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Outcome of December Eurogroup and Economic and Financial Affairs Council meetings

Meeting on 5 December, the Eurogroup reviewed the economic and fiscal situation of the euro area Member States and the euro area.

Paolo Gentiloni, European Commissioner for Economy, speaks at the Press Conference of the Eurogroup meeting on 5 December, 2022
©European Union

date:  08/12/2022

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Ministers also exchanged initial views on the Commission recommendation for a Council recommendation on the economic policy in the euro area which was published with the autumn package on 22 November. Based on a discussion of the first post programme surveillance report on Greece, the Eurogroup concluded that the necessary conditions were in place to confirm the release of the eighth and final tranche of policy-contingent debt measures as well as the abolition of the step-up interest rate margin from 2023. Ministers re-elected the incumbent President of the Eurogroup Paschal Donohoe for a second term, which will start from 13 January 2023 and adopted the work programme for the first half of 2023. At a meeting on 6 December, the Economic and Financial Affairs Council (ECOFIN) discussed a legislative package of €18 billion in financial support to Ukraine and adopted one of the three pieces of legislation which aim to provide a structural solution to financially support Ukraine in 2023. Ministers shared their initial views on the economic governance review presented by the Commission, reviewed implementation of the Recovery and Resilience Facility, and held a policy debate on revision of the energy taxation directive.