Eurogroup President calls for urgent European energy independence

Eurogroup President and Greek Finance Minister Kyriakos Pierrakakis has called for accelerated efforts toward European energy independence, citing it as a critical issue for economic competitiveness and security. Speaking following the Eurogroup meeting in Dublin, Pierrakakis noted that while the Eurozone economy has shown unexpected resilience with growth exceeding forecasts in the second quarter, geopolitical tensions in the Middle East are exerting upward pressure on oil and gas prices.

Pierrakakis emphasized that any new measures to combat high energy costs must be targeted, temporary, and compliant with established fiscal rules to ensure long-term public finance sustainability. He stated that the goal is to protect citizens during difficult conditions without creating new financial burdens for the future. While an emergency Eurogroup meeting is not currently planned, he noted that authorities would convene via videoconference if necessary.

The Eurogroup agenda also focuses on addressing the productivity gap within the European economy and managing the impact of energy market volatility on households and businesses.