Greek Economy and Finance Minister Kyriakos Pierrakakis told Euronews ahead of Monday’s Eurogroup meeting in Brussels that the EU is “being tested” since the Middle East situation is still extremely unstable and troublesome, causing chaos in the energy markets.
He continued, “We want to see how we are going to meet that challenge on the ground because the impact on energy prices is already significant. As the Iran war escalated, oil prices surpassed $114 a barrel on Monday for the first time since 2022, rising about 25% since Friday and endangering world production and shipping.
By stating that “we already have a toolkit, the 2022 toolkit,” the president of the Eurogroup also confirmed that the EU is equipped to handle a possible crisis. Although we haven’t arrived yet, households and companies are already indicating that they require assistance as costs rise.
Pierrakakis promised that the Eurogroup is keeping a careful eye on not only energy costs but also “the cost of fertilisers and air travel, food security and all other elements that affect inflation and the international economy.” This is similar to what happened when Russia began its full-scale invasion of Ukraine.
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