Eurozone finance ministers meet to debate regional issues

World - Mohit Shah - Mar 21,2017

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eurozone finance ministers meet to debate regional issues

On Monday, Eurozone finance ministers met in Brussels to discuss member states’ budget plans for 2017 along with the problems of Greece’s latest bailout loan.

A total of 19 Eurozone finance ministers met in Brussels for discussing the Greek bailout program. However, currently, the group itself is facing internal problems regarding its leadership.

Jeroen Dijsselbloem, current president of the Eurogroup, has been under the scanner of losing his seat after his Labour Party saw a major setback in last week’s general election in the Netherlands.

There are heavy uncertainties related to Dijsselbloem retaining his role as Dutch finance minister, and might end up leaving the Eurogroup. 

It is well known that the Dutch politician is popular among the group. On Monday, the Irish finance minister, Michael Noonan commented that Dijsselbloem has functioned as a "very good president". Also, Johan Van Overtveldt, the Belgian minister pointed out that Dijsselbloem did "a great job" till date.

A new precedent for the Eurogroup can soon be set. Since several years, a number of European officials have worked to build the idea of a permanent president for the group.

Johan Van Overtveldt said he's "totally prepared" for debating such prospect.

The meeting also involved stern discussions related to Brexit. The stressed Eurozone president Dijsselbloem stated, “I hope for realism.”

He demanded practicality regarding the sequence of events, as well as sanity on what it would price. Dijsselbloem kept his concerns for realism since he hasn’t “heard that from the British government.”

On the other hand, Italy’s Economy Minister Pier Carlo Padoan had already discussed Brexit with Britain’s finance minister Philip Hammond during the G20 meeting in Germany which kept him quite optimistic.

He said, the UK and the EU 27 are observing the issue “from different perspectives.”