The President of the Eurogroup and Minister of National Economy and Finance Kyriacos Pierrakakis will travel to Paris on Monday.
He will participate in the meeting of the G7 finance ministers and central bank governors, which will take place on 18-19 May, chaired by France.
Mr. Pierrakakis will participate in the discussions, which will focus on the global economy and in particular on the macroeconomic implications of the situation in the Middle East.The agenda for the discussions includes, among other things, support for Ukraine and reducing global imbalances.
Ahead of his participation in the summit, Mr. Pierrakakis said:
“The situation in the Middle East highlights how exposed our interconnected economies are to external shocks. The current economic challenges are global challenges. In this context, the G7 Finance Ministers’ meeting offers an important opportunity for the European Union to engage in dialogue with its international partners and seek common solutions for the benefit of the global economy.
The opening of the Hormuz Strait and the definitive termination of the conflict is of paramount importance to limit the impact on the economy. The European economy has proven its resilience in the face of this energy crisis. However, the global economy will come under pressure even if the conflict is resolved quickly.
Global macroeconomic imbalances need to be considered in a broader context. The European agenda to deepen our capital markets to make theEuropean economy more attractive for investment will help to create more sustainable levels of macroeconomic imbalances. However, reducing these imbalances is a shared responsibility of all the world’s major economic powers.”
