‘We know there will be economic costs but these freedoms are fundamental to our Union’

Today’s (25 February) informal meeting of finance ministers focused their attention on the situation in Ukraine and the repercussions of sanctions. Eurogroup President Paschal Donohoe said: “We know there will be economic costs, but it is these very values and freedoms that are fundamental to the success of our Union and fundamental to our societies and to our economies.” 

Donohoe referred to this moment as our darkest hours, saying that in these darkest of moments our thoughts are with Ukraine and with the Ukrainian people as they face this unprovoked attack and they fear for their lives. 

“We will do all that we can, all that is necessary to support them in these tragic circumstances,” he said. “This is not only an attack on Ukraine, it is an attack on the values of a free and democratic world, values that are at the core of the European Union. Therefore the Union stands strongly united in protecting our common values, our freedoms and the rule of law.”

Donohoe says that the Eurogroup will review its budgetary stance at its next meeting in three weeks but he clarified: “While we have started to consider the consequences of the last few days’ events, we do so with an economy that is already strong and resilient thanks to the policy decisions that we have taken in recent years.”

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