Meeting: Eurogroup meeting, Luxembourg, 12 September 2015

A meeting of the Eurogroup was scheduled to take place in Luxembourg on 12 September 2015. The following topics were set to be discussed:

Economic situation
The Eurogroup discussed the current economic situation in the euro area, following presentations by the European Commission and the European Central Bank.

The economic recovery in the euro area was expected to continue, but possibly at a somewhat slower pace than expected earlier. The anticipated slowdown was related to external factors, such as the Chinese slower growth and other emerging market economies.

The euro area therefore needed to continue pursuing sound fiscal policies and structural reforms to achieve balanced and sustainable growth.

Thematic discussions on growth and jobs
The Eurogroup continued the discussion on ways to reduce the high tax burden on labour in the euro area, which currently was the highest in the world.

Ministers agreed on an informal benchmarking of labour taxation in the eurozone and adopted a statement to that effect. Benchmarking will allow the member states to compare their situation to that in the other countries when adopting national policies.

Cyprus
The Eurogroup welcomed the positive 7th review of Cyprus' ongoing economic adjustment programme. This opened the way for the approval procedures in a number of member states, after which the ESM board of governors will formally approve the disbursement of €500 million in October 2015.

Greece
The Eurogroup was informed about the latest developments in Greece.

It was confident that the new government, which will be formed after the general elections later in September 2015, would work constructively with its euro area partners and the institutions to implement Greece's new economic adjustment programme, agreed in August 2015.

EurActiv, 10.09.15: EU official: Greek bailout deal still open for fine tuning http://www.euractiv.com/sections/euro-finance/eu-official-greek-bailout-deal-still-open-fine-tuning-317524

Kathimerini, 12.09.15: Eurozone waits for elections, rules out renegotiation http://www.ekathimerini.com/201468/article/ekathimerini/news/eurozone-waits-for-elections-rules-out-renegotiation

Deutsche Welle, 12.09.15: EU finance ministers: Greece and the future of the eurozone http://dw.com/p/1GVhV

ESO: Background information: Eurogroup statement on Cyprus http://www.europeansources.info/record/press-release-eurogroup-statement-on-cyprus-3/

ESO: Background information: Eurogroup statement on structural reform agenda - thematic discussions on growth and jobs: benchmarking the tax burden on labour http://www.europeansources.info/record/press-release-eurogroup-statement-on-structural-reform-agenda-thematic-discussions-on-growth-and-jobs-benchmarking-the-tax-burden-on-labour/

Eurogroup: Press Release: No.640, 2015 (12.09.15): Remarks by J. Dijsselbloem following the Eurogroup meeting of 12 September 2015 http://www.consilium.europa.eu/en/press/press-releases/2015/09/12-jd-remarks/

European Commission: DG Communication: RAPID: SPEECH/15/5637, 12.09.15: Commissioner Moscovici's remarks at the Eurogroup press conference http://europa.eu/rapid/press-release_SPEECH-15-5637_en.htm

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