Brussels, 12/03/2001 (Agence Europe) - The twelve finance ministers of the euro-zone, who met in Brussels on Sunday evening, expressed confidence in the outlook for the economy of the euro-zone despite the slowdown in the USA and signs of weakness in Japan. The "euro-zone keeps a capacity for internal growth of around 3% for the year 2001 and 2002. We are armed to resist the American slowdown and the situation in Japan", Belgian Minister Didier Reynders, Eurogroup President, told the press on Monday. Mr Reynders specified that the "worrying situation" of Japan would be tackled at the informal meeting of finance ministers in Malmö (from 20 to 22 April). Commissioner Pedro Solbes said, for his part, that the "evolution of internal demand continues to be very strong".
Furthermore, the Eurogroup set out avenues for initiating work on its own reform. Thus, a working group will be created to prepare its structural reform. It will be composed of representatives of finance ministers of the Fifteen, of the Commission and, depending on the themes covered, of the European Central Bank (ECB). The non-member countries (United Kingdom, Sweden and Denmark) will therefore be involved in the process. Didier Reynders suggested there should be reflection on the future of the Eurogroup at the end of this year. He urged for the strengthening of the structure and formal nature of the twelve-member group, mainly through enhanced cooperation. He also said that he does not rule out the creation of a permanent post of euro-zone representative, a "Mr or Mrs Euro". The Eurogroup also decided to place on the agenda of its work a series of structural themes such as the impact that an ageing population has on the budgets of Member States or the evolution of the labour market.
The Eurogroup also spoke of the preparation of the European Council of Stockholm, insisting on the reinforcement of coordination of euro-zone countries during the exercise of Broad Economic Policy Guidelines (BEPGs), through, for example, a common chapter alongside those of the three countries outside the euro-zone. "We would like a more specific analysis. We must go to international bodies such as the G7 and we need common references", declared Didier Reynders.
Over coming months, the Eurogroup will also discuss the preparation for the changeover from national currencies to the euro, and above all, of the monthly evaluation of the production of notes and coins in euros, and of several common operations such as the week for presenting the euro, beginning 9 May; the presentation of the first "real" notes and coins in September; and the distribution of euro-kits in some States on 15 December.