Institutionalized collaboration with the Ministry of Finance appears to be lacking despite there being individuals willing to cooperate, according to the President of the Fiscal Council, Michalis Persianis. While presenting the Council’s budget for 2024 to the Finance Parliamentary Committee, Persianis lamented that council discussions are often interpreted politically. He stressed the council’s need to remain impartial, while also acknowledging their responsibility to speak up about potential dangers. Despite the lack of a cooperation culture, Persianis praised the Ministry’s control over public finances and the positive state of the economy. However, he expressed concern over inflexible state spending and forecasted increases in inelastic spending. Persianis also flagged concerns over the management of the Social Insurance Fund, urging for swift decisions. Meanwhile, both the president of the Commission, Christiana Erotokritou, and members of the commission expressed support for strengthening the Council’s cooperation with executive and legislative powers.
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
