In a recent address marking World Consumer Rights Day, Energy Minister George Papanastasiou paid homage to the late U.S. President John F. Kennedy, underscoring the enduring significance of consumers in the global economy. Papanastasiou recalled Kennedy’s assertion that consumers are central to economic dynamics, not as weak entities needing protection but as pivotal figures.
The minister acknowledged the compounded economic and social challenges consumers currently face, exacerbated by the Covid-19 pandemic, energy crisis, and regional conflicts. These factors have led to economic instability and soaring inflation, which have particularly affected vulnerable populations by diminishing the real value of wages against rising prices and interest rates.
In response to these challenges, Papanastasiou assured that the government and his ministry are actively seeking solutions and are poised to implement targeted support measures. A cornerstone of their strategy is the introduction of affordable energy options, which aims to alleviate financial pressures on both businesses and consumers.
The minister highlighted the government’s commitment to renewable energy and conservation, referencing the “Photovoltaics for All” scheme designed to enable households to generate their own solar power. Additionally, he mentioned the forthcoming “e-basket” scheme intended to enhance price transparency and facilitate price comparisons for consumers across different retailers.
Papanastasiou also noted a bill, recently approved by the cabinet, that would authorize the government to cap retail prices on select products at certain outlets. This legislative move aligns with the government’s policy of zero VAT on essential goods—a measure Finance Minister Makis Keravnos claimed saves consumers an average of eight percent on weekly shopping expenses.
The minister’s speech reflects a government attuned to consumer hardships and dedicated to implementing practical initiatives to bolster consumer welfare in times of economic turbulence.
