Minister of Finance G. Skaistė: “The changed geopolitical environment determines the need for greater EU strategic autonomy”

On 15-16 September Minister of Finance Gintarė Skaistė will participate in informal meetings of the Eurogroup (EG) and the Ministers of Economy and Finance (ECOFIN) of the European Union (EU) to be held in Spain, where the major focus will be on the economic outlook for the euro area, the interaction between fiscal and monetary policy and the aim of strengthening the EU strategic autonomy.

“The current geopolitical situation highlights the risks arising from dependence on non-democratic states. At EU level, we need to strive for strategic autonomy by reducing economic and energy vulnerability and focusing on deepening economic and trade ties with like-minded democratic states. Of course, we must not move towards protectionism, but we must consider what the changed global geopolitical context means for the EU Economic and Competitiveness Strategy”, said Ms. G. Skaistė.

At the ECOFIN, finance ministers and central bank governors will discuss the interaction between fiscal and monetary policy with a view to reconciling important policy objectives such as curbing inflation and sustaining economic growth and high employment. There will also be a debate on the EU economic security and strategic autonomy.

Moreover, the ministers will discuss matters related to the global investment agenda and the global financial system ahead of the annual meetings between the International Monetary Fund and the World Bank in October. These discussions will take place in an extended format together with representatives from Latin America and the Caribbean.

The EG will focus on macroeconomic trends in the euro area. The European Commission will present its economic forecasts published on 11 September and the European Central Bank (ECB) will inform about the latest monetary policy decisions.

During this visit, Minister G. Skaistė will also have a meeting with finance ministers of Greece and Finland to discuss the most pressing EU economic and financial agenda issues.

Last updated: 19-09-2023

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