EU economic and finance ministers meet in Belgium

A three-day informal meeting of EU economic and financial affairs ministers begins today in Ghent, Belgium.

The meeting is set to address EU competitiveness, a top priority for the Belgian government, which currently holds the EU Council presidency. Mario Draghi, former Prime Minister of Italy, will present a report on the global competitiveness of the EU. The Ministers of Finance and Central Bank Governors will also reportedly examine the future of the European Investment Bank and the organization of public and private financing in Europe in the coming years.

Europe’s recovery from the pandemic has been impeded by global crises such as the war in Ukraine, the underperforming Chinese economy, and increasingly protectionist US policies. Economic growth for 2024 is currently predicted to be a disappointing 0.9%, with 0.8% for the Eurozone. Challenges such as a recession in Germany, declining manufacturing output, and high unemployment in southern Europe also continue to be drag recovery. Several policies, most notably, lowering the interest rate, or investments in green energy could  boost the EU economy. Expect the EU to also diversify its trade partners to avoid being caught up in a potential US-China trade war.