Eurogroep

Eurogroup is the informal forum of the finance ministers of the euro area. It coordinates economic policy within the eurozone and discusses issues related to the Economic and Monetary Union (EMU). While it holds significant influence in shaping policy, it does not have formal legislative powers; its deliberations inform the work of the ECOFIN Council, the European Commission, and the European Central Bank.

Composition and leadership: The euro area is comprised of 19 member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The group is chaired by a minister from the country holding the rotating presidency of the Eurogroup for a limited term; the chair is supported by the Eurogroup Working Group and other technical secretariats.

Functions and scope: The Eurogroup discusses macroeconomic developments, fiscal policy coordination, debt sustainability, reforms for the EMU, financial stability, and the process of banking union. It prepares positions ahead of ECOFIN meetings and communicates policy stances to the broader EU framework. It often deals with urgent budgetary and financial matters, including bailouts and monitoring of member states under macroeconomic surveillance.

Influence and status: The Eurogroup is not a formal EU institution, but its statements guide EU policy and lend legitimacy to decisions taken within the EU's economic governance framework. Its work gained prominence during the eurozone debt crisis and continues to shape discussions about growth, stability, and reform of the euro area. In Dutch, the body is called Eurogroep.