BRUSSELS – ANSWER. Against the backdrop of the aftermath of the war in Ukraine, as well as the recent turmoil in the financial system, Hellas joined yesterday’s schedule European Council in Brussels seeking to discuss a new framework for their practice fiscal policy also at the level of heads of state. Considering that the countries of the European north are already prioritizing fighting inflation by tightening monetary and fiscal policies, Athens would like to see council level consultations also take place on what will apply from 2024 when it is activated with a new revised Stability Pact.

Ecofin

The relevant talks took place at the recent Ecofin but were “overshadowed” by the intention of German Finance Minister Christian Lindner to change the text for the reform of the Pact to confirm the role of “adherent” financial discipline, with an eye to his party’s low interest rates.

It is for this reason that the Greek side believes that the corresponding discussion should also take place at the level of the Council, and not be conducted on the basis of internal political calculations. In addition, the countries of the European south are no longer in the same situation as during the debt crisis, while it is believed that strong rules are needed to ensure fiscal sustainability and, at the same time, a stable growth and investment rate.

The aim is that consultations on what will apply from 2024, when the revised Stability Pact will be activated, take place at the level of heads of state and should be completed as soon as possible.

In this context, the prime minister Kyriakos Mitsotakis this morning, he will hold a joint meeting with his Italian counterpart Georgia Meloni, as well as with the Portuguese Antonio Costa, in order to coordinate so that the relevant consultations on the Pact can now take place at the level of Heads of State of Member States, and will also be completed in the near future. The choice of the day is not accidental, as the Eurosummit is taking place today in the presence of both the presidents of the ECB and the Eurogroup.

As for the rest, the European Council, although it started its work with a busy agenda, actually did not have a single topical issue, not a single issue that would cause, at least until late in the evening, heated discussions among the “27” .

As for Ukraine, it was decided – and while there was an intervention through the teleconference of the Ukrainian president – its military strengthening with the provision of one million ammunition shells. At the same time, the strengthening of the production capacities of the European defense industry was also agreed upon. The text of the findings also points to the need to ensure that sanctions against Russia do not bypass third countries.

Athens offer

The Council meeting will last until late in the evening, and the main topic will be the competitiveness of European business and trade in the new geopolitical context, which is expected to spark a lively discussion about relations with the EU. with the US and China. The 27 will also discuss energy, and Greece will even present a proposal for a new North-South “electrical highway” that will transport green energy to Central Europe, which will enter our country through the electrical connections between Greece and Egypt. and Greece-Cyprus-Israel.