The European Council published a readout of the Eurogroup’s discussions spanning the macroeconomic outlook, fiscal coordination, Banking Union, and digital finance, with a key focus on progressing the digital euro and beginning structured work on stablecoins. Ministers reviewed updates from the European Commission and the European Central Bank (ECB), and held the regular Banking Union hearing with the Chair of the ECB Supervisory Board and an update on the Single Supervisory Mechanism. On digital finance, the Eurogroup reviewed the state of work on the digital euro following the Commission’s legislative proposal and set the objective, under the Danish presidency, of reaching a general approach on the legislation by the end of the year. The group also debated stablecoin developments globally and the prospects for the sector in the euro area, noting differing views on opportunity-risk trade-offs and agreeing to launch a dedicated work stream. Elsewhere, ministers discussed euro area competitiveness challenges in a changing global environment, including industrial policy approaches of major counterparts and concerns about an unlevel playing field, with particular reference to China. Banking Union discussions were framed as broadly reassuring, including reference to positive summer stress test results, while also pointing to work on simplification measures, sustaining high financial stability standards, and supporting banks’ long-term investment amid accelerating digitalisation. Budgetary negotiation updates and broader euro area policy priorities are set to return at the December meeting, alongside further discussion on fiscal policy coordination and follow-up on work nearing completion on the crisis management framework. The Eurogroup and its deputies plan to revisit stablecoins shortly, and ministers were briefed on the forthcoming vacancy for ECB Vice President, with Luis de Guindos’ mandate ending in May.
European Council 2025-11-12
European Council Eurogroup targets year-end general approach on digital euro legislation and launches stablecoin work stream
The European Council summarized the Eurogroup's discussions on macroeconomic outlook, fiscal coordination, Banking Union, and digital finance, highlighting progress on the digital euro and stablecoins. The Eurogroup aims to finalize a legislative approach for the digital euro by year-end and will start a work stream on stablecoins. Discussions also covered euro area competitiveness, industrial policy, and Banking Union developments, with updates on fiscal policy coordination and ECB leadership changes expected in December.