The European Council published an account of the Eurogroup’s discussions on the euro area outlook, fiscal coordination, Banking Union and digital finance, including a commitment under the Danish presidency to reach a Council general approach on the digital euro legislative file by the end of the year. Ministers also agreed to start further work on stablecoins, with a dedicated work stream to be launched. The meeting reviewed a macroeconomic update from the European Commission and the European Central Bank (ECB), noting ongoing uncertainty alongside better-than-expected growth in parts of the euro area and continued high employment. Ministers exchanged views on budgetary negotiations and on competitiveness challenges in a global context, including the implications of other jurisdictions’ industrial policy approaches and concerns about the level playing field, with particular reference to China. In Banking Union format, the Eurogroup held its regular hearing with the Chair of the ECB Supervisory Board and received an update on the Single Supervisory Mechanism, with the summer stress tests described as providing a positive assessment; discussion also covered maintaining high financial stability standards while examining simplification measures and supporting banks’ long-term growth amid accelerating digitalisation. Ministers plan to return to budgetary coordination and related policy questions at their December meeting, alongside further discussion on how to continue work as the crisis management framework nears completion. Work on stablecoins is set to continue through the new work stream, with the Eurogroup and its deputies returning to the issue shortly. The group was also informed about the forthcoming vacancy for ECB Vice President, as the mandate of Vice President Luis de Guindos ends in May.
European Council 2025-11-12
European Council Eurogroup targets end-year general approach on digital euro legislation and launches stablecoin work stream
The European Council reported on the Eurogroup's discussions about the euro area outlook, fiscal coordination, Banking Union, and digital finance, including a commitment to finalize a Council general approach on the digital euro by year-end. Ministers agreed to initiate a work stream on stablecoins and reviewed macroeconomic updates from the European Commission and ECB, noting growth and employment trends. The Eurogroup also discussed maintaining financial stability standards and supporting banks' growth amid digitalization, with plans to revisit budgetary coordination and crisis management in December.