Neale Richmond (Dublin Rathdown, Fine Gael)
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133. To ask the Minister for Finance if he will report on his work as president of the Eurogroup; and if he will make a statement on the matter. [37700/20]

Paschal Donohoe (Dublin Central, Fine Gael)
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I was elected as President of the Eurogroup on 9 July for a term of two and a half years. My main goal is to ensure a close coordination of economic policies across the euro area so as to promote growth.

I am very pleased with the progress made in my first few months as President of Eurogroup in what are exceptionally challenging times.  Indeed the strong European response to Covid-19 to date, perfectly illustrates the power and importance of coordinated action – our European economies will only grow if we support each other and no individual efforts can be as effective as joint action. This is illustrated in the three safety nets agreed by the Eurogroup in response to COVID-19, all of which are now in place: the SURE (the temporary support to mitigate unemployment risks), the EIB (European Investment Bank) guarantee fund and the ESM (European Stability Mechanism) Pandemic Crisis Support Instrument.

A central part of my candidacy for President of the Eurogroup was my vision for an inclusive and transparent Eurogroup. Reflecting this, I identified the priorities for my two and a half year term in close consultation with my Finance Minister colleagues. The publicly available work programme up to June 2021 reflects these. 

In brief these are:

- Fostering economic and fiscal policies to support recovery and long-term growth including discussions on draft budgetary plans and broader economic developments.

- Strengthening Banking Union: Completing the Banking Union in a holistic manner and on a consensual basis is a key priority.

- Digital Euro: The Eurogroup will carefully examine the ongoing impact a potential Digital Euro will have on euro area economies in order to safeguard financial stability and monetary sovereignty, while remaining at the forefront of innovation and supporting growth.

- International role of the euro: The euro is a global currency and the Eurogroup will continue to monitor carefully the potential opportunities and advantages but also the risks of an enhanced international role of the euro.

Further details of these priority areas, as well as the work programme (which was agreed last month), are publicly available on the Eurogroup website at: /