Pierrakakis: The largest energy crisis in history

The EU Commissioner for Economy, Productivity, Enforcement and Simplification, Valdis Dombrovskis, spoke astir a stagflationary daze owed to the situation successful the Middle East, while speaking astatine the Delphi Economic Forum XI connected Friday, successful a sheet with Greek National Economy and Finance Minister and besides President of the Eurogroup, Kyriakos Pierrakakis.

The Commissioner said that, according to 1 scenario, there will beryllium an adverse interaction connected the European economy, depending connected however agelong the situation lasts and however aggravated the daze is, from 0.2 to 0.6 points, while based connected different script it will beryllium much than 1 point.

According to him, the merchandise of lipid reserves is planned successful Europe, while there is simply a hazard for craft fuel, fixed that 70% is produced successful Europe and 30% is imported.

However, arsenic helium said, this is not the clip for the flight clause, arsenic “we are not successful the script of a superior economical recession. Therefore, helium added, the connection indispensable beryllium temporary and targeted, taking into relationship the fiscal constraints connected indebtedness and deficit. The fiscal space is constricted and so the fiscal measures indispensable beryllium temporary and targeted, helium added. He acceptable two main priorities, strengthening competitiveness and strengthening information and defense. At the aforesaid time, helium pointed retired that this is not the clip to unbend sanctions against Russia.

On his part, Pierrakakis spoke of the largest vigor situation successful history, arsenic successful summation to the simplification successful fuel, there is besides the interaction connected assets successful the region, with 30 retired of astir 80 successful total having been affected. However, helium added that Europe is much stable and resilient than successful 2022, noting that “we indispensable stay calm”. He said that a coordinated effort is needed from a fiscal perspective, but not contrary to monetary policy. The challenges still prevarication ahead, helium said, adding that the measures indispensable beryllium temporary and targeted, while a semipermanent concern successful networks and interconnections is needed.

Asked astir further support measures successful Greece, helium replied that a bundle targeting the astir vulnerable and those successful request of assistance was announced two days ago, and “we bash not mean to denote different bundle of measures astatine this time.” He besides referred to the situation successful the Greek economy, with precocious superior surpluses and accelerated indebtedness de-escalation.