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Pierrakakis: Duration of Middle East Crisis Will Determine Impact on Europe

Published March 4, 2026, 14:12
Pierrakakis: Duration of Middle East Crisis Will Determine Impact on Europe

President of the Eurogroup, Kyriakos Pierrakakis, stated that the duration of the crisis in the Middle East will determine the extent of the economic impact on Europe. He emphasized that the situation is “unprecedented and deeply worrying” and that instability in the region is putting pressure on energy prices, transportation, and supply chains. Pierrakakis pointed out that Europe is in a new geopolitical reality, where “geopolitical innocence” is no longer feasible and European sovereignty is necessary for economic survival. He called for strategic autonomy and greater resilience of the European economy. He also proposed strengthening digital financing and referred to the role of the Savings and Investment Union and the European Investment Bank Group in developing the European economy.