Thank you very much. Good evening, everyone.
Today, we held a constructive initial discussion on renewed efforts to strengthen the international role of the euro.
As you know, this is not a new objective.
But todays increasingly complex geopolitical environment has changed the context and provided a fresh impetus to act.
A greater international role for the euro can be an important cornerstone of our de-risking strategy and help to ensure economic and financial stability and security.
At the same time, it can boost the EUs competitiveness, for instance by lowering borrowing costs and shielding EU importers and exporters from exchange rate fluctuations.
Responding to a call from EU leaders last year, the European Commission presented the meeting with a comprehensive set of possible actions to deliver on this global role.
Of course, the global appeal of the euro in the world will first and foremost be determined by the strength and resilience of the European economy.
That means doubling down on the EUs competitiveness agenda and deepening our Single Market.
It also means implementing the Savings and Investments Union, finalising the digital euro proposal, diversifying our trade network, and enhancing our defensive capabilities.
These are the fundamentals that we need to get right.
We also discussed possible additional actions reflecting todays new challenges.
There is a need to make EU retail payment systems more autonomous, building around the digital euros infrastructure and wide acceptance network, and to enhance the issuance of euro-denominated digital assets.
We can also do more to seize opportunities linked to changing trading and foreign direct investment patterns.
And we can reflect on how to reduce fragmentation of the EUs regional financial safety net.
I would say that there was a broad consensus from Ministers on working on the international role of the euro.
As Kyriakos said, this work will continue in the Eurogroup.
And from the Commissions side, we stand ready to provide further inputs.
Then, we welcomed François-Philippe Champagne, the Finance Minister of Canada, to join our first substantial discussion on global macroeconomic imbalances.
They are the focus of the global economic debate for a simple reason: imbalances are on rise.
Global macroeconomic imbalances reached 4% of global GDP in 2024, the highest level since the early 2010s, except for 2020.
The current US and Chinese policies are the biggest contributors to the rise of imbalances.
But the EU, however, also has work to do.
There is scope for an increase in investments, especially when it comes to putting private investments to work.
The worlds largest economies should not leave these balances unaddressed.
They pose real risks such as furthering trade tensions, but also macroeconomic and financial risks.
So, there is a shared interest to manage and reduce them together, in an orderly way.
This is why the G7, G20 and IMF have launched dedicated work on global macroeconomic imbalances to seek agreement on the diagnosis and hopefully also on remedies.
Todays debate in the inclusive Eurogroup was important for building a shared view among EU countries, which would allow for speaking with one voice at international fora.
As Kyriakos already said, we welcome the finalisation of the euro area recommendation for 2026 and now call for a swift implementation and follow up.
Finally, I extend my congratulations to Tuomas Saarenheimo on his reappointment as President of the Eurogroup Working Group EWG.
Thank you.