WASHINGTON (ANA-MPA/P. Kasfikis) – The fallout of the energy crisis related to developments in the Middle East and its challenges for the European economy were the focus of statements by Greek National Economy & Finance Minister and Eurogroup President Kyriakos Pierrakakis at the Semafor World Economy 2026 event on April 14.
Pierrakakis is in Washington, DC this week to attend the Spring Meetings of the International Monetary Fund (IMF)/World Bank Group.
At a chat with Ben Smith, cofounder and editor-in-chief of the news platform Semafor, Pierrakakis said that the extended disruption of shipping through the Strait of Hormuz could have wide repercussions on energy supply and critical raw materials, affecting prices globally, although he pointed out that Asian markets were the most exposed to the crisis. The Middle East events have already led to an adjustment of forecasts toward lower growth and higher inflation in the European economy, he added, but the determining factors are the duration and intensity of the crisis, as even under the most favorable outcome it will take time to restore normalcy in energy flows.
Pierrakakis noted that the European response is to emphasize targeted and short-term support measures to protect more vulnerable households and to boost businesses’ liquidity. He also underlined the need for Europe to accelerate structural reforms, particularly toward the unified market and the removal of internal EU obstacles.
The Greek FinMin made particular reference to the Greek economy, pointing out to fiscal stability, structural reforms, and acceleration of digitization as the main contributing factors to the economy’s reliability and to the gradual deescalation of public debt. In addition, he noted that the experience of the crisis highlighted the importance of maintaining a reformist mentality and policy, as well as of avoiding the high cost to society of delaying the implementation of reforms.
In conclusion, Pierrakakis noted that despite occasional tension, EU-US collaboration will remain of critical importance in sectors such as energy and technology. At the same time, he warned of political pressures that could lead to an extended period of high energy prices. The Greek FinMin also noted that the effective and timely implementation of investments in energy infrastructure, networks, and storage systems is critical to mitigating the crisis’ effects and to maintaining social cohesion and the confidence of citizens.
