The economic impact of the crisis<\/b> in the Middle East<\/b> and the European response strategy are the focus of the Eurogroup<\/b>.<\/p>\n
Critical messages<\/b> on the path of the European economy were sent by Eurogroup President Kyriakos Pierrakakis<\/b>, coming into today’s meeting in Brussels. <\/p>\n
The Greek minister and head of the body stressed that the tension in the Middle East<\/b> creates a fluid environment<\/b>, with the final outcome directly depending on the length of time the unrest lasts.<\/p>\n
Mr. Pierrakakis<\/b> set the context for the discussion, noting:<\/p>\n
“One key word is ‘uncertainty<\/b>‘ and a second word is ‘duration<\/b>‘. The depth of the impact will in itself be the determining factor in this equation of the overall economic outcome that we will see in the coming months.”<\/p>\n
The Eurogroup president explained that the European reaction<\/b> will escalate depending on developments, stressing that:<\/p>\n
“The debate is different if we are dealing with a two-week crisis and different when the crisis has a duration of two or three months<\/b>. And obviously, that will affect the European response.”<\/p>\n
About the energy<\/b> prices, he noted that “every government is taking measures<\/b> at the moment. There is an impact from the crisis in the Middle East<\/b> that is being felt by every household and every business in Europe,” noting the need to coordinate the response.<\/p>\n
He made clear that the European Commission has stressed that measures should be targeted, temporary and adapted<\/b>. “We believe that such measures have the maximum impact to protect the most vulnerable citizens and our economies in general.”<\/p>\n
In response to a question about the change attempted in the operation of Seaway of Hormuz<\/b> and the imposition of tariffs<\/b>, the Eurogroup president stressed that “freedom of navigation and not making the Strait of Hormuz a ‘toll’ is absolutely essential<\/b>. We support by diplomatic means any initiative that moves in this direction”, while noting that he understood the concerns, coming from a maritime country.<\/p>\n
Today’s Eurogroup agenda, he said, “is dense” and includes “banking integration in Europe, and how startups can become scale-ups in Europe<\/b> as part of the Savings and Investment Union and the removal of barriers.”<\/p>\n
On banking integration, “we need more integration in Europe<\/b>. We need more cross-border mergers and acquisitions. That is absolutely right<\/b>.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The economic impact of the crisis in the Middle East and the European response strategy are at the heart of the Eurogroup.Critical messages…<\/p>\n","protected":false},"author":1,"featured_media":3917,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"acf":[],"_links":{"self":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/3916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3916"}],"version-history":[{"count":0,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/3916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/media\/3917"}],"wp:attachment":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}