Eurogroup – Gentiloni: Targeted measures for the consequences of the energy crisis

As much as possible, the emergency support measures to deal with the energy crisis should be as “targeted”, the Economy Commissioner stressed today from Brussels. Paolo Gentilonicoming to Eurogroup.

Eurozone Finance Ministers will today discuss economic developments and the fiscal outlook, taking into account the measures to support households and businesses, but also the consequences of inflation.

Regarding the economic outlook, Commissioner Gentiloni predicted a slowdown in growth and economic contraction in the coming months, despite the fact that the growth rate was positive in the last quarter.

Alongside, the Finance Commissioner underlined the need for “targeted” emergency measures aimed at relieving citizens and businesses in the face of soaring energy prices. He also noted that the last month has seen an increase in “not so targeted” or temporary measures, but this is not sustainable in the long term.

Staikouras: Greece will succeed with high growth

Greece will do well and do much better with a higher growth rate than the European average, he said the Minister of Finance, Christos Staikouras attending the Council of Finance Ministers of the Eurozone, in Brussels. where the Commission’s new forecasts for the European economy will be discussed.

At the eurogroup meeting the new fiscal rules will also be discussed with the Greek minister stressing the need for stability, flexibility, realism and special care for spending linked to investments and Europe’s security.

The entire statement of H. Staikouras:

“We are discussing today at the Eurogroup about the developments in the economic field, shortly before the publication of the European Commission’s new forecasts for the course of the European economies, but also about some first important proposals for a new fiscal pact. Regarding the first, the estimates seem to be more unfavorable, compared to the recent past. Europe’s economies look set for slower economic growth, even recession, in 2023 and high, persistent inflation. Greece will do better than many other European countries, showing a much higher rate of economic growth than the European average and many other European economies.

As for the second part concerning the fiscal compact, the new European architecture should ensure fiscal stability. At the same time, however, it should be governed by flexibility in terms of the economic cycle, by realism, in terms of the achievement of fiscal goals, by special provisions for expenses related to the security of Europe and by a special emphasis on public investments, which they have to do with the future of Europe, with the achievement of a high and sustainable rate of economic growth.”

RES-EMP

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