President of the Eurogroup, Paschal Donohoe, travels to the Netherlands and attends G7 Finance Ministers meeting

The Minister for Finance, and President of the Eurogroup, Paschal Donohoe TD travels to The Hague today (Wednesday) to meet the Dutch Minister for Finance, and First Deputy Prime Minister, Sigrid Kaag.

They will discuss the economic situation in the euro area and the Netherlands, and the importance of coordinated economic and fiscal policies in responding 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's Banking Union, for which Eurogroup is discussing a draft Work Plan; and the EU's economic governance review, on which the Eurogroup is currently feeding its views into the Commission's ongoing work.

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 Presidency of the G7. During the meeting, Minister Donohoe will take part in discussions which will focus on: the Ukraine 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 G7 will also hold a joint session with Health Ministers to discuss the current Covid-19 situation and global access to vaccines.

Speaking ahead of his participation in the meeting, Minister Donohoe stated:

"We face a challenging, uncertain time as we continue to work on returning our citizens to health and our economies to growth, particularly in light of the unwarranted action by Russia against Ukraine. The G7 meeting offers an opportunity to discuss collective efforts to manage these challenges and to coordinate our response."

ENDS

NOTE TO EDITORS:

The meeting will be chaired by the German Finance Minister, Christian Lindner, and the German Central Bank Governor Joachim Nagel, who jointly lead the Finance track of the G7 under the German Presidency of the G7.

The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The G7 Finance ministerial meetings are also attended by the President of the Eurogroup and the European Commission, on behalf of the European Union, and by the IMF, the OECD and the World Bank.