“The new fiscal rules should simultaneously ensure fiscal discipline and economic growth, while taking care of countries with high defense spending. Today we have taken a step forward and I am optimistic that we will soon reach a balanced agreement that reflects these basic principles.”

This was noted by the Minister of National Economy and Finance Kostis Hatzidakiswho participated yesterday and today in the Eurogroup and ECOFIN meetings in Brussels, speaking on the subject of the revised Stability Pact.

In the discussion about them new fiscal rules progress was made on outstanding issues and it was agreed to intensify processes at all levels with the aim of reaching an agreement as soon as possible. In his intervention, Mr. Hatzidakis pointed out that the compromise text presented by the Spanish Presidency is a good basis for further discussion, while he particularly focused on the Greek request for special treatment of defense expenditures in the relevant calculations.

A debate was held within the Eurogroup on the competitiveness of the European economies. Mr. Hatzidakis in his intervention pointed out that enhancing competitiveness is, along with demographic and immigration, one of the main challenges facing the countries of Europe today.

“To meet this challenge we will need to act decisively at both European and national level. At the European level we should expand it cooperation us in critical areas but also to gain greater strategic autonomy over our competitors. At the national level we should accelerate them pro-development reforms that improve the business environment and bring investments” said Mr. Hatzidakis.

The economic impact of the war in Ukraine, macroeconomic developments in the Eurozone and the Annual Report of the European Fiscal Council (ECB) for 2023 were also discussed in the framework of the meetings.