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Eurogroup President: Consolidating recovery despite the challenges of energy prices and inflation

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Eurogroup President: Consolidating recovery despite the challenges of energy prices and inflation

The recovery of Europe is consolidating despite the challenges, said among others in his statements after the meeting of the Ministers of Finance in Brussels on Monday night the President of the Eurogroup Pascal Donahue.

“The eurozone has a good recovery potential, which reflects the successful vaccination program, as well as our large-scale, timely and effective response in terms of (economic) policies,” Donahiu said.

“Promoting reforms and investment is clearly taking shape now that funding for the recovery has begun to flow, and now that growth data for the third quarter show that the eurozone is almost back to pre-pandemic levels,” he added.

The discussions were preceded by discussions between the Eurozone Finance Ministers on the macroeconomic situation, rising energy prices and inflation, and an enlarged Eurogroup exchange of views, with the participation of all 27 Finance Ministers, on the Commission's proposals for revision. EU financial governance and the integration of the Banking Union.

Mr Donahue said that during the discussions, the ministers reaffirmed the contribution of tackling the crisis at national and EU level, as well as the complexity of the situation as changes in relation to inflation were taking place in all European economies and the labor market. At the same time, the increase in prices, although due to temporary factors, will last, while the problem is expected to be gradually alleviated during 2022.

During the discussion on the reform of the economic governance framework proposed by the Commission, the 27 Finance Ministers focused on the role of the Eurogroup in the dialogue that will follow, Donahiu added.

As he said, the ministers agreed to focus their efforts on balancing the need for investment promotion with the need for growth with the need for financial sustainability.

In connection with the discussion on the Banking Union, Mr. Donahue said that the institutions presented the results of the biennial audit of risk reduction in the Banking Union, and added that the ministers agreed to return to this issue in December.

The president of the Eurogroup also referred to the discussion of the Eurozone Finance Ministers on the introduction of the digital euro, which aims to “promote an efficient and innovative payment system”. As he said, the discussion will continue and then the ministers will take a position on the specific policy issues that they identified during the discussion last June.


Source: politis.com.cy

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