‘Unity, severity and speed in European Union reactions are the big demands today than ever” This was emphasized by the Minister of National Economy and Finance Kostis Hatzidakis at the Eurogroup and Ecofin meetings in Brussels, noting the urgent need for immediate and targeted EU initiatives, in order to effectively meet the great challenges of a spectacular and volatile environment.

To Eurogroup meetingthe debate focused on addressing the impact on the European economy and security from recent changes in US economic and foreign policy. In his position, Mr Hatzidakis focused on the negative impact of all the imposition of tariffs on international trade, the secondary impacts that may arise on inflation, as well as the wider consequences for Euro -Atlantic relations and European defense.

The Greek minister underlined the importance of keeping open dialogue with the US, with the aim of finding mutual beneficial solutions, while noting that Europe must be prepared for any possibility, acting with unity, seriousness and speed. ‘In a world where economic superpowers such as the US and China play a dominant role, the EU’s influence on the international scene depends on our collective action. It is more critical than ever for Europe to speak with one voice, while at the same time we must speed up common policies that enhance the competitiveness and durability of our economies. In a few months it can be too late“, He said.

Referring in particular to the issue of European defense, Mr Hatzidakis referred to the recent proposals of the Prime Minister, Kyriakos Mitsotakis, to enhance European Defense funding and the development of the European Defense Industry. At the same time, he welcomed the announcement of European Commission President Ursula von der Laen for the activation of the defense investment escape clause in relation to the implementation of European fiscal rules. “These initiatives shield our defense capacity and send a clear message to those who threaten our safety. And they must be adopted without delay, “the Minister of National Economy and Finance said.

To Breakfast of Ecofinministers discussed the issue that has arisen with US withdrawal from the international tax agreement on the minimum 15% tax rate on multinationals, agreed in 2021 under the OECD. In his speech, Mr. Hatzidakis pointed out that the US government’s decision creates tax uncertainty in states and businesses while at the same time affecting international tax co -operation. He also stressed that European states should remain committed to the commitments they have made while at the same time having to form a joint response to the US, maintaining the constructive dialogue and preparing for all possible developments.

At Ecofin’s regular meeting, the debate focused on the “Competitiveness Competitiveness” recently published by the European Commission, following the Draghi and Letta reports. Kostis Hatzidakis welcomed the fact that enhancing competitiveness is at the heart of the discussions and expressed hope that the dialogue would be accompanied by an urgency. He stressed, however, that this approach must be accompanied by the promotion of internal cohesion to ensure that all Member States can participate and benefit from a stronger European economy. ‘We have rightly set the goal of producing more and better products and services. But we need to ensure that there are buyers. The existence of a single market with 450 million high purchasing power consumers is vital, as in today’s uncertain international commercial environment, access to foreign markets cannot be taken for granted“, He underlined.

In addition, the Greek minister supported the emphasis of the Competitiveness Compass on Adaptation of energy -efficient industries Like steel, metals and chemicals, while also stressing the need to take special care for other high -challenge industries, such as shipping.

As part of the Ecofin meeting, the Ministers of Finance were informed by the European Commission on the implementation of sanctions against Russia, and approved:

  • Revised the national plans of the Recovery and Resilience Fund for Latvia and Belgium.
  • Conclusions on the European Mechanism Report for 2025.
  • Establishment of the Economic Policy of the euro area in 2025. Constructions on the medium-term budgetary-dramatic plans submitted by Member States in the context of the implementation of the new budgetary rules and to take effective action by the states that have been in the process of excessive deficit.
  • Revised Union List of Non -Cooperative Tax Jurisdiction.
  • Exemption of the Commission to execute the EU General Budget for 2023.
  • Guidelines for EU annual budget for 2026.
  • EU mandate on the meeting of the G20 Central Banks’ Ministers and Central Banks, which will take place on 26-27 February 2025.

As part of the Eurogroup, Bulgaria’s finance minister, Temenuzhka Petkova, presented her country’s progress in fulfilling the criteria for accession to the euro area. The European Commission’s financial policy recommendations for the euro area were also discussed, and the Eurogroup work program for the first half of 2025 was approved.