The need to manage the energy crisis with the aim of protecting businesses and households from price increases was highlighted by the Minister of National Economy and Finance and President of the Eurogroup, Kyriakos Pierrakakis, as he arrived today, Monday, at the meeting of Eurozone finance ministers.

“We are open to discussing measures. This will depend on how the crisis evolves in the coming weeks. We have a set of tools that we developed in the past — the ‘2022 toolbox’ — from the time of Russia’s invasion of Ukraine. So far, we have not yet reached that point. We are closely monitoring the situation.”

As Mr. Pierrakakis noted:
“Today I am chairing the Eurogroup meeting at a moment of heightened geopolitical tension, as the crisis in the Middle East enters a new and dangerous phase of escalation. It goes without saying that our thoughts and attention are first and foremost with the people directly affected by the conflict in the region itself.

At the same time, we know very well that this crisis has very significant implications for the international political economy and, of course, for Europe as well. We understand that the role of energy in the overall economy is decisive. We see increases in oil and natural gas prices dominating international headlines. However, I would say that, at the same time, we are fully aware that the effects we observe in various economic variables are also significant.”

He also made special reference to developments in the Strait of Hormuz, noting that “we are monitoring the impact of developments in the region” and that “the overall effect could be particularly significant.”

The President of the Eurogroup stressed:
“Keeping in mind, on the one hand, the great responsibility we have for the sustainability of European businesses and, on the other hand, the need to protect European households from major price increases, the key word here is household affordability. We must also fully understand that the effects of this crisis in Europe may appear not only through energy prices but also through other variables.

The cost of fertilizers, air transport, and even indirect effects on financing conditions are factors that must be taken into account. Therefore, we fully recognize the responsibility we have, and that in all these issues the Eurogroup has a very important role to play.

Overall, ensuring Europe’s competitiveness — with emphasis on both resilience and growth — is the key message before us.”