Greece's Ministry of National Economy and Finance published a statement by Eurogroup President Kyriakos Pierrakakis on his arrival at the Eurozone Summit in Brussels, linking the crisis in the Middle East to rising costs and heightened uncertainty for European citizens and outlining how Eurogroup work is being positioned between near-term crisis management and longer-term economic strengthening. The remarks pointed to effects on energy and basic goods prices, with trade, supply chains and the broader economic footprint under close monitoring, and argued that policy should both support households, businesses and citizens and protect the foundations of European economies. The stated next-step agenda to strengthen Europe’s competitiveness centred on removing barriers between European Union member states, deepening the single market, mobilising inactive savings into productive investment, strengthening the international role of the euro, and improving economic resilience. In comments to journalists, Pierrakakis said the decisive factor for calibrating the response would be how long the Strait of Hormuz remains closed, with the duration and magnitude of disruption shaping whether measures are mainly national or more European and which policy toolkit is used, drawing on experience from 2022 and member state views.

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