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Euro zone cannot fully shield economies from energy prices, will focus on the vulnerable

10/03/2022 | 06:46am EST
FILE PHOTO: Eurozone finance ministers meeting in Brussels

BRUSSELS (Reuters) - Euro zone governments cannot fully shield their economies from the surge in energy prices and will focus on protecting the most vulnerable through exceptional, targeted and temporary income measures, a draft statement of euro zone finance ministers said.

The draft, prepared for talks of the ministers of the 19 countries sharing the euro in Luxembourg on Monday, said national measures would be coordinated to protect cross-border competition in the European Union.

"It is our responsibility to mitigate the adverse impact of this external shock on our economies," the draft statement, seen by Reuters, said.

"Nevertheless, such measures will weigh increasingly on our national budgets and may, in some cases, slow down the necessary adjustment of energy demand," it said.

(Reporting by Jan Strupczewski; editing by Philip Blenkinsop)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.23% 0.64547 Delayed Quote.1.77%
BRITISH POUND / EURO (GBP/EUR) -0.01% 1.16235 Delayed Quote.-2.19%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.17% 0.717952 Delayed Quote.3.46%
INDIAN RUPEE / EURO (INR/EUR) 0.25% 0.0118 Delayed Quote.-0.21%
US DOLLAR / EURO (USD/EUR) -0.03% 0.964209 Delayed Quote.9.24%
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