ECONOMIC AND FINANCIAL AFFAIRS - Euro area finance ministers agree on budgetary instrument for convergence and competitiveness

On 10 October, Euro area finance ministers met in the Eurogroup inclusive format and agreed on all the critical elements regarding the budgetary instrument for convergence and competitiveness (BICC) for the euro area, including governance, financing, and allocation and modulation of the BICC in a term sheet.

date: 10/10/2019

The ministers also discussed the Banking Union, developments in competitiveness in the euro area and the main findings of the 10th post-programme surveillance mission to Portugal. The Eurogroup gave its support to the candidacy of Fabio Panetta to replace the outgoing member of the ECB’s executive board, Benoît Cœuré, and Eurogroup President Mário Centeno invited Member States to put forward their candidates to replace Sabine Lautenschläger on the ECB's executive board with plans to agree on a candidate at the Eurogroup meeting in November.