Pierrakakis: "Too Early for Energy Price Reduction Measures"

Eurogroup President Kyriakos Pierrakakis stated that it is too early for drastic measures to reduce energy prices due to the crisis in the Middle East. He told reporters that a key variable is when the Strait of Hormuz will reopen.

Mr. Pierrakakis said that uncertainty characterizes the current situation and that the duration and magnitude of the disruption will determine the European response. He also stressed that the crisis in the Middle East is already affecting the daily lives of European citizens, both in terms of the cost of energy and basic goods, and in terms of their sense of security.

The Minister of Finance informed the heads of state and government about the work of the Eurogroup and the next steps, with the aim of strengthening Europe's competitiveness. This will be achieved by removing barriers between member states, deepening the single market, mobilizing inactive savings, strengthening the international role of the euro and strengthening the resilience of economies.

"We know what we have to do. And we know how to do it. And the three necessary elements are determination, a sense of duty and, above all, speed. It is not a time for hesitation. It is a time for decisions," he said.