Euro Group to Address High Economic Concerns in First 2023 Meeting
The Euro Group is set to resume talks and discuss economic issues in the first meeting of 2023, specifically focusing on recession, inflation, energy crisis & fiscal rules. Croatia has also been welcomed as the twentieth member of the Euro Zone.
The European Commission has pondered over a contraction in activity in the Euro Area during the last quarter of 2022 and the first in 2023. However, the Euro economies have exhibited resilience in recent months before the end of last year, with GDP growth at 0.3%, higher than expectations.
In the meeting, France & the Netherlands will explain their national support measures towards the energy crisis. The objective is to coordinate and not to use Political pressure or force in the countries.
Additionally, the Euro Group will monitor the progress with regards to potential introduction of the digital euro by the ECB, which is expected to finish by the end of 2023. The European Commission plans to provide a legal framework for the same in the second quarter of the year.
Overall, the Euro Group is making strides towards economic prosperity in the Eurozone.