Kyriakos Pierrakakis, President of the Eurogroup and Greek Finance Minister, warned that the European economy must prepare for a prolonged period of instability, citing potential maritime transport disruptions, rising energy prices, and inflationary risks. He cautioned that despite claims of reduced dependency on oil and gas, euro area economies remain vulnerable to external shocks from conflicts in the Middle East and Ukraine. This uncertainty threatens to derail the current 2% inflation target, potentially forcing the European Central Bank to raise interest rates in 2026. Meanwhile, Portuguese Finance Minister Miranda Sarmento addressed concerns regarding the national budget, while emphasizing the need for continued fiscal discipline and coordinated European energy strategies.