Greece's Ministry of National Economy and Finance published remarks by Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis ahead of the Eurogroup meeting in Brussels, where he said ministers would discuss the economic impact of the Middle East crisis and coordinate the European response. He said the European Commission and the International Monetary Fund had been called in to assess the measures being taken by governments, and that any short-term support should be targeted, tailored and temporary, with the scale of the response depending on the duration of the crisis and the depth of its economic effects. Pierrakakis said the shock was already being felt by households and businesses across Europe, particularly through energy prices, and backed diplomatic initiatives to preserve freedom of navigation through the Strait of Hormuz and prevent it from becoming a toll route. He added that the Eurogroup would also discuss European banking union and the Kukies-Noyer report on helping startups become scale-ups within the Savings and Investments Union, while arguing that Europe needs more cross-border bank mergers and acquisitions and larger banks to support technology investment. He also said the Eurogroup would begin addressing the implications of artificial intelligence for banking, particularly cybersecurity risks alongside productivity and growth opportunities.

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