Luxembourg, 02/06/2004 (Agence Europe) - Economy and Finance Ministers of the euro zone Member States began discussion on Tuesday evening in Luxembourg on improvements to be made to the way the Eurogroup works. Discussion should be continued in July. France presented ideas in this connection and, on the whole, they were well received.
Eurogroup President Charlie McCreevey confirmed during the press conference on Tuesday evening that ministers had discussed ways to improve coordination of economic policies within the Eurogroup. French Economy and Finance Minister Nicolas Sarkozy told the press that this "fascinating" debate had shown "double consensus": - the need to "coordinate our economic policies better"; - and the resolve to hold an "indepth discussion on how the Eurogroup must work". According to Mr Sarkozy, the Eurogroup will, in July, discuss the "initiatives to be taken" at the beginning of the Dutch Presidency. Ministers spoke of the Eurogroup presidency, election of its president and the duration of presidency tenure. The strategy put forward by France would be that of "anticipating what is already in the draft European Constitution". Mr Sarkozy gave several examples: - a presidency of two and a half years elected by the members of the Eurogroup; - the creation of a committee of independent experts to complete the analyse of the Commission and the European Central Bank (ECB) (an idea that is "less consensual" at the Eurogroup as Mr Sarkozy recognised); - the need, at the time of the national debates on establishing budgets to reach agreement on identical economic terms.
In answer to reporters' questions on suggestions from France, Commissioner Joaquin Alumunia recalled that the Commission had supported the idea of a more stable presidency for the Eurogroup, while pointing out that it is up to the Member States to decide during the Intergovernmental Conference (IGC). On the matter of setting up a committee of experts, Mr Almunia pointed out that a minister had answered Mr Sarkozy that it was necessary to "be careful with the wisemen". Mr Almunia for his part said the Commission can fulfil perfectly well the functions that Mr Sarkozy has in mind. More generally, the Commissioner said: "I am pleased to see that many Member States are aware of the need to strengthen coordination of economic policies within Eurogroup. This is essential after having decided on monetary union. It is also necessary to have greater efficiency in coordinating economic policies in a 25-member Union, in the context of the Broad Economic Policy Guidelines (BEPG)".
Mr McCreevy was very cautious when it came to the presidency of the Eurogroup. The question must be discussed at the IGC, he recalled. He also refused to "enter into speculation" on what would be discussed at the IGC "as expectations could be created when some points are the subject of an agreement and others not". The Irish Presidency has already said "this is a difficult negotiation process" and "we do not wish to isolate any one area", the minister concluded.