Speaking before the meeting of eurozone finance ministers in Brussels, the Minister of National Economy and Finance and Eurogroup President, Kyriakos Pierrakakis, highlighted the importance of the quality of public finances and the need to maximise the effectiveness of defence spending.
Welcoming NATO Secretary-General Mark Rutte, he noted that Europe was facing growing pressures, higher inflation, rising borrowing costs and greater spending needs. Activating the national escape clause allows countries to increase defence spending, he said, but closer European cooperation is needed.
Discussions at the Eurogroup are focusing on the broader economic benefits, economies of scale and scope for joint procurement, with the aim of making the best possible use of every euro spent. “We need to achieve more with fewer resources,” Kyriakos Pierrakakis said.
Lagarde succession
On the succession of Christine Lagarde at the European Central Bank, the Eurogroup president clarified that the discussion was for information and not to take a final decision. He also confirmed that two nominations had been received: Pablo Hernández de Cos from Spain and Klaas Knot from the Netherlands.
He said he would meet António Costa to coordinate the process, which has historically been led by the leaders of member states. With Christine Lagarde due to leave on 7 February, the timetable is tight, with the aim of completing the process by the end of the year.
Finally, the minister noted that three positions at the ECB are vacant and need to be filled, prompting discussion of the possibility of a comprehensive deal that could facilitate the process among the leaders.