BRUSSELS, Oct 3 (KUNA) -- Finance ministers of the Eurogroup during their meeting in Luxembourg Monday discussed the macroeconomic situation in the 19-member euro area and in particular the fiscal policy response to high-energy prices and inflationary pressures.
The Russian war of aggression in Ukraine has brought new disruptions to the fore and pushed already rising global inflation to multi-decade highs.
Speeding up our reduction of energy consumption is key to stabilize energy prices and reduce our reliance on Russian fossil fuels, said the Eurogroup in a statement tonight.
They also exchanged views on the economic challenges and policy priorities for the euro area in the wake of recent developments.
"As we are confronted with a new and more uncertain economic landscape, the Recovery Fund is more relevant than ever.
Given the geopolitical and economic context, we need to act urgently on the energy transition," said Paschal Donohoe, President of the Eurogroup, in press statements after the meeting.
The Eurogroup also took stock of global economic issues, including exchange rate developments, in view of the upcoming annual meetings of the World Bank Group and the International Monetary Fund. (end)