Eurogroup

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Retrieved on: 
Thursday, October 12, 2023

The focus will be on fast-growing European companies looking for funding to scale up, and investors searching for attractive investment opportunities across Europe.

Key Points: 
  • The focus will be on fast-growing European companies looking for funding to scale up, and investors searching for attractive investment opportunities across Europe.
  • The aim of the discussions is to help identify solutions for unlocking funding in our capital markets.
  • This will also allow an exchange of views on the economic challenges and policy priorities for the euro area in the coming year.
  • Digital euro
    Ministers will have the opportunity to look at the advancement of the digital euro project since their last exchange in July.

Fiscal policy implications of euro area countries’ 2023 draft budgetary plans

Retrieved on: 
Monday, January 16, 2023

On 22 November 2022 the European Commission released its opinions on the draft budgetary plans (DBPs) of euro area countries for 2023.

Key Points: 
  • On 22 November 2022 the European Commission released its opinions on the draft budgetary plans (DBPs) of euro area countries for 2023.
  • At that time, the Council also advised euro area countries to adopt differentiated fiscal policies in 2023, in particular recommending countries with high levels of government debt to ensure a prudent fiscal policy.
  • Euro area countries with low or medium levels of government debt were recommended to ensure that the growth in nationally financed current expenditure is in line with an overall neutral policy stance.
  • Euro area countries were also advised to expand public investment for the green and digital transitions and for energy security.
  • These financing sources provide a fiscal impulse to the economy but are not reflected in the budget balances of euro area countries, given that they are recorded equally as both revenue and expenditure.
  • According to the Commission assessment, the DBPs of euro area countries for 2023 are broadly in line with the fiscal policy recommendations of the Council, with a few exceptions.
  • According to the Commission, fiscal policies may become expansionary in 2023 in an environment of still elevated inflation.
  • The aggregate euro area energy support, as embedded in the macroeconomic outlook of the December 2022 Broad Macroeconomic Projections Exercise (BMPE), is estimated at around 2% of GDP.

Highlights - Monetary Dialogue with the ECB President, Christine Lagarde - Committee on Economic and Monetary Affairs

Retrieved on: 
Thursday, June 17, 2021

Monetary Dialogue with the ECB President, Christine Lagarde

Key Points: 
  • Monetary Dialogue with the ECB President, Christine Lagarde
    Monetary Dialogue with the ECB President, Christine Lagarde
    On 21 June, 16:15 18:15, the ECON Committee will have an exchange of views with the ECB President for the second time this year.
  • In particular, Members of ECON will debate three topics with President Christine Lagarde: 1/ effects of the negative interest rate policy, 2/ spillovers from US fiscal and monetary policies, 3/ the review of the ECB's monetary policy strategy and its forthcoming outcome.

Highlights - Economic Dialogue with Paschal Donohoe, President of the Eurogroup - Committee on Economic and Monetary Affairs

Retrieved on: 
Thursday, June 17, 2021

Economic Dialogue with Paschal Donohoe, President of the Eurogroup

Key Points: 
  • Economic Dialogue with Paschal Donohoe, President of the Eurogroup
    Economic Dialogue with Paschal Donohoe, President of the Eurogroup
    On 21 June, 18:15 19:15, ECON Members will hold their second Economic Dialogue and exchange of views with Paschal Donohoe, President of the Eurogroup.
  • The last dialogue took place on 25 January 2021.
  • The exchange of views will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase resilience of the euro area and longer term measures relating to the EMU governance framework, including completing the Banking Union.

EIP proposes five measures to improve the insolvency situation in European Union countries

Retrieved on: 
Thursday, May 20, 2021

b'The European Insolvency Practitioners Association (EIP) shares the keys that Member States need to follow to alleviate the economic impact from the pandemic.\nBRUSSELS, May 20, 2021 /PRNewswire/ -- The health crisis caused by COVID-19 has also brought about an economic crisis particularly concentrated around the tourism, hospitality, and retail sectors.\nDespite the economic measures taken by institutions in Europe more specific measures regarding insolvency should be taken in the region.

Key Points: 
  • b'The European Insolvency Practitioners Association (EIP) shares the keys that Member States need to follow to alleviate the economic impact from the pandemic.\nBRUSSELS, May 20, 2021 /PRNewswire/ -- The health crisis caused by COVID-19 has also brought about an economic crisis particularly concentrated around the tourism, hospitality, and retail sectors.\nDespite the economic measures taken by institutions in Europe more specific measures regarding insolvency should be taken in the region.
  • Although the European Commission, proposed on a first stage the Solvency Support Instrument a mechanism with the aim of supporting otherwise viable companies in the Union that face solvency difficulties because of the coronavirus crisis.\nThus, the European Insolvency Practitioners Association has published a position paper about the state of insolvency in Europe.
  • This document analyses the current context and also proposes some measures to alleviate the situation of the European Fabric.\nThe great consensus and similarity among legislation in European countries will help make processes faster and more agile when acting in companies that have solvency issues, fundamentally for cross-border procedures.\nFor this purpose, the European Directive was approved on preventive restructuring and second chance frameworks, to level up the legislation in all countries of the European Union.
  • We are calling on all European countries to push this transposition through as quickly as possible to help companies that currently need it.\nThe European Council negotiations emptied the Solvency Support Instrument (SSI), and it seems destined to be wiped out.

ESAS PUBLISH Q&AS ON CROSS-SECTORAL ASPECTS OF THE SECURITISATION REGULATION

Retrieved on: 
Saturday, March 27, 2021

26 March 2021

Key Points: 
  • 26 March 2021

    Joint Committee

    Securitisation

    The Q&As clarify topics in relation to the application of the Securitisation Regulation to help market participants comply with their obligations and to foster cross-sectoral consistency in the implementation of the securitisation requirements in the EU.

  • In particular, the Q&As clarify:

    The purpose of the Q&As is to foster common supervisory approaches and practices in the application of the Securitisation Regulation and to promote cross-sectoral consistency at EU level, as well as to help market participants comply with their obligations.

  • Next steps

    The ESAs will continue to develop these Q&As on cross-sectoral aspects of the Securitisation Regulation and update them where required.

ESAS PUBLISH Q&AS ON CROSS-SECTORAL ASPECTS OF THE SECURITISATION REGULATION

Retrieved on: 
Saturday, March 27, 2021

26 March 2021

Key Points: 
  • 26 March 2021

    Joint Committee

    Securitisation

    The Q&As clarify topics in relation to the application of the Securitisation Regulation to help market participants comply with their obligations and to foster cross-sectoral consistency in the implementation of the securitisation requirements in the EU.

  • In particular, the Q&As clarify:

    The purpose of the Q&As is to foster common supervisory approaches and practices in the application of the Securitisation Regulation and to promote cross-sectoral consistency at EU level, as well as to help market participants comply with their obligations.

  • Next steps

    The ESAs will continue to develop these Q&As on cross-sectoral aspects of the Securitisation Regulation and update them where required.

Opening address by the Eurogroup President, Paschal Donohoe, at the Dublin Economics Workshop on “Europe, Covid and the Euro”

Retrieved on: 
Tuesday, March 23, 2021

Thank you to Ciarn for the kind introduction and to the Dublin Economics Workshop (DEW) for the invitation to speak today.

Key Points: 
  • Thank you to Ciarn for the kind introduction and to the Dublin Economics Workshop (DEW) for the invitation to speak today.
  • I know that the DEW traditionally was hosted in Kenmare, before moving around the country to the likes of Limerick, Galway and Wexford.
  • Today of course, due to COVID, we are virtually based in Dublin.
  • These virtual events have become part of the new norm as a result of how we have had to adapt to COVID-19.
  • I will do so more from my role as President of the Eurogroup rather than as Minister for Finance.
  • One of the tenets of my Presidency was built around a vision of an effective, inclusive and transparent Eurogroup.

Eurogroup - Role

  • So I hope this, ‘whistle-stop tour’ of how we operate gives you an insight into Eurogroup and its central role in economic and fiscal policy making.  All of this is of course underpinned by a very detailed workplan. We have five broad objectives:
    • Economic and fiscal policies to support recovery and long-term growth;
    • Use of banking union as a source of stability and growth;
    • Capital markets union (in terms of the euro area aspects);
    • The euro as a digital currency; and
    • The international role of the euro.
    • So to begin, I was elected President of Eurogroup last July for a two and a half year term.
    • This is somewhat different to ECOFINs more legislative role and the latter is also explicitly an EU27 body.
    • Eurogroup meetings require considerable preparation to ensure they are centred around relevant political discussions that feature a high level of engagement from Ministers and other informed experts.The sharing of experiences and perspectives plays a key role in engaging Ministers and building up understanding and consensus.
    • Every Eurogroup meeting is preceded by numerous calls to my ministerial colleagues and their teams.
    • Another key part of my role is to represent Eurogroup at the European Council.
    • I presented to our leaders back in December and will do so again later this week on the International Role of the Euro.
    • We are also fortunate in that we can expand Eurogroup, into a more inclusive format, depending on the topic at hand.

Euro area response to COVID-19

    • As an avid reader, I am very aware of recent commentary on the US fiscal response, relative to the EU.
    • However, I think it would be amiss to underestimate what the euro area and the broader EU has done.
    • Here too, the response has been extraordinary, in every sense.
    • This sent a clear and early signal to the markets that this crisis, and our response to it, would be very different.
    • More broadly, the centrepiece of the EU response to date has been Next Generation EU and the Recovery and Resilience Facility (the RRF).
    • While just over a year ago, this crisis would have been unimaginable, I think the EUs response to it has also been equally unimaginable.
    • These decisions are strengthening our crisis response mechanisms and protecting our citizens.
    • While estimates vary, last year close to 8% of GDP was spent supporting our euro area economies, with an additional 19% of GDP in various types of liquidity support.
    • Aside from obvious differences between the US and 19 euro area countries, there are inherent differences in our economies, in our social protection systems and in our longer-term objectives.

Eurogroup – budgetary policy orientation

    • At Eurogroup we have regular discussions on economic policy.
    • There was a feeling that we needed to reaffirm our economic messaging in respect of budgetary policy coordination, not just for this year but also in terms of 2022, so that Member States could prepare budgets that continue the vital economic supports to citizens and businesses.
    • Eurogroup will also issue further guidance later in the year as new data and information comes in.
    • Over the summer, we will take the economic policy conversation forward, with a particular focus on 2022.
    • To date, budgetary policy has proven to be both very effective and agile.
    • In fact, this was at the heart of the second part of the statement where we emphasised the need for budgetary policy in time to pivot towards more targeted supports.

Conclusion

    • In fact, we face a virus that uses the same qualities we rely on in Europe, to infect; our interconnectedness, our interdependence and our interconnectivity.
    • However, there is also a tremendous sense of symmetry in our response.
    • Nobody expected a shattering global pandemic but through Eurogroup and beyond we have the political processes and structures in place to support one another.
    • We have achieved an unprecedented level of coordination on economic and fiscal matters over the past year.
    • All of this is based on the clear goal of supporting citizens, businesses and countries in a time of great need.

Press contacts

International role of the euro: President Donohoe's report to the President of the Euro Summit

Retrieved on: 
Tuesday, March 23, 2021

The President of the Eurogroup, Paschal Donohoe, has sent a letter to the President of the Euro Summit, Charles Michel, on the international role of the euro.

Key Points: 
  • The President of the Eurogroup, Paschal Donohoe, has sent a letter to the President of the Euro Summit, Charles Michel, on the international role of the euro.
  • The letter will inform the discussion that leaders will hold on the issue at the video conference of members of the Euro Summit on 25-26 March 2021.
  • Building on the Commission's communication The European economic and financial system: fostering openness, strength and resilience published on 19 January 2021, the Eurogroup, also in inclusive format, discussed enhancing the international role of the euro as an element of the EUs open strategic autonomy and resilience while strengthening the EU's openness and global engagement.
  • The letter identifies the following elements that finance ministers will continue work on to contribute to realising euros global potential:

Joy Spreader Announces 2020 Annual Results

Retrieved on: 
Saturday, March 20, 2021

Ltd ("Joy Spreader" or the "Company", Stock Code: 06988.HK) is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended December 31, 2020, with the comparative figures for the preceding financial year.

Key Points: 
  • Ltd ("Joy Spreader" or the "Company", Stock Code: 06988.HK) is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended December 31, 2020, with the comparative figures for the preceding financial year.
  • In 2020, with the rapid development of the mobile-new-media industry and significant market demands for performance-based marketing and traffic monetization, Joy Spreader won the favor of numerous industry clients and content publishers with a leading position in MarTech.
  • Joy Spreader began to provide mobile new media publishers with marketing SaaS monetization services in 2013.
  • Joy Spreader was listed on the Main Board of the Hong Kong Stock Exchange on September 23, 2020 with the stock code of 06988.HK.