Ch. Staikouras: Convergence in the EU for the change of fiscal rules

The belief that we are moving towards softer fiscal rules with convergence of the North with the South within the EU was expressed by the Minister of Finance Mr. Christos Staikouras from the Delphi Economic Forum.

Mr. Staikouras noted the recent common positions of the Netherlands and Spain on streamlining fiscal rules, stressing that as it seems after the successive coronavirus crises and now in the field of energy, Northern Europe seems to be learning from the mistakes of the past.

With regard to the current energy crisis, the Minister of Finance reiterated his position that there should soon be a common European solution to address the causes that lead to price increases in gas and electricity. As such, he mentioned the imposition of a ceiling on the price of natural gas and the disconnection of their price of electricity from that of natural gas, which constitute the Greek positions in the relevant debate that is being held across Europe.

As for the increase in inflation for this year, he denied rumors that it wants to reach 8% and gave an order of magnitude for the review that the Ministry of Finance is preparing in view of the submission of the revised stability and growth program at the end of the month. As he said, recently the IMF predicted for Greece inflation of 4.5% for 2022. On this he said that the new estimate of YPOIK will be a little more conservative than that of the Fund.

Finally, when asked about the time when Greece will regain the investment grade, he reiterated that the goal for YPOIK has not changed but it remains that this goal will be achieved in 2023. However, if this is done in The beginning, middle or end of this year, he said, will depend on how quickly the uncertainty created by the international energy crisis and the war in Ukraine will be reduced.

Tasos Dasopoulos