Finance ministers will discuss the overall budgetary stance of the euro zone for 2001 as well as the successes and failures of their "eurogroup" at a meeting tomorrow.

EU diplomats yesterday indicated that European Economic Affairs Commissioner Mr Pedro Solbes would present the Commission's first "business climate indicator" for the euro zone to the meeting. The indicator is one of several it is developing for the currency area to make up for a lack of timely official statistics.

The talks, ahead of a meeting of all 15 EU finance ministers, will be attended in part by European Central Bank president Mr Wim Duisenberg and his deputy Mr Christian Noyer.

The eurogroup was set up in June 1998 by countries due to enter the euro zone as a means to co-ordinate their policies. But despite efforts, led by France, to give the group greater clout, its impact so far has been limited.

While ministers have clearly improved co-ordination on their views on the euro's exchange rate, they have had less success in meeting sudden challenges, such as this year's spike in oil prices, and adapting policies to fit.

They have also openly criticised each other for agreeing budgetary guidelines at EU level and then doing the opposite in practice.

Mr Fabius, the current eurogroup chairman, told the European Parliament this week it was often difficult for ministers to explain to national public opinion what had been agreed on budgets at EU level.