs at risk. The report identifies three groups of countries on which the EU will focus its action.