Greece's Ministry of National Economy and Finance published a readout of Minister Kyriakos Pierrakakis’ interventions at Eurogroup and ECOFIN meetings in Luxembourg, focusing on the proposed EU overhaul of tobacco excise duties, the Savings and Investments Union (SIU) recommendations, and recent stablecoin developments. He warned that overly steep and abrupt tax increases on tobacco products can fuel illicit trade, pressed for faster implementation of the SIU to deepen capital markets integration, and argued for a regulatory approach to stablecoins that balances risks and opportunities while anchoring compliance in the EU’s Markets in Crypto-Assets Regulation (MiCA). On tobacco excise, Pierrakakis stressed public health as a core priority but flagged Greece’s experience that asymmetric increases in tax rates can lead to higher smuggling, and that sharp price rises across traditional and innovative products can affect competitiveness with spillovers for investment and exports. He suggested considering longer transitional periods to meet policy objectives without disrupting the market. On the SIU, he called for rapid execution of the recommendations to move towards a single European market and supported cross-border mergers and acquisitions to create “European champions”, citing as examples Euronext’s proposal to acquire the Athens Stock Exchange, UniCredit’s proposal to acquire a stake above 30% in Alpha Bank, and Greek bank Credia’s attempt to acquire a stake in HSBC Bank Malta. On stablecoins, he argued they are no longer experimental and should be integrated into a controlled framework aligned with European rules, cautioning against overly restrictive measures that could isolate Europe from global developments. Alongside the formal meetings, Pierrakakis participated in an informal Competitiveness Lab working lunch on deepening the Capital Markets Union, including discussion of the Finance Europe Label for investment products and a proposal for a European securitisation platform, and held bilateral meetings with the finance ministers of Luxembourg and Romania.
Ministry of National Economy and Finance (Greece) 2025-10-10
Greece's Ministry of National Economy and Finance urges caution on sharp EU tobacco excise hikes and backs rapid Savings and Investments Union delivery with balanced MiCA-based stablecoin rules
Greece's Ministry of National Economy and Finance shared Minister Kyriakos Pierrakakis’ interventions at Eurogroup and ECOFIN meetings, highlighting concerns over abrupt tobacco excise tax increases and advocating for rapid implementation of the Savings and Investments Union (SIU) recommendations. Pierrakakis emphasized a balanced regulatory approach to stablecoins within the EU’s Markets in Crypto-Assets Regulation (MiCA). He also discussed deepening the Capital Markets Union and held bilateral meetings with finance ministers from Luxembourg and Romania.