Statement by the Tánaiste and Minister for Finance, Simon Harris TD following today’s Eurogroup Meeting focusing on the economic impact of the ongoing conflict in the Middle East

Today’s Eurogroup meeting took place against a backdrop of significant global economic uncertainty, arising from ongoing conflict in the Middle East and its implications for energy markets, inflation and economic growth.

It was clear from our discussions, including contributions from the European Central Bank and the European Commission, that the global and EU economic outlook will be shaped by three critical factors; the duration, intensity and propagation of the current energy shocks.

I was very grateful to receive a substantial briefing at the meeting from the Head of the International Energy Agency (IEA) who provided an updated analysis of global energy markets.

It is now clear the current global energy crisis is of historic proportion and that significant damage has been done to energy infrastructure. Even if the conflict ended today the damage is real, significant and will have an impact.

I set out at the meeting, that Ireland took targeted measures this week to assist people with the cost of fuel, to provide support to those most vulnerable and to help key sectors of our economy.

I also stressed the importance of working together to accelerate our transition to renewable energy and energy independence - the President of the Eurogroup committed to a future discussion on this. I see this as a key part of strengthening European economic security.

While none of us can predict how current geopolitical developments will evolve, the Eurogroup will continue to work closely together at this time of great volatility.

From an Irish perspective, we approach this period from a position of economic strength.

Nonetheless, Ireland is not immune from the impact on the global economy. That is why the Government will continue to monitor developments closely, prepare for a variety of scenarios whilst constantly seeking deescalation.

Today’s meeting reinforced the importance of calm, coordinated and responsible economic policymaking in uncertain times. That will continue to guide Ireland’s approach in the time ahead.

ENDS