Luxembourg's Minister of Finance, Pierre Gramegna, is in Brussels from 11 to 12 February 2016 to participate in meetings of Eurogroup and the Concil of Economic and Financial Affairs (ECOFIN).

The Eurogroup meeting is taking place Thursday 11 February 2016, and will present the opportunity for the group to exchange views on the economic situation of the Eurozone. The 2016 winter economic forecast, which was issued on 4 February 2016 and will also be presented at the meeting by the European Commission, has predicted continued albeit moderate economic recovery in the euro region, driven by low oil prices, exchange rates and low interest rates. Forecasted GDP growth has been set at 1.7% in 2016 and 1.9% in 2017, whilst unemployment is expected to continue declining.

The Eurogroup will also discuss the quality of public finances in terms of public expenditure, based on an exchange of national experiences on the matter. The Eurogroup will then analyse a report aimed at identifying potential barriers to using the euro in international transactions, before the state of play of Greece and Portugal becomes the focus of discussion.

The following day, Friday 12 February 2016, Minister Gramegna will form part of the ECOFIN Council, where the European Commission will be presenting a package of new measures which would aim to further pursue the fight against corporate tax avoidance. Proposals include measures against aggressive tax planning, as well as enhancing transparency between member states and ensuring competition is set fairly for every business within the single market.

Talks will then turn to the progress made in the implementation of banking union legislation into the national law of Union members, particularly with regards to the transposition of the bank recovery and resolution directive as well as a directive on deposit guarantee schemes.

The Council is equally expected to adopt conclusions on measures against terrorist financing put forward in an action plan by the European Commission, as well as on EU budget guidelines for 2017.

The meeting will conclude with preparations for the G20 finance ministers and central bank governors meeting taking place in Shanghai from 25 to 27 February 2016.

 

Photo by consilium.europa.eu