The euro zone’s finance ministers decided on Friday to work together to safeguard consumers and businesses from skyrocketing energy costs, coordinating their assistance measures with the ECB to prevent escalating inflationary pressures.
The ministers from the 19 nations that make up the euro zone concurred that financial assistance should be the main focus of assistance, but that it should be seen as an emergency measure and should, whenever feasible, be properly targeted.
To maintain fair competition, support for businesses should be coordinated across national boundaries.
At a press conference, Paschal Donohoe, the chairman of the euro zone finance ministers, stated, “We accept and we agree that we must cut inflation. He claimed that failure to do so will result in longer-lasting poverty among Europe’s citizens.
Numerous multibillion-euro packages have been announced by France, Germany, and other nations to assist businesses and consumers in coping with rising inflation. The EU government has reportedly already provided 282 billion euros ($285 billion), according to the Bruegel research tank, with more on the way.
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