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14 June 2019


Eurogroup and ECOFIN meetings in June 2019

The Eurogroup and ECOFIN convened for their most recent meetings in Luxembourg on 13-14 June. Major progress was made on reforms to the European Stability Mechanism, which is crucial for enhancing the stability of the banking union and the common currency. European finance ministers also agreed on the main features of a future budgetary instrument for the euro area. The financing for the budgetary instrument will be decided as part of the Multiannual Financial Framework. Progress was also achieved in plans to establish a financial transaction tax: its basic contours are to be defined this year in order to start levying the tax in 2021.