Eurogroup statement on the updated draft budgetary plans of Germany and Portugal

(Source: Council of the EU and European Council)

The Eurogroup welcomes the submission of the Draft Budgetary Plans for 2022 of Germany and Portugal, as well as the Commission Opinions issued on 19 May 2022.

We agree with the Commission’s positive assessment of the DBPs and in particular welcome the assessment that the Plans are intended to support the recovery and that nationally financed investment is planned to be preserved in 2022. We also welcome the Commission’s assessment that Portugal broadly limits the growth of its nationally financed current expenditure as recommended by the Council.

The DBP exercise is key to the coordination of fiscal policy in the euro area. We are continuing our strong coordination of fiscal policy in the euro area to weather the heightened risks and uncertainties, and their impact on our economy, as agreed on 14 March 2022.

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