Statements by the Minister of National Economy and Finance and President of the Eurogroup Kyriakos Pierrakakis at the press conference that followed immediately after the Eurogroup meeting:
“The first message I would like to convey is positive.
The Eurozone economy proved stronger than we expected at the beginning of the year. Growth in the second quarter was better than forecasts and, based on today’s data, this momentum is expected to continue supporting economic activity until the end of 2026.
Europe has proven that it possesses resilience. The question now is to turn this resilience into strength. Because, at the same time, the challenges are multiplying.
First, the geopolitical environment. Developments in the Middle East are once again exerting upward pressure on oil and natural gas prices, with direct consequences for our citizens and businesses.
This is not the first time we have found ourselves faced with an external shock of this kind. And for precisely this reason, the lesson must be clear and unequivocal: we cannot control every crisis that breaks out outside Europe. We can, however, reduce our dependence on what happens beyond our borders.
That is why we must accelerate our course toward greater energy independence. It is a matter of economy, competitiveness, and security. And today it is more urgent than ever.
Second, conditions in the international financial markets are becoming more restrictive. This is reflected in sovereign bond yields and, as long as these conditions persist, the pressure on national budgets will intensify.
Yields have increased in all major economies, broadly for the same reason: increased global demand for capital. Spreads within the Eurozone remain contained, compared with what we have experienced in the past. And that matters. Europe has gone through crises during which uncertainty turned into economic instability. That is not what we are seeing today.
Today’s stability was achieved through difficult decisions, stronger institutions, and more responsible fiscal policies. And we must safeguard this stability.
In times of uncertainty, credibility is an economic advantage. It protects our economies and broadens the options available to us. That is why we must remain committed to the fiscal path we have agreed upon. This is necessary in order to maintain favorable financing conditions and ensure the long-term sustainability of our public finances.
And if new measures are needed to address higher energy prices, they should be targeted, temporary and compatible with our fiscal rules.
Our goal must be to protect citizens when conditions become more difficult, without creating new burdens for the future. To act in a timely and effective manner, while at the same time safeguarding the stability of our economies. To protect today, without mortgaging tomorrow.
At the same time, we must increase investment in defense, digitalization, and energy - investments that can also strengthen growth. And we must examine how we can make the management of our finances more effective. The Eurogroup will return to this issue next month.”
Answer to a question about an extraordinary Eurogroup
“I would like to add a brief comment, because you referred to the possibility of an extraordinary Eurogroup meeting. I do not consider there to be anything extraordinary when the Finance Ministers of the Eurogroup meet. We meet once a month, but obviously we do not speak only once a month.
We are in daily communication and interact on a daily basis. This, after all, is the essence of policy management, which requires close monitoring of the situation.
There is a French expression that I know, langue de bois. “Close monitoring of the situation” may sometimes sound like a stereotypical expression. But if there is one situation that truly requires close monitoring, it is this one.
Therefore, we will continue to be in daily communication and to closely monitor developments. If the need arises, as we have done in the past, we will meet again via teleconference. At this moment, however, such a thing is not in our planning.”