The Euro Summit, held on Thursday 19 March in an inclusive format (with 27 members) on the sidelines of the EU Spring Summit, is expected to call on European leaders to remain vigilant regarding the effects of recent developments in the Middle East on their economies.
It should also serve to underline “the collective determination to deliver on the Savings and Investments Union, which is crucial to expand the size and depth of European capital markets and diversify funding sources for long-term and strategic investments within the Union”.
“The euro area economy has remained resilient in the current global context. The labour market continues to support incomes, while the return of inflation back to target has helped restore households’ purchasing power. Investment is supported by favourable financial conditions. At the same time, considerable uncertainty weighs on confidence and on the outlook for growth and inflation, notably in light of the impact on energy prices of recent global developments”, says a draft statement dated 13 March.
“We invite the Eurogroup to continue to closely monitor economic developments and risks to macrofinancial stability. Continued effective coordination of our economic and fiscal policies is vital to ensuring sustainable and inclusive growth”.
The text is expected to welcome “the Commission’s work on the international role of the euro”, as well as “the progress made in advancing the digital euro project”.
Autonomy of payment systems. “We also take note of and support the Eurogroup’s intention to carefully assess the opportunities and risks of the rapid evolution in digital finance, including for enhancing the efficiency, autonomy and resilience of European payment systems”, the document stresses.
Link to the Euro Summit draft statement: https://aeur.eu/f/l77 (Original version in French by Solenn Paulic with Mathieu Bion)