The Eurogroup welcomed the preliminary agreement reached between Greece and the institutions on a new set of policy reforms to support the country's economic recovery.The agreement is an important step towards the finalisation of the second review of Greece's macroeconomic adjustment programme.This is why we advocated for Jeroen Dijsselbloem, acting Dutch finance minister and “permanent” yet part-time Eurogroup President since 2013, to retain his latter post regardless of his domestic political fortunes.As the Eurogroup has no rules of procedure – the treaty protocol attesting to its existence merely states that a President be elected for a 2.5-year term – the toxic tradition of a conflict of interest-laden national finance minister doubling as President could have resolved itself by virtue of the Eurogroup’s inability to agree on anyone else.Throwing in the ultimate decision-making power on euro area ‘bailouts’ via the European Stability Mechanism (the bailout fund’s Board of Governors is identical to the Eurogroup) set the stage for ad hoc governance via peer-pressure in all-nighter negotiations.The Eurogroup is far from perfect, but one definite improvement would have been an independent President without a built-in conflict of interest.Work will continue in the coming weeks within the framework agreed in May 2016 with a view to reaching a definitive conclusion at the next Eurogroup meeting.
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In 2004 the ministers decided to elect a president (see "President" below for details) and in 2008, the group held a summit of heads of state and government, rather than finance ministers, for the first time.
This became known as the Euro summit and has held meetings irregularly during the financial crisis.