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Eurogroup and ECOFIN ministers meetings of 15 and 16 February 2010

16.02.2010 - Ministers asked Greece to present a report by 16 March 2010 on timetable for implementation of budgetary target measures for 2010.


Eurogroup ministers met at 17.00 hrs on Monday, 15 February in Brussels. Olli Rehn, Commissioner responsible for Economic and Monetary Affairs, and European Central Bank President Jean-Claude Trichet attended as well.


Ministers discussed the economic situation and the latest developments in financial markets and recent G7 discussions. Ministers also continued their regular exchange of views on the economic, financial and fiscal situation in Greece and related policy measures.


The Council of Economics and Finance Ministers met on 16 February. The Council accepted Greece's updated stability programme which sets 2012 as the date for reducing the deficit below 3%. The Council also called on Greece to ensure a budgetary adjustment of at least 4% GDP in 2010. The Council set numerical limits to Greece's government deficits and to annual changes in its consolidated gross debt in 2010, 2011 and 2012. It called on Greece to implement specific budgetary consolidation measures, including those presented in its stability programme.

The Council also asked Greece to present a report by 16 March 2010 setting out the timetable for implementing budgetary target measures for 2010, and another by 15 May outlining the policy measures needed to comply with the Council's decision. Quarterly reports should be submitted thereafter.

>> MEMO 10/5. Detailed Eurogroup and ECOFIN agenda
Choose translations of the previous link >> Council conclusions

Main agenda points

  • Government deficit and debt in Greece - timetable for corrective measures
  • New recommendations for Lithuania, Malta and Romania, extending by one year the deadlines for correction of the deficits on account of a worse-than-expected deterioration in their economies
  • Recommendation on the nomination of Vítor Constâncio as vice-president of the European Central Bank, to succeed Lucas Papademos
  • Directive updating EU rules on the structure and rates of excise duties on cigarettes and other tobacco products
  • Conclusions on the EU single market and implementation of the directive on services


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