As the Commissioner of the Economy mentioned “the quality of the measures in Greece is not as targeted as we would like” and this is unfortunately a problem “that we also encounter in other countries”.
The emergency measures taken by Greece, like other EU countries, “are not targeted enough”, said the Commissioner for Economy, Paolo Gentiloni, in response to a related question, during a press conference he gave today in Brussels on the autumn economic forecasts of the European Commission.
Mr. Gentiloni mentioned that what we see in Greece’s plans is that firstly, “the quality of the measures is not as targeted as we would like” and this is unfortunately a problem that we also encounter in other countries. He added, however, that it is positive that these measures for energy, which were quite high in Greece in 2022 (about 2% of national GDP) and among the highest in the EU, are predicted to moderate in 2023.
“This is a challenge that applies to all member states if ultimately energy prices remain at high levels,” said P. Gentiloni. So far, however, he observed that in 2022 Greece spends a significant part of its GDP on energy measures and foresees a reduction of these expenses for 2023. “The reality is in front of us”, added the Commissioner.
Read more: An amendment is coming for the taxation of electricity providers’ profits
Also, asked to comment on the Commission’s forecast that wage increases in Greece will remain below inflation, Paolo Gentiloni noted that this is a problem for almost all countries in the EU, but for different reasons in each one.
Wages are increasing faster than in recent years, but this increase does not cover the increase in inflation, resulting in the contraction of consumer power, the Economy Commissioner stressed.
As he said, we have two dangers ahead: One is the loss of purchasing power and the second is spiraling inflation. Further increases in inflation would also hurt low- and middle-income earners, Mr. Gentiloni noted, stressing that a balance is needed. “We cannot accept a dramatic loss of purchasing power and we should avoid this inflation-wage spiral,” he stressed.
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