For the first time, the Eurogroup discussed the Commission's opinions on member states' draft budgets and whether these comply with Stability and Growth Pact requirements. This is a step in the European semester that applies only to the euro area countries
Draft budgets were reviewed in the light of the fiscal part of the country-specific recommendations adopted in July. The Eurogroup also considered the Commission's assessment of the euro area's fiscal outlook and its policy implications.
The discussion took place in line with the new rules introduced by the two-pack legislation. Its aim is to improve the transparency and coordination of member states' budgetary planning and decision-making processes, and to maintain budgets on a sustainable footing.
The discussion in the Eurogroup ensures that common challenges are identified and that the broader euro-area implications of individual budgets are recognised. Member states will finalise their budgets before the end of the year in the light of this discussion.
- Press conference