Paolo Gentiloni, European Commissioner for the Economy

Описание: Hello. Very happy to be in Berlin this morning. It's our first meeting in person since a long time. It is also the first meeting after the summer break. We know from the Eurostat figures published this week that we had a deep contraction in our economies in the second quarter and we also know how deeply uneven these contraction was among member states. Recovery's under way but we have still a high degree of uncertainty on the level, the speed of this recovery. So the mission for the Eurogroup and the finance ministers of the Union is very clear: we have to reinstall confidence, and strengthen growth. This is also the goal of the next generation EU, of the plan that were approved at the end of July. The Commission will shortly propose the communication on the recovery and the resilience facility help member states in drafting their proposal of national recovery and resilience plans. We will also discuss the fiscal stance for the Euro area of next year and what have been said until now on the situation on the deep contraction, on the uncertainty, (...) confirms the necessity of a supportive fiscal stance and this is the position of the Commission.

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The Eurogroup holds a thematic discussion on the political economy factors that facilitate the introduction of reforms, maximise their impact and ensure efficient deployment of public resources in the context of the recovery.

The discussion is based on a technical note prepared by the Commission.

Ministers exchange views on the current economic situation in the euro area. They review the policy action at national and European level and look at the recovery needs economies may face after the COVID-19 crisis.

The discussion is expected to focus on the national fiscal response and on the fiscal stance of 2021.

On 11 June, the Eurogroup in inclusive format recognised that the COVID-19 crisis strengthened the case for completing the banking union.

Ministers take stock of all banking union work streams. The discussion includes the reform of the European Stability Mechanism (ESM) Treaty that envisages:

the introduction of a backstop to the Single Resolution Fund by 2023
a possible early introduction of the backstop
the provision of liquidity in resolution
Ministers also debate the four work streams for further strengthening of the banking union, including the European Deposit Insurance Scheme (EDIS).