Minister Donohoe, in his capacity as President of the Eurogroup, will meet Dutch Finance Minister and First Deputy Prime Minister Sigrid Kaag in The Hague on Wednesday. They will discuss the economic situation in the Eurozone and the Netherlands, and the importance of coordinated economic and fiscal policies to respond to the impacts of the war in Ukraine. The importance of coordination has been demonstrated by the EU’s successful response to the economic impacts of the pandemic. In addition, their meeting will focus on the EU banking union, for which the Eurogroup is discussing a draft work plan; and the review of EU economic governance, on which the Eurogroup is currently feeding into the ongoing work of the Commission.
Minister Donohoe will then travel to Petersberg, Bonn, to participate in the meeting of G7 Finance Ministers and Central Bank Governors chaired by the German G7 Presidency. During the meeting, Minister Donohoe will take part in discussions that will focus on: the Ukrainian crisis and measures to support Ukraine in the immediate and longer term; economic stability, growth and recovery; climate finance and the economic challenges of the transition to net zero; and global solidarity for developing countries. The agenda for the second day will include an update on progress on international taxation and climate finance.
Speaking ahead of his participation in the meeting, Minister Donohoe said:
“We face a difficult and uncertain time as we continue to work to return our citizens to health and our economies to growth, particularly in light of Russia’s unwarranted action against Ukraine. This meeting provides an opportunity to discuss collective efforts to manage these challenges and coordinate our response.
The meeting will be chaired by German Finance Minister Christian Lindner and German Central Bank Governor Joachim Nagel, who jointly lead the G7 Finance Track under Germany’s G7 Presidency. The G7 is an informal forum made up of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Also attending the G7 Finance Ministerial meetings are the President of the Eurogroup and the European Commission, on behalf of the European Union, as well as the IMF, the OECD and the World Bank.