MNI EXCLUSIVE: Non-Euro FinMins Joining Eurogroup Meet; No UK

-UK Not Invited To Extended Eurogroup meeting: Other Non-Euro States To Attend

By Jean Comte

     BRUSSELS (MNI) - The 19 euro area finance ministers will next week hold an

"extended" Eurogroup session with the participation of their non-euro area

counterparts - only the UK will not be present - Market News has learned.

     The meeting will be held on November 6 in Brussels, in the margin of a

"classical" Eurogroup meeting - one with only the 19 euro-area member states.

The UK is not invited, with the additional invitations extended to Sweden,

Romania, the Czech Republic, Poland, Hungary, Croatia and Denmark. 

     The UK negotiated a single currency opt-out to the EU treaties, so it does

not have to join the Euro area meeting. It is also scheduled to leave the EU by

2019, so will not be involved with the deepening of the Euro area framework, a

source told MNI.

     Denmark also negotiated a single currency opt-out clause, but it is

nevertheless considering joining the Banking Union - the Euro area framework for

banking surveillance and resolution, which is open to all non-Euro area member

States

     The goal of this extended format is to tackle general issues linked to the

deepening of the Euro-area: the completion of the Banking union, the evolution

of the fiscal framework, and the possible creation of a euro area budgetary

capacity.

     The questions tackled at next week's meeting will then be discussed at the

heads of state level during a summit planned in Brussels on December 15. This

summit will also be held in the same open format: all non-euro area head of

States will be able to attend, except the UK.

--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com

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