EU Finance Ministers discuss post-pandemic recovery with the member countries of the European Free Trade Association

On 9 November 2021, Minister of Finance Andrej Šircelj held a ministerial dialogue with the member countries of the European Free Trade Association (EFTA i).

Secretary-General of Iceland's Ministry of Finance, Guðmundur Árnason, Prime Minister of Liechtenstein, Daniel Risch, Norwegian Deputy Minister of Finance, Erlend Trygve Grimstad, and President of the Swiss Confederation, Guy Parmelin, also participated in the dialogue alongside the EU member states.

The ministers from EU member states and the EFTA countries discussed the opportunities and challenges of post-pandemic recovery. EU member states and EFTA countries are linked by close cooperation. The discussion made clear that the countries faced similar problems during the crisis and tackled them with similar measures, which have proven to be effective.

EFTA members reported that the economy has weathered the crisis better than expected. The measures adopted during the pandemic and the high vaccination rate have allowed economic activity to return to normal. Labour demand is rising and unemployment is low as pandemic prevention measures are being phased out, while the labour market is expecting changes related to digitalisation. The importance of supportive and responsible fiscal policies that can improve preparedness for possible future shocks was also highlighted. Representatives of the EFTA countries also expressed their support for the green transition.

The implementation of the recovery instrument is successfully underway. This is one of the priorities of the Slovenian Presidency. We need to seize the moment to achieve our green and digital objectives, making the European economy even stronger after the crisis. Close cooperation with the economies of EFTA countries is also important. By working together and sharing best practices, we can further improve the opportunities that the recovery brings.

mag. Andrej ŠirceljMinister of Finance

mag. Andrej ŠirceljMinister of Finance

Participants agreed that the outlook remained good, but that the risks associated with the pandemic and with supply and demand would still need to be monitored. They also discussed disruptions in supply chains affecting inflation, in particular energy prices. They agreed that the disruptions were temporary and that energy price trends would need to be closely monitored to ensure that they did not undermine the recovery. The importance of good relations between EFTA and the EU in ensuring further recovery and overcoming possible future challenges was also highlighted.