Greece's Ministry of National Economy and Finance publishes Pierrakakis interview outlining Eurogroup focus on energy prices and crisis toolkit

Greece's Ministry of National Economy and Finance published an interview with Kyriakos Pierrakakis, in which the Greek minister and Eurogroup President framed the escalation in the Persian Gulf as an economic shock that is already pushing up energy prices and will be a core item for discussion at the Eurogroup. In the interview, Pierrakakis pointed to the European and national “toolkit” developed in 2022 as the basis for potential support to households and businesses if conditions worsen, while stressing that the impact will depend on the duration and nature of any disruption, including possible supply-chain and maritime transport disruption in the Strait of Hormuz. He described close monitoring of gas and oil prices, as well as second-round channels such as fertiliser prices, aviation and food security, and argued that Europe also needs longer-term reforms including a genuine single European energy market and the removal of barriers within the European single market. On monetary policy, he reaffirmed the European Central Bank’s independence, declined to comment on the timing of any response, and expressed confidence in its ability to act when needed. Eurogroup-level coordination was presented as the main forum for continued work on these issues, with further discussions expected in subsequent meetings, including at leaders level.