Eurogroep: Hongarije en Griekenland doen te weinig om buitensporig begrotingstekort terug te dringen (en)
(Amelia Torres)
EUROGROUP
Eurogroup ministers will meet on 19:00 hrs on Monday 17 January.
The meeting will start with a discussion on the economic situation. This will be followed by the review of the Stability and Growth Pact and discussion on options for change, which have been explored since the last debate on the subject, in November 2004. Ministers will also hear about, and discuss, the communication of the Commission, of 14 December, on the situation of Germany and France in relation to their obligations under the excessive deficit procedure following the judgment of the Court of Justice. On the agenda is also the Commission's recommendation in respect to Greece. Finally, the Eurogroup will hear about the Commission's first assessments of the updates of the stability/convergence programmes.
ECOFIN COUNCIL
The European Union's Council of Economics and Finance Ministers will start 10.00 hrs on Tuesday 18 January. The European Commission will be represented at the Council by the President, José Manuel Barroso and Economic Affairs Commissioner Joaquín Almunia.
Macroeconomic impact of the earthquake and the tsunamis in South/ South-East Asia
Commissioner Almunia will give ministers a preliminary assessment of the macroeconomic consequences of the South/South-East Asia tsunami disaster. He will also report on the details of the total EU aid package of around €1.5 billion made up of €450 million in grants and of a European Investment Bank facility of up to €1 billion (see IP/05/3)
Application of the Stability and Growth Pact
Application of the ongoing excessive deficit procedures
The Commission on 22 December adopted two recommendations to the Council under Article 104.8 of the treaty concluding that Greece and Hungary had not made the necessary efforts to bring their budget deficits under control (see IP/04/1527 for Greece IP/04/1528 for Hungary).
On the same day, the Commission found that the Czech Republic, Cyprus, Malta, Poland and Slovakia were on track to correct their own excessive deficits and concluded that no further recommendations were necessary at this stage (see IP/04/1529).
Finally, the Council will discuss the situation of Germany and France in relation to their obligations under the excessive deficit procedure following the judgment of the Court of Justice (see IP/04/1471)
Assessment of the updated stability and convergence programmes
The Council is expected to give its opinion on the first series of updated stability/convergence programmes assessed by the Commission on 11 January. The countries whose updated multi annual public finance programmes have already dealt with are: Austria, the Czech Republic, Luxembourg, the Netherlands and Sweden (see IP/05/19, IP/05/20, IP/05/21, IP/05/22, IP/05/23). The examination by the Commission of the programmes of the other 20 EU countries is expected to take place during the first half of February.
Reform of the Growth and Stability Pact
Ministers are expected to make progress on the review of the Stability and Growth Pact in order to try and reach an agreement in March ahead of the European Council meeting of 22-23 March. The Commission adopted a communication, on 3 September 2004, on the strengthening of economic governance and clarification of the implementation of the Pact (see IP/04/1062).
A Points (to be adopted without discussion)
Ministers are expected to confirm the €100 million to the budget of the Commission's humanitarian office ECHO for humanitarian aid to the tsunami region, agreed upon by the Commission, the Parliament and the Council (the so-called trilogue) on Wednesday. This is supplementary to the €23 million already committed to the region in the early days of the disaster.