Finance ministers of the euro area are meeting in Brussels today for a session of the Eurogroup, with discussions set to focus on the international role of the euro and a new initiative launched by six European Union member states.
The meeting will examine a draft Council recommendation on the euro area’s economic policy for 2026, ahead of its expected approval by the Economic and Financial Affairs Council (ECOFIN) on the following day.
Strengthening the Euro’s Global Role
According to the official agenda, ministers will exchange views on the current state of the euro in global markets and consider policy measures aimed at reinforcing Europe’s monetary sovereignty.
A senior European official said the European Commission has prepared a strategic note outlining proposals to strengthen the euro’s international standing. The document, expected to be published after the meeting, reportedly concludes that the benefits of a stronger global role for the euro have increased and presents a comprehensive list of possible measures.
The proposals are structured around three pillars:
- A strong economy, including solid institutions, a robust fiscal framework and enhanced competitiveness.
- Financial markets, with more efficient capital markets and payment systems within the EU, as well as progress on a digital euro and a Savings and Investment Union.
- The external dimension, focusing on promoting the use of the euro in third countries.
Global Imbalances on the Agenda
Ministers from both euro area and non-euro EU countries will also discuss global economic imbalances. The session will include the participation of Canada’s Finance Minister, François-Philippe Champagne, reflecting efforts to coordinate approaches among international partners.
The discussion will be introduced by Professor Hélène Rey, chair of the G7 Independent Academic Expert Group on Global Imbalances. She has been invited as a guest speaker by the Eurogroup President and is widely recognized for her work on international macro-financial linkages.
A key issue, according to the European official, will be defining what constitutes a problematic “imbalance” in the global economy.
Other Items
Ministers are also expected to consider the reappointment of Tuomas Saarenheimo of Finland as President of the Eurogroup Working Group for a fourth two-year term beginning on April 1, 2026.
Finally, Germany’s Finance Minister Lars Klingbeil will brief his counterparts on a new coordination initiative launched by six EU member states — France, Germany, Poland, Italy, Spain and the Netherlands. The informal group, known as the “E6,” aims to enhance cooperation on economic and financial matters within the bloc.
