How the Eurogroup works
What is the euro area?
The Eurogroup is an informal body created in 1997 in which the ministers from the euro area member states discuss matters relating to their countries' common responsibilities related to the euro.
Its main task is to ensure close coordination of economic policies among the euro area member states. It also aims to promote conditions for stronger economic growth and is responsible for preparing the Euro Summit meetings and for their follow-up.
The Eurogroup usually meets once a month, on the eve of the Economic and Financial Affairs Council (Ecofin) meeting. The Ecofin Council is made up of the economic and finance ministers from all member states and is responsible for EU policy in three main areas: economic policy, taxation issues, and the regulation of financial services.
The Eurogroup's main task is to ensure close coordination of economic policies among the euro area member states and promote conditions for stronger economic growth. Policy coordination among the euro area countries is crucial for ensuring stability in the euro area as a whole.
The Eurogroup's discussions therefore cover specific euro-related matters as well as broader issues that have an impact on the fiscal, monetary and structural policies of the euro area member states. It aims to identify common challenges and find common approaches to them.
It is also responsible for preparing the Euro Summit meetings and for their follow-up.
The Eurogroup's role was set out in Protocol No 14 to the Lisbon Treaty, which entered into force on 1 December 2009.
The euro is the most tangible symbol of European integration, and the Eurogroup will continue to stand ready to provide guidance to non-euro area EU member state on policies conducive to successful participation, ultimately, in the euro area.
Paschal Donohoe, President of the Eurogroup
Discussions
The Eurogroup regularly discusses matters related to the economic situation and budgetary policies of the euro area member states, and also:
- the macroeconomic situation in the euro area
- structural reforms that have potential to increase growth
- matters related to maintaining financial stability in the euro area
- preparations for international meetings
- euro area enlargement
In addition, the Eurogroup may hold preliminary discussions on Council decisions that would apply only to the euro area member states. When the Council adopts such decisions, only the ministers from the euro area member states vote at the Council.
The Eurogroup may discuss the terms of financial assistance for euro area countries in case they experience severe financial difficulties.
Meetings
The Eurogroup usually meets once a month, on the eve of the Economic and Financial Affairs (Ecofin) Council meeting. If necessary, additional meetings or teleconferences can also be held. The meetings are informal, and the discussions are confidential.
The participants of the Eurogroup meetings include:
- the euro area ministers with responsibility for finance, including the president of the Eurogroup
- representatives of the Commission, typically the Commissioner(s) responsible for economic and monetary affairs and the euro
- representatives of the European Central Bank (ECB), typically the ECB President and an Executive Board member
- the managing director of the European Stability Mechanism
The meetings of the Eurogroup can also take place in an inclusive format, bringing together economic and finance ministers from all member states.
The outcome of the meeting is presented to the public by the the Eurogroup president at a press conference. The Eurogroup may, in addition, issue written public statements. The president also debriefs the Ecofin Council, and represents the Eurogroup at the Euro Summit.
- Eurogroup meeting calendar (background information)
- Members of the Eurogroup (background information)
Eurogroup work programme
The 6-month work programme and priorities of the EurogroupWork programmes and Meeting agendas
The Eurogroup adopts its work programme every 6 months. The programme defines the main areas of focus and sets preliminary agendas for the upcoming Eurogroup meetings.
The agenda for each Eurogroup meeting is prepared by the Eurogroup president, who also leads the discussions.
The Eurogroup working group
The Eurogroup Working Group (EWG) is a preparatory body that provides assistance to both the Eurogroup and its President in preparing ministers' discussions.
The group usually meets once a month ahead of Eurogroup meetings and it is composed of representatives of the euro area member states of the Economic and Financial Committee, the European Commission and the European Central Bank.
The Eurogroup Working Group members elect a President for a period of two years, which may be extended.
The post of Eurogroup Working Group president is currently held by Tuomas Saarenheimo, who was first appointed on 1 April 2020 and re-appointed on 25 February 2022 for another two-year term.
Infographic - Election of the Eurogroup President
See full infographic
Election of the Eurogroup president
The Eurogroup members elect the Eurogroup president for a term of two and a half years by a simple majority of votes.
Once elected, the President's role consists in chairing Eurogroup meetings, setting their agendas, drawing up the long-term work programme and representing the Eurogroup in international fora.
Since 13 July 2020, The President of the Eurogroup is Paschal Donohoe, Minister for Finance of Ireland. He was elected on 9 July 2020.
- Role of the Eurogroup president (background information)
- Paschal Donohoe, President of the Eurogroup (background information)
Legal base
Treaty on the Functioning of the European Union (TFEU):
- Article 137 - rules specific to EU countries whose currency is the euro
- Protocol (No 14) on the Euro Group
