The Eurogroup is composed of the Eurogroup President, presently Jean-Claude Juncker, the Finance Minister of each Member State of the euro area, the Commissioner for economic and monetary affairs, and the President of the European Central Bank.

 

It was created in 1997 in order to enhance economic policy coordination amongst member states sharing the single currency. These countries currently include: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

 

The Group typically meets ahead of each ECOFIN council meeting. The Danish Presidency of the Council does not participate in these meetings, as Denmark is not participating in the third phase of the EMU.