Fin Mins-Geopolitical & Energy Uncertainty Remain Elevated

Comments from Eurogroup meeting of eurozone finance ministers taking place in Brussels come out in post-meeting statement. Eurogroup: "While uncertainty surrounding the outlook, notably in relation to geopolitical and energy related factors, remains elevated, risks to growth appear more balanced than previously."

• "We agree that over 2023-24, prudent fiscal policies should aim at ensuring medium-term debt sustainability, while raising potential growth in a sustainable manner and addressing the green and digital transitions and resilience objectives through investment and reforms."
• "Fiscal policy will help to ensure the stability of the euro area economy and facilitate the effective transmission of monetary policy in a high inflation environment. In light of economic prospects and in a context of high inflation and tighter financing conditions, we reiterate that broad-based fiscal stimulus to aggregate demand is not warranted. "
• "Given the strong spill-overs in energy markets and for the euro area economies, we will coordinate our measures to preserve the level playing field and the integrity of the single market. Our measures so far have mitigated the initial excessive impact of the energy price shock on businesses and consumers, however, the fiscal costs weigh on public finances."