Note:Your browser doesn't correctly display this page because of a bad stylesheets interpretation. This is probably due to an old browser version.

[Luxembourg 2005 Presidency of the Council of the European Union]
 Version française        

You are here : Home > News > Press Releases > June 2005 > Eurogroup meeting in Luxembourg on Monday, 6 June 2005
Print this page Send this page

Press Release
Eurogroup meeting in Luxembourg on Monday, 6 June 2005

Date of release : 07-06-2005

Policy area : Economic and Financial Affairs Economic and Financial Affairs

Event : Eurogroup

The Eurozone Finance Ministers held a meeting chaired by Jean-Claude Juncker, the Prime Minister and Finance Minister in Luxembourg on Monday, 6 June 2005 .

Firstly, the Eurogroup heard a presentation from the Director of the International Monetary Fund (IMF), Michael Deppler, on the situation and the economic perspectives in the eurozone.  In his report, Mr Deppler, whilst also highlighting the current difficulties, in particular as far as growth is concerned, presented an encouraging assessment of the development of European economies, in particular concerning the structural reforms implemented in most of the Member States. Jean-Claude Junker stated that the Eurogroup was “pleased to note that the International Monetary Fund considers that the structural reforms (…) will lead to the expected results, though not in the very short term but within a longer period that cannot be quantified in years but which will not take centuries for the benefits to be seen."

As far as the reform of the Stability and Growth Pact is concerned, the IMF commended it and considers that the elimination of several rigidities and their replacement with controlled flexibility was the right path to choose. Mr Junker was also pleased to note that the IMF shares the analysis that the validity of the reform of the Stability and Growth Pact “will depend largely on the correct interpretation of the amendments which we have introduced to the Pact."

The conclusions of the IMF report on the eurozone can be consulted at:

The Eurogroup discussed the budget developments in the Member States in 2005 and 2006. This initial “horizontal" discussion will be followed by a deeper discussion at the next Eurogroup meeting which will take place in Brussels on 12 July 2005.  The Ministers examined in particular the budgetary data concerning Germany, Austria and the Netherlands, who will present their national budgets for 2006 shortly.

The Eurogroup came to an agreement on the repeal of the excessive deficit procedure against the Netherlands, whose budget deficit will fall to below 3% in 2005 and 2006.

The Ministers approved the proposal of the European Commission concerning the introduction of a new common reverse side of euro coins, in particular to take into account the enlargement of the European Union, as well as the guidelines on the design of the national side of euro coins.

Finally, the Eurogroup noted its agreement with the proposal of the European Commission concerning the action plan on statistical governance in the European Union. This text defines the rights and the responsibilities of Eurostat, the European statistical office, and the Member States’ national statistical authorities.

Related links

This page was last modified on : 07-06-2005

Top Top