Prime Minister Kyriakos Mitsotakis told the European Council that its conclusions do not reflect the urgency of the situation created by rising energy prices.

He said that greater flexibility is needed within the existing fiscal framework in order to offer targeted, tailored and temporary support measures to vulnerable households and businesses. He added that these measures should be funded by the portion of the increase in public revenue that results from higher inflation, while also ensuring fiscal sustainability.

“We must bridge the gap between the need to act and our ability to do so,” he stressed.

He also highlighted the urgent need to review key features of the Emissions Trading System (ETS). Although it should remain a core pillar of the EU’s decarbonization strategy, it cannot operate as if conditions have not changed since it was adopted, he noted.