Ministers of finance discussed both the present and the future of Europe. On the one hand, we examined the immediate challenges facing the European economy. On the other, we discussed the decisions that will shape Europe's competitiveness, security and prosperity in the years ahead. We began with the macroeconomic situation in the euro area. The effects of the crisis in the Middle East are already being felt. Energy markets remain under pressure, and risks to growth and inflation continue to merit and require close attention. The European Commission presented its assessment, while the ECB shared its latest projections along, of course, with the decisions and the discussion of the decisions that they made today. We also took stock of the implementation of the medium-term fiscal structural plans submitted by member states as part of the Commission's spring package. Uncertainty comes at a cost, and our responsibility is to limit that cost. That is why fiscal coordination remains so important. And in a period of significant international turbulence, stability, credibility and policy consistency become even more important. We then welcomed the Managing Director of the IMF, Kristalina Georgieva, for our annual exchange of views on euro area policies. The IMF broadly shares the assessment of the European institutions regarding the outlook and the risks that we face. Our discussion, however, was not limited to managing challenges. We also focused on the foundations of a stronger European economy. Energy is perhaps the best example. Energy security, competitiveness, the green transition and industrial policy - all of those are not really separate discussions. They are different dimensions of the same challenge. Europe needs an energy strategy that simultaneously reduces costs and dependencies. That is why strengthening energy interconnections, investing in networks, and making better use of domestic energy sources are all collective choices that enhance both competitiveness and economic security. We then turned to Europe's technological sovereignty. Technology is the foundation upon which productivity, competitiveness and economic strength in the coming decades will be built. Europe has world-class universities, research centres and entrepreneurs. It has talent. Europe does not have a deficit in this regard. The only deficit it really has is a scale deficit. Too often Europe produces innovations but fails to nurture global champions capable of fully commercialising and scaling them. We need thus more European companies that can grow and innovate. We need more European champions. In this context, our guest speaker, Professor Eaves from University College London, made a quite valuable contribution to the discussion, particularly on the role of cloud services and digital infrastructure in Europe's future competitiveness. Technological sovereignty does not mean isolation. It does not mean turning our backs on our international partners. It means ensuring that Europe possesses the capabilities, the skills and the industrial base required to make its own strategic decisions. All these priorities, however, lead to a common question, and this is why the ministers of finance had this discussion: how will they be financed? The answer lies in making better use of European savings and channelling them into productive investment. The Savings and Investments Union is the way that Europe will finance its future. A stronger European economy requires deeper capital markets, more private investment and an environment in which innovative businesses can start, grow and scale within Europe. At our meeting, I also welcomed two new colleagues to the Eurogroup following the formation of new governments in Latvia and Slovenia: Māris Kučinskis and Andrej Šircelj, respectively. Finally, earlier today, I chaired the meeting of the ESM Board of Governors. Pierre will brief you in more detail on the outcome and the deliberations of that meeting. Let me conclude with one final thought. Today, we discussed the challenges of the present geopolitical uncertainty, its economic consequences, the immediate priorities of the euro area. But we also discussed the foundations of Europe's strength for the decades ahead: energy, technology, investment, innovation and competitiveness. Europe cannot choose between managing today's crisis and preparing for tomorrow. It must do both at the same time. This is the nature of the responsibility that we have upon us.
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