{"id":3901,"date":"2024-03-12T17:02:33","date_gmt":"2024-03-12T15:02:33","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=3901"},"modified":"2024-03-12T17:02:33","modified_gmt":"2024-03-12T15:02:33","slug":"eurozone-to-phase-out-energy-support-measures","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=3901","title":{"rendered":"Eurozone to phase out energy support measures"},"content":{"rendered":"

Eurozone finance ministers decided to gradually phase out energy support measures in 2024 in favour of fiscal prudence, aimed at reducing government deficits.<\/strong>
The gradual abolition of energy support measures was emphatically stressed at Monday\u2019s Eurogroup meeting of finance ministers, who said in a statement that \u201cwe will continue to phase out the remaining energy support measures as soon as possible in 2024 and use the related savings to reduce government deficits.\u201d<\/strong>
The Cyprus government is expected to terminate the reduced consumer tax on car fuel at the end of this month and the subsidy of electricity bills at the end of April, although it is under pressure from interest groups to extend them.<\/strong>
Eurogroup also welcomed the political agreement reached in February 2024 on a comprehensive reform of the EU\u2019s economic governance framework, expressing optimism for its early adoption.
Ministers provided a cautiously optimistic outlook, stating, \u201cwhile the economy entered 2024 with a weak base, the conditions for an acceleration of economic activity in the euro area in 2025 appear to be in place based on the Commission\u2019s winter forecast.\u201d<\/strong> They pointed to a robust labour market and the downward path of inflation, which would allow the eurozone meet the ECB\u2019s target by 2025.<\/p>\n

Nonetheless, they also acknowledged, that \u201crisks to the economic outlook are tilted to the downside as global uncertainty weighs on the economic outlook.\u201dThe eurozone\u2019s challenge was the balancing of multiple fiscal demands with the need to rebuild fiscal buffers. The reformed framework, as ministers noted, was aimed at \u201cstrengthening debt sustainability and promoting sustainable and inclusive growth through structural reforms and investment,\u201d which is the EU\u2019s long-term economic strategy.A commitment to \u201censuring its consistent and rapid implementation throughout this year\u201d was expressed, emphasising the importance of draft fiscal plans and fiscal stance guidelines for cohesive fiscal policy coordination among member states.Looking ahead to 2025, the revised economic governance framework is expected to result in \u201can overall slightly contractionary fiscal stance in the euro area,\u201d but the approach is deemed appropriate given the current macroeconomic conditions, the ongoing need for fiscal sustainability, and support for the deflationary process.Furthermore, the ministers conveyed their intention to \u201ccontinue to pursue ambitious structural reforms and maintain and, where necessary, increase the level of investment,\u201d focusing on priority areas like the green and digital transition and defence capabilities.
The commitment to \u201cstrengthening our efforts to improve the efficiency, quality, and composition of public spending<\/strong>\u201d was also repeated.Follow the
\nCyprus Mail on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"

Eurozone finance ministers decided to gradually phase out energy support measures in 2024 to reduce government deficits. This decision was emphasized during the Eurogroup meeting of finance ministers. The Cyprus government plans to end the reduced consumer tax on car fuel and the subsidy of electricity bills by the end of April 2024. A political agreement on reforming the EU\u2019s economic governance framework was reached in February 2024, with optimism for its early adoption. Ministers provided a cautiously optimistic outlook for the euro area’s economy in 2025, citing a robust labour market and a downward inflation path. However, they acknowledged economic risks due to global uncertainty. The reformed framework aims at strengthening debt sustainability and promoting growth through structural reforms and investment. An overall slightly contractionary fiscal stance is expected in the euro area for 2025, focusing on priority areas like the green and digital transition and defence capabilities, with an emphasis on improving the efficiency, quality, and composition of public spending.<\/p>\n","protected":false},"author":3,"featured_media":3902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1107,3,898,50,1559,26,553,358,1557,379,599,569,1558,250,415,67,899,839,1346,1358,1065,440],"class_list":["post-3901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-car","tag-cyprus","tag-debt","tag-ecb","tag-economic-governance-framework","tag-economy","tag-electricity","tag-energy","tag-energy-support-measures","tag-eu","tag-euro","tag-finance","tag-fiscal-prudence","tag-google","tag-government","tag-inflation","tag-interest","tag-labour","tag-meeting","tag-support","tag-tax","tag-winter"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nEurozone to phase out energy support measures<\/title>\n<meta name=\"description\" content=\"energy support 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