President of the Eurogroup, Kyriakos Pierrakakis, travels to France to participate in the G7 Finance Ministers and Central Bank Governors meeting
Eurogroup President Kyriakos Pierrakakis will travel to France to participate in the G7 meeting of Finance Ministers and Central Bank Governors which takes place on 18-19 May in Paris.
The G7 meeting will be chaired by the French Presidency of the G7. The Eurogroup President will take part in discussions which will focus on the global economy and especially the macroeconomic impact of the situation in the Middle East. Other discussion items include support for Ukraine and reducing global imbalances.
Speaking ahead of his participation in the meeting, Minister Pierrakakis said:
“The situation in the Middle East highlights just how exposed our interconnected economies are to external shocks. The current economic challenges constitute global challenges. In this context, the G7 finance ministers meeting offers an important opportunity for the European Union to engage in dialogue with its international partners and find joint solutions that benefit the global economy.
Opening the Strait of Hormuz and bringing the conflict to a lasting end are of the utmost importance in mitigating the impact on the economy. The European economy has proven resilient in the face of this energy crisis. Yet, the global economy will feel the pressure – even if the conflict is resolved swiftly.
Global macroeconomic imbalances must be viewed in a broader context. The EU’s agenda to deepen our capital markets and make the European economy more investible will contribute to more sustainable levels of macroeconomic imbalances. However, reducing the imbalances is a shared responsibility of all major economic regions.”
