Eurogroup

The Eurogroup is an informal gathering of the ministers with responsibility for finance of the EU Member States whose currency is the euro.

The Eurogroup was created in 1997 to allow these ministers to exchange views and coordinate their economic policies in relation to the euro. Its main tasks are to develop closer coordination of economic policies among the euro-area Member States and promote conditions for stronger economic growth in the euro area. Discussions therefore cover issues affecting the economic situation of the euro area, including budgetary developments, structural reforms and financial stability. More detailed information on the substance of the discussions of the Eurogroup can be found in the Working Methods of the Eurogroup.

The Eurogroup is chaired by a president elected by the Eurogroup members for a renewable term of two and a half years. The president coordinates the group’s work and represents it externally, including in international forums.

The Eurogroup does not have formal legislative powers and is not an EU institution, body, office or agency. However, it plays an important role in the economic policy coordination and preparation of Council of the European Union decisions concerning the euro area.

Because the ministers participating in the Eurogroup are also members of the Economic and Financial Affairs Council (ECOFIN), discussions within the Eurogroup often help build political consensus among euro-area Member States before formal decisions are taken at the Council level. The Eurogroup meets monthly, typically before the ECOFIN meeting.