Minister McGrath travels to represent Ireland in Brussels and Davos

The Minister for Finance Michael McGrath TD, is in Brussels today (Monday) to represent Ireland at the first meetings of the Eurogroup and ECOFIN for 2023. From Brussels, Minister McGrath will then travel to Davos in Switzerland to attend the World Economic Forum.

Ahead of the Eurogroup meeting on Monday, Minister McGrath will meet with European Commissioner for Financial services, financial stability and Capital Markets Union, Mairead McGuinness.

At the Eurogroup, there will be a focus on the economic situation across the Euro Area with presentations and discussion on the energy supports being made available to households and businesses with a view to coordinating fiscal policy among Eurozone countries. Ministers will receive an update on the euro cash changeover in Croatia, following their adoption of the single currency on 1 January 2023 and will take stock on the advancement of the digital euro project.

Minister McGrath will then attend the Economic and Financial Affairs Council (ECOFIN) on Tuesday. The Commission will update Ministers on the economic and financial situation in Ukraine as well as on the implementation of the macro-financial assistance to Ukraine. Ministers will consider a modified Recovery and Resilience Plan for Luxembourg and will have a discussion on the European Semester process for 2023. It is expected that Ministers will approve the Euro Area Recommendations so that they can advance to the European Council.

Minister McGrath will then travel to Davos, Switzerland to attend the World Economic Forum where he will participate in a range of high level meetings and will participate in a panel discussion at the event titled : Jobs Consortium: Towards a New Vision for the Future of Work. The Minister will also host a dinner with IDA client companies who are key investors in Ireland.

Speaking ahead of his travel, Minister McGrath commented:

"I am delighted to be representing Ireland at my first meetings of Eurogroup and ECOFIN. I look forward to meeting with and engaging with my colleagues from across the European Union on a broad range of economic and financial matters, and particularly at a time when we face significant economic challenges in Europe and further afield.

The discussion and presentations on the energy supports for businesses and households are timely, as we come towards the next juncture in our energy supports with more focus on better targeting and supporting those most affected, and with some domestic tax measures due to expire at the end of February. It is my expectation that support will still be needed for those most affected by the crisis, but resources remain constrained, and we need to ensure that taxpayers funds are being used in the most efficient way possible and having the desired impact for those who most need support. It remains important that the supports provided do not add to the inflationary pressures that we have seen in recent months, and I look forward to an update on the economic situation and outlook for the Euro Area and the wider European Union over the coming days.

The World Economic Forum provides a valuable opportunity for Ireland to engage with senior political and business leaders from across the world and I look forward to representing Ireland alongside the Taoiseach at this important gathering of economic leaders. I will devote a lot of my time at the Forum to meeting current and potential job-creators in Ireland, with a view to promoting the expansion of existing investments and the establishment of new ones."

ENDS