The Minister of National Economy and Finance, Kostis Hatzidakis, requested that the EU find the balance between fiscal discipline and economic development. in ECOFIN for the revised Stability Pact while he reiterated the Greek position that special treatment should be provided for defense spending.

“The new European fiscal governance rules revising the Stability Pact must combine fiscal discipline with growth. And this despite the fact that Greece is progressing and will continue to progress with reliable policies, both towards the EU and towards the markets” noted the Minister of National Economy and Finance Kostis Hatzidakis, who participated yesterday and today in the meetings of the Eurogroup and ECOFIN in Luxembourg, speaking about the subject of the revised Stability Pact.

Mr. Hatzidakis focused on the overperformance of the budget and the Greek economy, while underlining that regardless of the new rules, the Greek government is determined to continue following the path of fiscal responsibilitybecause this is what common sense dictates, but also because we know that our policies will always be judged by the markets and investors.

However, the Minister of National Economy and Finance noted that despite this, there is a need to find a balanced agreement that will ensure the limitation of deficits and public debt at the European level, without undermining economic development with excessive and rigid restrictions. He also underlined the Greek position that special treatment should finally be provided for in the relevant calculations for defense expenditureas some member countries clearly differentiate themselves on the specific issue compared to others.

In the context of the Eurogroup, a discussion was held with the US Treasury Secretary, Janet Yellen, on the US-EU economic prospects, the situation in Ukraine and the West’s relations with China. Mr. Hatzidakis, in his intervention, focused particularly on the possibility that there may be wider effects from the ignition in the Middle East. For her part, Ms Yellen said it was too early to assess the impact and that both the US and the EU should closely monitor developments to take appropriate action if necessary.

In the framework of the meetings, the Ministers adopted a joint text of Conclusions in view of the 28th United Nations climate conference (COPS28), which will be held in Dubai. They also discussed issues related to the priorities of the Eurozone, the future of European capital markets and the digital euro.