The Director General for Development of the Ministry of Finance, Mr Theodosis Tsiolas, represented the Minister of Finance at the informal Ecofin Council meeting held in Paris on 25 February. The agenda of the informal Council had to be significantly revised to a one-day meeting due to Russia's invasion of Ukraine and its economic impact on the European economy.
The Ecofin Council met on the current geopolitical developments, in particular the situation in Ukraine and its implications for the European Union, showing its unity and solidarity with the Ukrainian people in relation to the Russian invasion.
In particular, Finance Ministers discussed the economic consequences of this geopolitical crisis, particularly in the energy sector. They assured that they would take appropriate measures to limit the consequences for EU citizens and businesses.
In the context of the last European Council meeting, the Finance Ministers expressed their readiness to immediately implement the sanctions decided by the European leaders, without excluding the possibility of further decisions.
The subsequent working lunch exchanged views on how to promote a strong Europe on the international scene, in particular by promoting long-term growth in the context of the current geopolitical situation.
In addition, the discussion continued into the evening, focusing on long-term challenges, ensuring strong and resilient growth and the economic impact of the current crisis, as well as the financial system.
Finally, the shortened morning Eurogroup meeting reviewed the progress of discussions on the euro as a digital currency, gave an overview of economic governance, with a focus on the process of macroeconomic imbalances in the euro area, and gave the green light to Greece for an early repayment of its debt.
Finally, the shortened morning Eurogroup meeting reviewed the progress of discussions on the euro as a digital currency, gave an overview of economic governance, with a focus on the process of macroeconomic imbalances in the euro area, and gave the green light to Greece for an early repayment of its debt.
