Minister Troy attends the Informal ECOFIN and Eurogroup in Cyprus

The Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy TD, will travel to Cyprus to attend the Informal ECOFIN and Eurogroup meetings taking place on 22 and 23 May.

Speaking ahead of the meetings, Minister Troy said:

"I am delighted to be in Lefkosia for the Informal ECOFIN and Eurogroup meetings hosted by Cyprus as part of their Presidency of the Council of the European Union.

The informal meetings on Friday and Saturday will provide a valuable opportunity to engage with EU Finance Ministers and Central Bank Governors on a range of important topics ahead of the Irish Presidency beginning in July.

Starting with Eurogroup on Friday, we will discuss current economic developments before turning our attention towards the housing market across the EU. Housing availability and affordability is a critical issue in Ireland and I look forward to engaging constructively with colleagues on this topic. Eurogroup will conclude with an update on the state-of-play of the digital euro, a key file that we will look to progress during our Presidency."

On the Informal ECOFIN, Minister Troy added:

"The Informal ECOFIN begins with a working lunch focused on increasing EU competitiveness. Recent geopolitical events have highlighted the urgent need for Europe to increase our productivity, innovate and compete globally and Governments have a key role to play in this.

Moving into the first working session, we will be joined by Central Bank Governors for a discussion on the features and functions of stablecoins. ECOFIN will conclude with a debate on how Europe can meet its investment needs and deliver for our citizens without undermining fiscal sustainability. I look forward to hearing from the IMF and the European Court of Auditors along with the views of my colleagues on this pertinent issue."

Note to Editor

Starting with Eurogroup in regular format on Friday morning, Ministers will engage in their regular discussions on macroeconomic developments in the euro area before moving into a discussion on the European housing market under the competitiveness workstream. Eurogroup will conclude with an update on the state-of-play in relation to the digital euro.

The Informal ECOFIN begins on Friday afternoon with a working lunch where Ministers will exchange views on the need to strengthen European competitiveness in the context of recent geopolitical developments. The discussion will be informed by a presentation from the Managing Director of the European Stability Mechanism, Pierre Gramegna, and Professor Andreas Theophanous, President of the Cyprus Centre for European and International Affairs at the University of Nicosia.

During Working Session I, Finance Ministers will be joined by Central Bank Governors for a discussion on the usage, key features and economic functions of stablecoins, based on a presentation by Bruegel.

Discussions will continue on Saturday morning with Working Session II: How Can Europe Pay for Things That it Cannot Afford? Ministers will exchange views on how Europe can meet increasing spending needs without undermining long term fiscal sustainability, with contributions from the IMF and the European Court of Auditors.