Today, the finance ministers of the Eurozone expressed their opposition to the implementation of horizontal measures at the Eurogroup meeting.
“Broad support of aggregate demand through fiscal policies in 2023 is not justified,” the Eurozone finance ministers specifically emphasize, and note that member states’ measures must aim to protect the vulnerable.
The Eurozone finance ministers also note that the coordination of the Eurozone countries is required so that there are no distortions in competition.
“Fiscal policies should aim to maintain debt sustainability as well as increase growth potential in a sustainable way, thus facilitating the task of monetary policy to ensure a timely return of inflation to the ECB’s medium-term target, i.e. close to 2 %”, noted in the joint statement of the ministers.
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The finance ministers also note that the measures to deal with the external shock caused to the economy “will increasingly burden our national budgets and may, in some cases, slow down the necessary adjustment of demand for energy consumption”.