Thank you. Good evening, everyone.

Our main discussion today was about the macroeconomic outlook, including the implications of the very fluid and uncertain global and geopolitical landscape for the euro area economy.

The recent announcements from the new US administration show that their commitment to the transatlantic partnership cannot be taken for granted.

We regret the recent announcement of tariff measures and will be ready to respond in a firm and proportionate way.

The uncertainty relating to our trade policies has substantially increased and is already having a negative impact on the global economy – including on the US.

But also, the EU is affected, as the uncertainty puts a lid on investment and reduces prospects for external boost for the EU economy.

A second factor putting a drag on our economy is that energy prices have again increased in recent months.

However, in spite of all of these challenges, the conditions for a gradual pick-up in growth momentum over the course of this year remain in place.

The labour market is expected to remain resilient, and the disinflationary process remains on track, even if higher energy prices are set to lift headline inflation in actual term.

All in all, we expect the EU economy to grow at a slower pace compared to what we had projected in the autumn forecast. And, again, uncertainty is particularly high.

The euro area must brace itself for an increasingly unpredictable and transactional international environment. We will need to make full use of our strengths and address our weaknesses with utmost urgency.

We will have to take more responsibility for our security and defence; and improve our competitiveness and economic fundamentals.

We must act now to secure our long-term prosperity.

This brings me to the next point, the Euro Area Recommendation, which the ministers endorsed today and that serves as collective policy guidance for euro area Member States.

Crucially, this year’s recommendation highlights the urgent need to address lagging productivity and innovation, stressing the importance of continuing our efforts to enhance euro area competitiveness.

The recommendation places a strong emphasis on the need to strengthen the Single Market and on advancing the work on the Savings and Investment Union.

It is vital that we now turn those recommendations into tangible outcomes, and this will require a common effort from all.

The Commission also supports the work programme for the Eurogroup that Paschal has presented to us today.

The programme sets a clear path for addressing the important challenges we face.

These include: Enhancing Europe’s competitiveness, supporting sound public finances, preparing to respond to global challenges as they emerge, progressing on the digital euro project.

As you can see, we will remain busy over the course of this year.

Finally, as Paschal has already mentioned, we began today’s meeting by hearing from Minister Petkova on Bulgaria’s progress towards joining the euro area.

Bulgaria has made further progress towards meeting the price stability criterion, which was the only criterion that Bulgaria did not meet in the 2024 convergence report.

So, we will continue to follow inflation developments in Bulgaria closely.

We encourage the Bulgarian authorities to maintain sound finances and look forward to receiving their first medium-term fiscal structural plan shortly.

Finally, we were reassured by Minister Petkova that the necessary legal changes related to the independence of Bulgaria’s central bank will be addressed, and that further progress will be made on the commitments that Bulgaria took upon entering ERM II.

We count on Bulgaria to also go this last mile. The Commission will continue to support Bulgaria’s efforts and preparations to adopt the euro.

Thank you.