Eurogroup: Pierrakakis on stagflationary trend, Dombrovskis on 'shock'

Eurogroup President Kyriakos Pierrakakis referred to a 'stagflationary trend' in Europe, while Valdis Dombrovskis spoke of a 'stagflation shock'. The statements were made after the Eurozone Finance Ministers Council in Brussels.

K. Pierrakakis stressed the need to be prepared for difficult scenarios, such as a prolonged disruption in the Strait of Hormuz. He also stressed that Europe has strong foundations and the Eurozone has shown resilience.

V. Dombrovskis noted that inflation in the Eurozone is at 3%, due to rising energy prices, and that higher energy prices affect businesses and households.

Finally, Pierre Gramegna warned of increased uncertainty and market pressures.