‘Instability in the region directly affects the European economy’, says Christodoulides

President Nikos Christodoulides, during a teleconference with several other European leaders on Tuesday, warned that the current developments in the Middle East will have direct effects on the EU’s the competitiveness and its economy.

During the meeting, the leaders discussed their positions ahead of the scheduled debate on the EU’s competitiveness, which will be held at the European Council in Brussels in March.

In his remarks, Christodoulides underlined that the Iran war directly impacted the European market, particularly in regard to increasing energy costs, difficulties in guaranteeing the functioning of supply chains and the wider region.

He stressed that the current developments in the Middle East required the EU to proceed with the implementation of coordinated policies to ensure the strengthening of the European energy security, the competitiveness of the European market and the EU’s strategic resilience.

Other topics on the agenda of the meeting included energy prices, the further deepening of the single market, as well as the reduction of administrative and bureaucratic procedures for businesses.

The teleconference had been convened by German Chancellor Friedrich Merz, Italian Prime Minister Giorgia Meloni and Belgian Prime Minister Bart de Wever.

It follows a meeting that took place before the informal European Council at Alden Biesen, Belgium in February.