Europe must manage these challenges “united, in a coordinated manner, and with a commitment to defend its sovereignty,” the President of the Eurogroup stressed. Eurozone finance ministers also discussed Greenland, despite the issue not being formally on the meeting’s agenda.

“Dialogue is the key,” said the President of the Eurogroup, Kyriakos Pierrakakis, shortly after the conclusion of today’s meeting of eurozone finance ministers in Brussels. His remarks came amid threats by Donald Trump to impose additional tariffs, starting on February 1, on six EU countries, as part of pressure exerted by Washington in relation to Greenland.

Pierrakakis explained that although Greenland and the threat of additional tariffs were not officially included on the Eurogroup agenda, the discussion inevitably took place against the backdrop of recent developments. As he noted, for Europe, territorial integrity and sovereignty are not merely political positions, but fundamental principles of international law—principles that are essential not only for EU member states but for the international community as a whole.

In this context, he stressed that “dialogue remains the key” as the primary tool for de-escalation, warning that the imposition of tariffs would undermine transatlantic relations as a whole and lead to a dangerous downward spiral.

The President of the Eurogroup emphasized that Europe must face these challenges “united, in a coordinated manner, and with a commitment to defend its sovereignty.” In this regard, particular importance is attached to the extraordinary European Council meeting scheduled for Thursday, January 22, which will assess the situation.

EU Position and Readiness to Respond

European Commissioner for the Economy Valdis Dombrovskis stated that the European Union is seeking to clarify its next steps, placing emphasis on engagement with the United States and the pursuit of constructive solutions. He noted that political consultations are ongoing, adding that the economically best option would be to reach an agreement—especially given that the EU–US trade relationship is the largest in the world, with high stakes for both sides.

“We want to avoid negative scenarios,” Dombrovskis said, while stressing that the EU is ready to respond should constructive agreements prove impossible.

He also described threats against Greenland’s territorial integrity and sovereignty as “unacceptable,” underlining that while the EU seeks constructive cooperation with the US, it remains prepared to react. Asked whether there is political will for retaliatory measures if necessary, he replied that “all tools are on the table,” reiterating that dialogue is preferred, but other options remain open.

Eurogroup Priorities and ECB Vice Presidency

During his first Eurogroup meeting as president, Pierrakakis highlighted the convergence among eurozone countries on key priorities, including the Investment Union, completion of the Single Market, and the digital euro. He stressed that the critical challenge now is achieving tangible results within very tight timeframes.

He also announced that eurozone finance ministers selected Boris Vujčić, Governor of the Croatian National Bank, to succeed Spain’s Luis de Guindos as Vice President of the European Central Bank, starting on June 1, 2026. In addition to Croatia, five other eurozone member states had nominated candidates: Portugal, Latvia, Estonia, Finland, and Lithuania.

Finance ministers also welcomed Bulgaria’s entry into the eurozone, marking the country’s first official participation in a Eurogroup meeting. The eurozone now consists of 21 member states.

“A Special Meeting”

“This was a special Eurogroup meeting for me, as it was the first time I chaired the session since my election in December,” Pierrakakis said after the meeting. “I look forward to working with my colleagues to implement our shared priorities and to address the challenges ahead.”

He referred to the discussions on eurozone governance, noting that the focus is on competitiveness, resilience, and macroeconomic and financial stability. Deputies and experts will begin work aimed at finalizing recommendations for agreement at the February meeting.

“We are operating in an extremely volatile geopolitical environment,” he said. “Dialogue remains essential, and unity and coordination are key. The global economy faces multiple challenges. Resilience alone is not enough for the future—we must return to a path of sustainable economic growth and dynamism.”

Praise for the New Presidency

Finally, Pierre Gramegna, Managing Director of the European Stability Mechanism, congratulated Pierrakakis on his first Eurogroup meeting, stating:

“I found that you chaired the meeting exceptionally well, with productive and constructive discussions. I think you have set a very positive tone for your term.”