Greek Fin. Min. at the Ecofin meeting

Today, Finance Minister Christos Staikouras will participate in the Ecofin meeting, where the economic and fiscal impact of the war in Ukraine will be discussed.

The Council of Finance Ministers of the European Union will issue an amending executive decision regarding the Recovery and Resilience Plan of Luxembourg, with the aim of taking into account the updated reduced maximum financial contribution (82.7 million euros, instead of 93.3 million euros), and will adopt conclusions on the 2023 Vigilance Mechanism Report and on the 2023 Sustainable Development Survey.

It is expected that during 2023, gradually each of the 27 implementing decisions on national recovery and resilience plans will have to be amended at least once, with the aim of accessing the new REPowerEU grants, applying for available loans or taking into account the updated funds of the Recovery and Resilience Facility calculated in June 2022.

Finally, the 2023 recommendation regarding the economic policy of the eurozone is expected to be approved. The recommendation will then be submitted to the European Council for approval during its meeting which will take place in March.

Yesterday Monday, the first Eurogroup for 2023 took place, in which the course of the European economies in 2022 and the challenges for 2023 were put on the carpet.

“At the first Eurogroup for 2023, we had the opportunity to discuss the course of the European economies in the previous year, but also the challenges of this year,” said the Greek Minister of Finance after the first part of the Eurogroup meeting in Brussels, speaking for “major challenges, arising from multi-level crises and the high uncertainty that accompanies them”.

“Greece has succeeded”

“In this unstable global environment, Greece has succeeded,” he added.”The Greek economy is performing well, is proving to have strong resilience and has positive prospects. We have achieved a high rate of economic growth, twice the European average, and it is estimated that this year we will have a rate of economic growth three times higher. We had record investment and exports in 2022 and it is estimated that the growth rate of investment will be the highest among all European countries until 2024. We had a significant reduction in unemployment and “red” loans in the banks’ portfolios. We had significant fiscal stability and a huge reduction – unprecedented at European levels – of the debt-to-GDP ratio,” he noted.

“We will continue on the same path”

“We did it! We will continue on the same path. With a plan and fiscal responsibility, but maintaining and strengthening the cash reserves of the country. With tax reductions, with wage increases, with targeted measures to support, in these crises, households and businesses. And making full use of European funds – mainly those deriving from the Recovery and Resilience Fund”, said Christos Staikouras.

“We are working to achieve even higher, sustainable growth, to create even more jobs and strengthen social cohesion,” he concluded.