The Euro Summit was held in an inclusive format and focused on the economic and financial situation in the EU. The EU leaders also discussed fiscal policy coordination, banking union, and the digital euro.
Economic outlook:
EU leaders stated that, despite numerous economic shocks, our economies have shown remarkable resilience and continue to grow, albeit with reduced momentum. They emphasized that inflation remains a key concern and that continuing the process of disinflation is essential. They also stressed that rules for coordinating national fiscal policies are crucial for the Economic and Monetary Union and for supporting the resilience and stability of the eurozone and the EU as a whole. The leaders took note of the letter sent on October 20, 2023, by Paschal Donohoe, President of the Eurogroup, and called on the Eurogroup to continue closely monitoring economic developments.
Capital markets and financial markets:
The leaders took note of the ongoing work of the Eurogroup on the future of European capital and financial markets, which includes: strengthening private sector investments, unlocking financial resources for common challenges, and taking a leading role in the green and digital transition. They will review progress at the next Euro Summit in March 2024.
Banking union:
The EU banking sector is resilient, with strong capital and liquidity positions, and the banking union has significantly enhanced the resilience of the banking system. In this context, the leaders call for continued efforts to complete the banking union in line with the Eurogroup statement of June 16, 2022.
Digital euro:
The leaders took note of recent work regarding progress on the digital euro, including the European Commission’s proposal on a package of measures for the single currency, as well as the European Central Bank’s decision to proceed to the next phase of exploratory work. They will review progress on the digital euro at regular intervals.
