Eurogroup

The Euro Group (formerly EURO -X ) is a body of the European Union, in the euro-zone countries coordinate their fiscal and economic policies and monitor compliance of the euro stability pact, to ensure the functioning of the European Economic and Monetary Union. For this, the Euro - group controlled budgetary policy and public finances of the euro countries. The group is informal and usually find the day before the Council for Economic and Financial Affairs ( Ecofin Council ) instead. The group is regarded as " a forum for dialogue and policy coordination without any concrete decision-making powers ". Their mode of operation since the Treaty of Lisbon with reference to Article 137 TFEU in a Protocol (No 14 ) regulated, which are annexed to the Treaties ( EU-/AEU-Vertrag ). Since 19 October 2011, in preparation for the decisions at the level of the European Council ( summit of the euro zone) Added the Frankfurt round as an informal means for the time being; in this context is also the further decision of the Euro - zone in October 2011 to give itself a separate structure with its own summit to see.

Members

In the euro - group countries are represented, whose common currency is the euro. They are represented respectively by the Economic and Finance Ministers and senior officials, join the Economic and Monetary Affairs Commissioner of the European Commission (currently Olli Rehn ) and the President of the European Central Bank (currently Mario Draghi ) and the chairman of the European Economic and Finance Committee and high EU officials. In rare cases, Summit of the Euro Group will take place, which bring together the Heads of State and Government of the countries of the euro zone.

Chairmanship

On 10 September 2004, the Luxembourg Prime Minister Jean -Claude Juncker was appointed for a period of two years as the first permanent President of the Euro Group. His mandate began on 1 January 2005 and was extended until December 31, 2008 September 6, 2006. According to the former statutes of the Euro Group Juncker's tenure would have ended it, as one and the same person the post of chairman shall be filled as two terms of long any longer. At the meeting of 12 September 2008 under the leadership of the French Finance Minister Christine Lagarde, his term was extended unanimously for another two years until 31 December 2010.

In January 2010, Juncker was again now for two and a half years ( see Article 2 of Protocol No 14: by majority decision) confirmed as chairman, however, announced on 2 March 2012 to withdraw mid-2012. On December 4, 2012 Juncker announced that he finally am no longer from the year 2012/ 2013 as the euro - group head available.

On January 21, 2013, the Dutchman Jeroen Dijsselbloem was elected the new chairman of the euro group. The 17 finance ministers appointed him successor to Jean -Claude Juncker. Dijsselbloem was the only candidate for the post.

Function

The Panel was set up in 1998 in the wake of the European Council in Luxembourg. In the course of the common monetary policy was assumed that an increased need for coordination between the euro countries since the countries after the introduction of the euro a national monetary policy as an economic policy instrument would no longer be available. Closely related to this is the role of the Forum, to monitor compliance with the Euro Stability Pact to create through disciplined fiscal policies of all euro -zone countries in an economically sound basis for the common monetary policy with a single currency, the euro.

Purpose of the committee is, therefore, to analyze current problems of economic and financial policies and to coordinate appropriate measures for national and European economic policy. However, since it is the Euro Group is an informal body (Article 1 of Protocol No. 14 ), it can take no final decisions. This can only the Council of Economics and Finance, the addition to the ministers of the euro group also belong to the ministers from the other EU countries. However, the States which have not adopted the euro, in many economic policy decisions in the Council is not entitled to vote, so that only the ministers of the euro group understand their decisions previously taken.

The holder of the presidency of the Euro - group represents the EU as an actor in the international financial policy, such as in matters relating to Economic and Monetary Union at the IMF; Here he is assisted by a representative of the Commission.

Developments in 2011

On the occasion of the Euro -zone summit on 26 October 2011 in Brussels further institutional details have been posted. In the final document of the Summit, the members of the euro zone guarantee the right to make decisions faster, without having to take it to the non -euro countries into consideration. The Euro - zone should in future also independent institutions. There will be a permanent body of the 17 euro countries, with a full-time chairman.