“When uncertainty has intensified without precedent, both in Europe and worldwide it would be a huge mistake for the European Union not to proceed in the direction of a truly common defense policy. Greece has always been in favor of this perception, without naturally ignoring the need for fiscal balance. ” This was emphasized by the Minister of National Economy and Finance Kostis Hatzidakis in discussions yesterday and today at the Eurogroup and Ecofin meetings in Brussels.

A key topic of discussions were Funding of increased defense needsin the light of the relevant decisions of the European Council of March 6 to mobilize EUR 800 billion over the next four years, so that Europe can respond to the growing geopolitical challenges.

In his position, Mr. Hatzidakis stressed that Strengthening European Defense is a top priorityunderlining the need for a common, rapid and coordinated action of the EU Member States in order to achieve the best possible outcome.

On the issue of fiscal flexibility in defense spendingMr. Hatzidakis welcomed the fact that the European Council is adopting a fixed Greek position. At the same time, he stressed that the activation of national escape saying should ensure equal treatment among the Member States, offering fiscal benefits to those Member States that already meet the target of NATO defense spending, such as Greece. “Our country, for many years and for the sake of protection of its borders, has invested significant resources in enhancing its defense capacity, in the process of being the corresponding budgetary cost. It would obviously be unfair, at a time when all of Europe is facing a similar challenge, to be at a disadvantage because we have acted in time, doing what the rest are now called upon to do. “he said.

Regarding the proposal for the establishment of a European Defense Fund, the Greek Minister described the development as positive, making particular reference to the recent joint initiative of the prime ministers of Greece and Poland to create a common European missile shield. At the same time, he underlined her Need to give priority to common commissions and investmentin order to ensure more efficient utilization of available resources and to strengthen the European Defense Industry at the Structural level. “The € 150 billion of the new Fund should first be used as an investment in EU strategic autonomy in the defense sector”the Greek minister characteristically emphasized.

Mr Hatzidakis also emphasized the need to safeguard EU cohesion policy as a key pillar for the balanced development of the European economy, noting that any voluntary redistribution of resources from the Member States during the current programming period should not create a precedent for the formation of the next year.

At the Ecofin Regular meeting held on March 11, The discussion focused on the bunch of legislative measures presented by the European Commission to improve the business environment in Europe (Omnibus Package I and II). The proposed arrangements are expected to significantly reduce the administrative burden for businesses.

Ministers They also examined alternative sentences for more effective application of sanctions Against Russia, with particular emphasis on strengthening the cooperation between European customs authorities.

Ecofin approved:

  • Directive on administrative cooperation in the field of Taxation (ODAS9), in the context of the application of Pillar II of the OECD.
  • Revised national plans of the Recovery and Resilience Fund for Ireland and Belgium.

At the Eurogroup meeting, held on Monday, March 10, the following issues were raised for discussion:

  • Assessment of macroeconomic developments and the prospects of the economy in the euro area.
  • Originating fiscal challenges in the euro area, with the backdrop of recent geopolitical developments, and in particular new defense demands.
  • Developments in the field of cryptocurrencies, their impact on markets and their possible influence on the euro area and the European economy as a whole.

Additional, The President of the Eurogroup, Paschal Donohoeinformed the ministers about the meeting of the Ministry of Finance and G7 Central Banks, held in Cape Town.

On the sidelines of the meetings, Kostis Hatzidakis held bilateral meetings with Danish finance minister Stephanie Lose and Lithuanian Finance Minister Rimantas šadžius.