Economic and monetary union: President Donohoe's report to the President of the Euro Summit

The President of the Eurogroup, Paschal Donohoe, has sent a letter to the President of the Euro Summit, Charles Michel. The letter takes stock of the progress achieved in the Eurogroup on key policy issues relevant for the recovery from the COVID-19 pandemic.

The euro area economy has recovered from the pandemic faster than expected and far faster than from the financial crisis. Euro area’s GDP is now expected to reach its pre crisis trend by end-2022. Companies have weathered the pandemic storm much better than feared, and insolvencies have remained at a low level. This has been to a large extent due to the coordinated policies we deployed to mitigate the economic consequences of the pandemic. It is a reminder that coordinated action achieves more than individual efforts.

The Eurogroup is committed to deliver prosperity to European citizens through strengthening the Economic Monetary Union and creating the conditions for long-term sustainable growth.

For this purpose, finance ministers have continued work on the following issues:

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  monitoring of the economic situation and fiscal outlook
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  economic governance framework
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  banking union
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  digital euro
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  international role of the euro.

The letter will inform the discussion that leaders will hold at the Euro Summit of 16 December 2021.

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  Letter of the President of the Eurogroup, Paschal Donohoe, to the President of the Euro Summit, Charles Michel ahead of the Euro Summit on 16 December 2021.