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58-586: The Eurogroup is the recognised collective term for the informal meetings of the finance ministers of the eurozone —those member states of the European Union (EU) which have adopted the euro as their official currency . The group has 20 members. It exercises political control over the currency and related aspects of the EU's monetary union such as the Stability and Growth Pact . The current president of

116-549: A federal country . In these cases their powers may be substantially limited by superior legislative or fiscal policy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply . The powers of a finance minister vary between governments. In the United States , the finance minister is called the " Secretary of the Treasury ", though there is a separate and subordinate Treasurer of

174-517: A Social Democrat, I attribute exceptional importance to solidarity. But those who call for it also have duties. I cannot spend all my money on drinks and women and then hold my hand up for help. That principle applies on a personal, local, national and also on a European level" while referring to Southern European countries affected by the European debt crisis . This statement led to strong reactions by many European figures, as Gianni Pittella , head of

232-585: A common project on the day when Mr. Dijsselbloem stops being Head of the Eurogroup and apologises clearly to all the countries and peoples that were profoundly offended by his remarks". Former Italian Prime Minister Matteo Renzi also called on Dijsselbloem to quit, saying that "if he wants to offend Italy, he should do it in a sports bar back home, not in his institutional role". In response, Dijsselbloem said: "Everyone knows that I did not say that all southern Europeans spend their money on drinks and women. That

290-645: A number of voices including Pierre Moscovici, Emmanuel Macron and Jean-Claude Juncker have called for the Eurogroup to formally chaired by the European Commissioner for Economic and Monetary Affairs and the Euro . This would constitute a step towards formalizing the Eurogroup as a branch of the European executive. On 15 April 2008 in Brussels, Juncker suggested that the eurozone should be represented at

348-618: A personal, local, national and also on a European level." while referring to Southern European countries affected by the European Debt Crisis . This statement led to strong reactions by many European figures, as Gianni Pitella , head of the Socialist group in the European Parliament (to which Dijsselbloem's party belongs) said "There is no excuse or reason for using such language, especially from someone who

406-400: A softer stance if Tsipras agreed to spare him from having to deal with me, Dijsselbloem succeeded in weakening my position in the Eurogroup – to the detriment, primarily, of Tsipras". In August 2014, German Chancellor Angela Merkel gave her backing to Spain's Economy Minister, Luis de Guindos , in his bid to succeed Dijsselbloem as head of the Eurogroup from 2015; De Guindos is a member of

464-459: A template for resolution of a bankruptcy. However, it was the interviewer that had used the word "template" and not Dijsselbloem himself. On 26 March 2013, Dijsselbloem said explicitly that he did not consider the Cyprus case to be a template. As Eurogroup head, Dijsselbloem later represented European creditors in negotiations with Greece over its bailout packages following Syriza 's victory in

522-406: Is an important principle. For the ones who keep zooming in on those two words my message might be inconvenient. [...] It won't end well with the eurozone if we keep breaking our previous agreements. [...] My choice of words was not right, I'm sorry if you took offense, but I'm still behind the message." Finance minister A ministry of finance's portfolio has a large variety of names around

580-528: Is however fluid; IMF personnel are sometimes allowed to be present at meetings. What remains unknown about this group is whether they allow observers to speak or speech by the observers is forbidden. Prior to the Lisbon Treaty , the Eurogroup had no legal basis. A formal legal basis was granted for the first time under the Lisbon Treaty when it came into force on 1 December 2009. Protocol 14 of

638-457: Is not what was in the interview and it was not my message. The anger about the interview is anger about eight years of policies to deal with the crisis. [...] I would have rephrased it otherwise probably. But it was my way of making clear that solidarity is not charity. It is not for nothing that the aid programs of the European emergency fund are accompanied by strict conditions: You get very cheap loans provided you take action to restore order. That

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696-473: Is supposed to be a progressive". Manfred Weber , leader of the European People's Party group , tweeted "Eurozone is about responsibility, solidarity but also respect. No room for stereotypes". The Portuguese Prime Minister , António Costa , said his words were "racist, xenophobic and sexist" and that "Europe will only be credible as a common project on the day when Mr. Dijsselbloem stops being Head of

754-589: The International Monetary Fund as a bloc, rather than each member state separately: "It is absurd for those 15 countries not to agree to have a single representation at the IMF. It makes us look absolutely ridiculous. We are regarded as buffoons on the international scene." However Finance Commissioner Joaquín Almunia stated that before there is common representation, a common political agenda should be agreed. In January 2010 Juncker indicated that

812-658: The January 2015 legislative election . Initially the Greek government formed by Syriza and the Independent Greeks pursued bilateral talks with creditors and later the Eurogroup agreed on an extension of the bailout for four months. The negotiations for a new bailout package failed to meet the deadline for a €1.1 billion repayment to the IMF on midnight 1 July 2015 (Athens time). After the 5 July Greek referendum in which

870-776: The Labour Party (PvdA), he has also been Chairman of the supervisory board of Wageningen University since 1 April 2019. Dijsselbloem was Minister of Finance in the Second Rutte cabinet , serving from 5 November 2012 to 26 October 2017. He also served as President of the Eurogroup from 21 January 2013 to 12 January 2018 and President of the Board of Governors of the European Stability Mechanism (ESM) from 11 February 2013 until 12 January 2018. He

928-457: The Second Rutte cabinet . From the start, Dijsselbloem emphasised his commitment to fiscal discipline. On 1 February 2013, he nationalized the financial institution SNS Reaal , preventing its bankruptcy . Shareholders and owners of subordinated debt are expropriated with no compensation and others banks of the country have to contribute to the takeover up to one billion euros. By December 2013, Dutch press named Dijsselbloem politician of

986-582: The Socialist Group in the European Parliament (to which Dijsselbloem's party belongs) said "there is no excuse or reason for using such language, especially from someone who is supposed to be a progressive". Manfred Weber , leader of the European People's Party Group , tweeted "Eurozone is about responsibility, solidarity but also respect. No room for stereotypes". The Portuguese Prime Minister, António Costa , said his words were "racist, xenophobic and sexist" and that "Europe will only be credible as

1044-671: The Wageningen University between 1985 and 1991, where he obtained an engineer's degree (" ingenieur ") in agricultural economics in 1991, majoring in business economics , agricultural policy , and social and economic history . Dijsselbloem subsequently did research in business economics at the University College Cork (1991) in Ireland , but he did not graduate from this university. Dijsselbloem’s interest in politics began in 1983, spurred by

1102-469: The Eurogroup and apologises clearly to all the countries and peoples that were profoundly offended by his remarks". Former Italian Prime Minister Matteo Renzi also called on Dijsselbloem to quit, saying that "If he wants to offend Italy, he should do it in a sports bar back home, not in his institutional role". In a reaction Dijsselbloem said: "Everyone knows that I didn’t say that all southern Europeans spend their money on drinks and women. That’s not what

1160-476: The Eurogroup in January 2010, Juncker emphasised the need to broaden the scope of the Eurogroup's business. In particular in terms of co-ordinating economic policies and representation. Juncker proposed creating a small secretariat consisting of four to five civil servants to prepare the group's meetings. However, although France and Spain support such plans, Germany fears that strengthening the group might undermine

1218-636: The Eurogroup is Paschal Donohoe , the Minister for Public Expenditure, National Development Plan Delivery and Reform of Ireland . The ministers meet in camera a day before a meeting of the Economic and Financial Affairs Council (ECOFIN) of the Council of the European Union . They communicate their decisions via press and document releases. The group is related to the Council of the European Union (only Eurogroup member states vote on issues relating to

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1276-412: The Eurogroup is Paschal Donohoe , the former Minister for Finance of Ireland . In September 2004, the Eurogroup decided it should have a semi-permanent president who would be appointed for a term of two years. Finance Minister and then Prime Minister of Luxembourg Jean-Claude Juncker was appointed to be the first president of the Eurogroup, mandated from 1 January 2005 until 31 December 2006, and

1334-474: The Eurogroup was a significant factor in the formation of the DiEM25 movement to "re-democratize Europe", to which Varoufakis belongs. NGO Transparency International has also repeatedly called for an overhaul of the governance of the Eurogroup. The European Ombudsman has even opened a case on the matter, demanding more transparency. Among all those critics, here are concrete examples of democratic shortcomings of

1392-620: The Eurogroup: In 2008, in light of the 2008 financial crisis , French President Nicolas Sarkozy (speaking at the European Parliament as the outgoing president of the European Council ) called the Eurogroup to be replaced by a "clearly identified economic government" for the eurozone, stating it was not possible for the eurozone to go on without it. The eurozone economic government would discuss issues with

1450-546: The European Central Bank, which would remain independent. This government would come in the form of a regular meeting of the eurozone heads of state and government (similar to the European Council ) rather than simply the finance ministers which happens with the current Eurogroup. Sarkozy stated that "only heads of state and government have the necessary democratic legitimacy" for the role. This idea

1508-901: The House of Representatives of the Netherlands on 15 July, Dijsselbloem criticised the Syriza government as ideologues, saying that their "every sentence had ideological baggage". He also received criticism for subterfuge in return from Greece's chief negotiator, the Finance Minister Yannis Varoufakis , who published this account in his book Adults in the Room : "From my first Eurogroup, Jeroen Dijsselbloem began an intensive campaign to bypass me altogether. He would phone Alexis Tsipras , my prime minister, directly – even visiting him in his hotel room in Brussels. By hinting at

1566-771: The House of Representatives the day before, while having been reelected during the 2017 Dutch general election in March; William Moorlag entered the States General to fill the vacancy. On 21 January 2013, Dijsselbloem took office as President of the Eurogroup , a grouping of the Ministers of Finance of the Eurozone , those member states of the European Union (EU) which have adopted the euro as their official currency; he succeeded Jean-Claude Juncker . Spain

1624-667: The Prime Minister's seniority and superior responsibility over the Treasury . In Australia , the senior minister is the Treasurer , although there is a Minister for Finance who is more junior and, as of 2018 , heads a separate portfolio of Finance and the Public Service. Finance ministers can be unpopular if they must raise taxes or cut spending . Finance ministers whose key decisions had directly benefited both

1682-838: The United States , and it is the director of the Office of Management and Budget who drafts the budget . In the United Kingdom , the equivalent of the finance minister is the Chancellor of the Exchequer . Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury . This signals

1740-496: The chair of the Eurogroup mirrored that of the rotating presidency of the Council of the European Union , except where the Council presidency was held by a non-eurozone country, in which case the chair was held by the next eurozone country that would hold the Council presidency. In 2004 the ministers decided to elect a president and in 2008, the group held a summit of heads of state and government, rather than Ministers of Finance, for

1798-503: The commission is to propose that the group become a member of the G20 . During the 2013 Economic crisis in Cyprus, Eurogroup proceeded towards the first bail-in approach towards the Cypriot banking sector, resulting in the confiscation of deposits of Cyprus' two main banks. Despite the lack of any visibility on the banks' credentials and balance sheets, Eurogroup decided to utilise deposits of

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1856-547: The euro crisis, this also led the Eurogroup to suffer from the lack of accountability and limited democratic oversight. Hence a growing number of critics by various stakeholders against the undemocratic aspects of the Eurogroup. In 2017, the Commissioner Pierre Moscovici described the Eurogroup as "a pale imitation of a democratic body." and former Greek finance minister Yanis Varoufakis vocally denounced its "outrageous opacity". The non-transparency of

1914-676: The euro in the ECOFIN) and was formalised under the Treaty of Lisbon . The Eurogroup, formerly known as the Euro-X and Euro-XI in relation to the number of states adopting the euro, was established at the request of France as a policy co-ordination and consultation forum on eurozone matters. The December 1997 European Council endorsed its creation and the first meeting was held on 4 June 1998 at Senningen Castle in Luxembourg . To begin with,

1972-428: The eurozone, only those states using the euro (the Eurogroup countries) are permitted to vote on it. This vastly informal nature has led to a number of controversies, criticisms and debates on the governance of the monetary union. Because of its minimalist legal basis, the Eurogroup is mostly an informal body with very large discretionary powers. Though such nature may have allowed decisiveness in decision making during

2030-497: The final candidates considered by European governments as potential successors; Dijsselbloem was supported by a group of countries led by the Netherlands and Germany. Georgieva eventually got the backing of 56% of EU states which however represented only 57% of the bloc’s population, falling short of one requirement. However, Dijsselbloem conceded defeat. In March 2017, he told the German newspaper Frankfurter Allgemeine Zeitung "As

2088-553: The first time. This became known as the Euro summit and has held meetings irregularly during the financial crisis. Since the beginning of the monetary union, its role has grown in regards to the euro's economic governance. The fact the group meets just before the Ecofin council means it can pre-approve all Ecofin's decisions on eurozone affairs. In 2009 the Treaty of Lisbon formalised the group and its president. The current president of

2146-528: The future of the European Monetary Union , including proposals that mostly echoed calls by Germany and other northern eurozone countries to enforce spending rules across the eurozone. On 4 December 2017, Mário Centeno was elected as his successor as President of the Eurogroup . Following the resignation of Christine Lagarde as managing director of the International Monetary Fund (IMF) in 2019, Dijsselbloem and Kristalina Georgieva were

2204-638: The independence of the European Central Bank . In June 2012, the Estonian minister of finance Jürgen Ligi was being considered as a possible successor for Juncker. In January 2013, Juncker however hinted that his likely successor would be Jeroen Dijsselbloem of the Netherlands , who was appointed second president of the Eurogroup on 21 January 2013. On 13 July 2015, Dijsselbloem was reelected. On 9 July 2020, Paschal Donohoe of Ireland

2262-464: The markets will see this as a sensible, very concentrated and direct approach instead of a more general approach... It will force all financial institutions, as well as investors, to think about the risks they are taking on because they will now have to realise that it may also hurt them." On 24 March 2013, the Financial Times and Reuters reported that Dijsselbloem saw the Cyprus bail-in as

2320-647: The mass protests against U.S. Pershing cruise missiles that drew hundreds of thousands of Dutch youth into leftwing movements. In 1985, he became a member of the Labour Party (PvdA). From 1993 to 1996 he worked for the parliamentary group of the Labour Party. From 1994-96 he was a member of the municipal council of Wageningen . From 1996 to 2000 he worked at the Ministry of Agriculture, Nature and Fishery under Minister Jozias van Aartsen and State secretary Geke Faber . From 2000 to 2012, Dijsselbloem

2378-518: The performance and perception of their country's economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award. Jeroen Dijsselbloem Jeroen René Victor Anton Dijsselbloem ( Dutch: [jəˈrun rəˈneː ˈvɪktɔr ˈɑntɔn ˈdɛisəlblum] ; born 29 March 1966) is a Dutch politician and economist serving as Mayor of Eindhoven since 13 September 2022, succeeding John Jorritsma ( VVD ). A member of

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2436-606: The representatives of the Ministers with responsibility for finance of the Member States whose currency is the euro and of the Commission. Article 2 : The Ministers of the Member States whose currency is the euro shall elect a president for two and a half years, by a majority of those Member States. Furthermore, the treaty amended the Council of the EU's rules so that when the full Ecofin council votes on matters only affecting

2494-482: The resignation of Job Cohen as party leader and parliamentary leader of the Labour Party in the House of Representatives on 20 February 2012, he became the interim parliamentary leader, serving until 20 March 2012 when Diederik Samsom was elected as the next party leader of the Labour Party. On 15 November 2012, Dijsselbloem was appointed by Queen Beatrix of the Netherlands to serve as Minister of Finance in

2552-428: The same center-right political European People’s Party political bloc. Meanwhile, on 5 June 2015, Dijsselbloem announced he would seek a second term, prompting de Guindos saying he would mount a challenge. In a subsequent letter requesting that he be reappointed to serve another two-and-a-half years as Eurogroup chair, Dijsselbloem pledged that he would push for eurozone-wide social and fiscal reforms designed to promote

2610-536: The smooth functioning of the currency union. Once he picked up 10 votes at a Eurogroup meeting in July 2015, the remaining countries decided to vote unanimously for a second term. In June 2015, Dijsselbloem, alongside Mario Draghi of the European Central Bank , Jean-Claude Juncker at the European Commission and Donald Tusk at the European Council , issued the so-called "Five Presidents' Report" on

2668-400: The then outstanding bailout offer from the Eurogroup was rejected by 61% of voters, a crisis summit was held on 12 July to negotiate Greece's new bailout request. Ahead of the summit, Dijsselbloem questioned whether the Greek proposals were credible. A deal for a new bailout package between the parties was finally agreed on Monday 13 July. During the debate on the third bailout agreement in

2726-464: The treaty lays out only two articles to govern the group; Article 1 : The Ministers of the Member States whose currency is the euro shall meet informally. Such meetings shall take place, when necessary, to discuss questions related to the specific responsibilities they share with regard to the single currency. The Commission shall take part in the meetings. The European Central Bank shall be invited to take part in such meetings, which shall be prepared by

2784-513: The two banks for a bail-in. The process is not completed yet. However, it has been criticized by some in the EU as an attack on private property. In March 2017, Jeroen Dijsselbloem, the president of the Eurogroup at the time, told the German newspaper Frankfurter Allgemeine Zeitung "As a Social Democrat, I attribute exceptional importance to solidarity. But those who call for it also have duties. I cannot spend all my money on drinks and women and then hold my hand up for help. That principle applies on

2842-604: The world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom , " Chancellor of the Exchequer ". The duties of a finance minister differ between countries. Typically, they encompass one or more of government finances, economic policy and/or financial regulation, but there are significant differences between countries: Finance ministers are also often found in governments of federated states or provinces of

2900-511: The year, describing him as "intelligent, balanced and good at finding compromises". In a response, he said that he was surprised about winning the prize because he "does not work on the forefront". In the Netherlands, he was later named as a possible European Commissioner following the 2014 European elections ; the post instead went to Foreign Minister Frans Timmermans . He was succeeded as Minister of Finance by Wopke Hoekstra ( Christian Democratic Appeal ) on 26 October 2017. He resigned from

2958-473: Was based on the meeting of eurozone leaders in 2008 who met to agree a co-ordinated eurozone response to the banking crisis. This is in contrast to an early proposal from former Belgian Prime Minister Guy Verhofstadt who saw the European Commission taking a leading role in a new economic government, something that would be opposed by the less integrationist states. Sarkozy's proposal was opposed by Eurogroup chair Jean-Claude Juncker who did not think Europe

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3016-518: Was elected to be the fourth President of the Eurogroup taking office on 13 July 2020. On 5 December 2022, Donohoe was re-elected, with his second term beginning on 13 January 2023. The ECB President , Economic and Monetary Affairs Commissioner and Chairman of the Eurogroup Working Group also attend the meetings. Members of the EU who choose not to participate in the Eurozone have been excluded from observer status. The membership

3074-472: Was elected to the House of Representatives for the Labour Party, with a brief interruption after the 2002 general elections where the Labour Party suffered a major defeat. He reentered the lower house in November that year due to Peter Rehwinkel 's resignation. In 2007, he led a parliamentary inquiry on education reform. He focused on matters of youth care, special education and teachers . Following

3132-443: Was in the interview and it wasn’t my message. The anger about the interview is anger about eight years of policies to deal with the crisis. [...] I would have rephrased it otherwise probably. But it was my way of making clear that solidarity is not charity. It's not for nothing that the aid programs of the European emergency fund are accompanied by strict conditions: You get very cheap loans provided you take action to restore order. That

3190-663: Was re-appointed for a second term in September 2006. Under the Lisbon Treaty, this system was formalised and Juncker was confirmed for another term. The presidency has helped strengthen the group, since before Juncker's appointment the Eurogroup was only present at meetings in the European Parliament . Since the position of President of the Eurogroup was created, the president has attended the European Parliament Committee on Economic and Monetary Affairs every six months. After his reappointment as President of

3248-615: Was ripe for such a large step at the time and opposition from Germany killed off the proposal. Merkel approved of the idea of an economic government, but for the whole of the EU, not just the eurozone as doing so could split the EU and relegate non-eurozone states to second class members. In his 2011 State of the Union address , Commission President José Manuel Barroso opposed the Franco-German intergovernmental plan, stating that community institutions should perform that role. In 2017,

3306-712: Was successively Chairman of the Dutch Safety Board from 1 May 2019 to September 2022. Jeroen René Victor Anton Dijsselbloem was born on 29 March 1966 in Eindhoven , Netherlands . His parents were both schoolteachers. He was raised as a Roman Catholic . Dijsselbloem went to a Roman Catholic primary school in Son en Breugel and the Catholic secondary school Eckartcollege (1978–85) in Eindhoven. He studied at

3364-420: Was the only country not to back his candidacy. Dijsselbloem struggled early in his two and a half-year term and faced criticism for his handling of the " Cyprus bail-in ." In March 2013, he took the lead in the negotiation, conclusion and subsequent public promotion of the bailout. He attracted criticism for the precedent of taking depositors' balances as part of bank rescues but said "I am pretty confident that

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