DRAFT AGENDA, EUROGROUP MEETING, EUROPEAN COUNCIL SUMMIT, DECEMBER 2, 2015X`
Welcome and introductory remarks (5-10 minutes)
• Jeroen Dijsselbloem, President of the Eurogroup, Koninkrijk der Nederlanden
(Netherlands) (Lohmann)
• Mario Draghi, President of the European Central Bank (Copelovitch)
Opening statements, Ministers of Finance (30 minutes total: 2 minutes each)
• Johan van Overtfeldt, Royaume de Belgique/Koninkrijk België (Belgium) (Kay)
• Mario Centeno, República Portuguesa (Portugal) (Nair)
• Luis de Guindos, Reino de España (Spain) (Bachman)
• Michael Noonan, Republic of Ireland (Donker)
• Pier Carlo Padoan, Repubblica Italiana (Italy) (Pagel)
• Jānis Reirs, Latvijas Republika (Latvia) (Kelly)
• Michel Sapin, République Française (France) (Bray)
• Wolfgang Schäuble, Bundesrepublik Deutschland (Germany) (Arain)
• Hans Jörg Schelling, Republik Österreich (Austria) (Nycz)
• Sven Sester, Eesti Vabariik (Republic of Estonia) (Anderson)
• Cai-Göran Alexander Stubb, Republiken Finland (Pozen)
• Paweł Szałamach, Rzeczpospolita Polska (Poland) (Lesser)
• Euclid Tsakalotos, Helleniki Dimokratia Republika (Greece) (Moller)
Ongoing crisis lending and management (30 minutes)
• Country-specific issues:
o Greece
Evaluation of the state of Greece’s reforms, recovery, and economy.
Where do we stand?
Should Greece be offered a new debt relief plan in February, as stated by
Mr. Tsakalotos this week?
If so, which of the reforms currently on the table for Greece to implement
must be in place by then?
If so, what will be the scope/terms of such debt relief (% of debt, maturity
extension, etc.)?
Scope/scale of further bailout packages?
Grexit: is this an option to be considered? If yes, how will this be
managed? If no, how can Eurozone member-states make clear and
credible our commitment to preventing this outcome?
o Portugal & Spain
Portugal: impact of the new government on adjustment policies?
Spain: impact of the upcoming election on adjustment policies?
• Other country-specific issues as needed
o E.g., the long-term “permanent depression” problem in debtor countries
Break (5 minutes)
New crisis management policies (30 minutes)
• General bailout policies: enlarging the European Stability Mechanism and/or creating a
European Monetary Fund
o Should the Eurozone have a formal IMF-style institution/fund?
o Should the ECB become a true lender of last resort?
• Future coordination of lending with IMF
o What is the appropriate division of labor between the Fund and EU institutions?
o Should the ECB continue to link its liquidity support for member-states’ banks to
participation in IMF/EU programs?
• ECB policies: monetary policy, QE, Outright Monetary Transactions (OMT), and
Eurobonds
o Should the ECB pursue further negative interest rates?
o Should the ECB engage in more extensive QE?
o Should the ECB increase its purchases of Eurozone member-state sovereign
bonds?
o Has the Euro’s depreciation against the dollar helped the recovery? Should the
ECB intentionally target greater depreciation?
o Should the ECB issue Eurobonds (Euro-wide treasury bills), either as new debt or
as a replacement for existing member-state bond debt?
• Bail-ins: debt rescheduling, debt reduction
o Should the Eurozone consider a comprehensive debt relief plan, along the lines of
the Brady Plan in Latin America in 1989?
o Should the Eurozone instead consider more extensive, case-by-case debt relief for
individual countries?
o Should the Eurozone establish a sovereign debt restructuring mechanism
(SDRM)?
o Should the Eurozone push for an IMF SDRM?
• Other?
Final discussion (10 minutes)
DRAFT AGENDA, EUROGROUP MEETING, EUROPEAN COUNCIL SUMMIT, DECEMBER 9, 2015
Welcome and introductory remarks (5 minutes)
• Jeroen Dijsselbloem, President of the Eurogroup, Koninkrijk der Nederlanden
(Netherlands) (Lohmann)
• Mario Draghi, President of the European Central Bank (Copelovitch)
Opening statements, Ministers of Finance (30 minutes total: 2 minutes each)
• Johan van Overtfeldt, Royaume de Belgique/Koninkrijk België (Belgium) (Kay)
• Mario Centeno, República Portuguesa (Portugal) (Nair)
• Luis de Guindos, Reino de España (Spain) (Bachman)
• Michael Noonan, Republic of Ireland (Donker)
• Pier Carlo Padoan, Repubblica Italiana (Italy) (Pagel)
• Jānis Reirs, Latvijas Republika (Latvia) (Kelly)
• Michel Sapin, République Française (France) (Bray)
• Wolfgang Schäuble, Bundesrepublik Deutschland (Germany) (Arain)
• Hans Jörg Schelling, Republik Österreich (Austria) (Nycz)
• Sven Sester, Eesti Vabariik (Republic of Estonia) (Anderson)
• Cai-Göran Alexander Stubb, Republiken Finland (Pozen)
• Paweł Szałamach, Rzeczpospolita Polska (Poland) (Lesser)
• Euclid Tsakalotos, Helleniki Dimokratia Republika (Greece) (Moller)
Banking and financial regulation in the Eurozone (30 minutes)
• Banking union (the Single Supervisory Mechanism)
• Regulation and supervision: what will be the division of responsibilities between the ECB
and national central banks?
• Should the ECB/EU institutions be able to directly lend to/recapitalize banks in Eurozone
member-states?
• How to separate/combine monetary policy from financial regulation?
• How to treat/involve Euro vs non-Euro countries?
• Should there be European deposit insurance?
Break (5 minutes)
Reform and sustaining EMU (fiscal and political union, enlargement, etc.) (30 minutes)
• Goals
• Institutions
• Timeline
• Other issues (previous or new)
Final discussion and communiqué (20 minutes)
Eurobond Simulation Game, post 2008 financial crisis.
Download Euro Summit - Agenda - Fall 2015 detail