Eurogroup policy areas
Euro area member states coordinate their economic policies in order to ensure coherence and stability in the euro area.
Euro area members share a single monetary policy. Responsibility for this policy lies with the European Central Bank, together with national central banks within the euro area's "Eurosystem".
Although member states remain in charge of their economic policies, they are coordinated in order to ensure coherence and stability in the euro area.
Areas of coordination
A set of rules to ensure the sustainability of public finances was agreed on during the process of establishing the euro area in 1997. This became known as the Stability and Growth Pact.
These rules, which apply to budgetary policies, are reinforced through two economic governance legislative packages, the "six-pack" in 2011 and the "two-pack" which is expected to be adopted in 2013.
The "six-pack" furthermore extended the coordination to other areas, such as broader macroeconomic policies.
These reforms are expected to bear fruit in the long run. At the same time, immediate challenges to stability in the euro area were addressed by providing financial assistance to member states facing financing difficulties.
A continuing process of reinforcement
The process of reinforcing economic policy coordination is ongoing.
Treaty on Stability, Coordination and Governance builds on and goes beyond the Stability and Growth Pact.
In December 2012, the european Council agreed on a roadmap towards genuine economic and monetary union.
For more details on individual policy areas see:
Last updated: 22/01/2013