Staikouras at Eurogroup: Common challenge for EU-US is high inflation – Need for closer coordination

In favor of closer coordination of policies between the European Union and the USA, in order to reduce international uncertainty, the Finance Minister Christos Staikouras during its placement, during the informal meeting of the Eurogroup with an expanded composition and with the participation of the US Treasury Secretary,Janet Yellen.

The meeting took place in Washington, on the sidelines of the Annual Meeting of the International Monetary Fund and the World Bank, and allowed the finance ministers of the European Union and their American counterpart to exchange views on transatlantic economic prospects and risks.

In the E.U. as in the US, the overall policy mix, due to increased mid-term uncertainty, is on a tightening trajectory & the optimal balance between economic & social priorities must be sought.#MinFin #IMF #WBG #Eurogroup #FiscalPolicy pic.twitter.com/vYunhRym4p

— Christos Staikouras (@cstaikouras) October 14, 2022

In his intervention at the meeting, Mr. Staikouras pointed out that Russia’s war against Ukraine is causing significant costs and increased mid-term uncertainty, both for the European and the American economy. “Especially high inflation is a common challenge, which threatens the recovery from the pandemic and undermines social cohesion, through its strongest effects on the vulnerable”, said the Greek finance minister.

In this light, Mr. Staikouras underlined that both in the European Union and in the USA the overall policy mix is ​​clearly on a tightening trajectory, and in this context the best possible balance between economic and social priorities must be sought, ensuring medium-term economic and fiscal sustainability.

The finance minister also advocated closer coordination of policies between the European Union and the US in order to reduce international uncertainty.

He also emphasized that Greece – on the basis of its firm adherence to international law – fully supports the sanctions against Russia. He also noted that our country agrees that the sanctions should not affect the economies of the EU. more than the Russian economy, and not to reward those who side with Russia or remain neutral, exploiting the war for their own, narrow interest, in stark contrast to their obligations as NATO members and allies of the West.

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