In a CNBC interview published by Greece's Ministry of National Economy and Finance, Finance Minister and Eurogroup President Kyriakos Pierrakakis said euro area growth forecasts for this year had been revised down and inflation forecasts revised up because of the Middle East crisis, but said Eurogroup discussions remain focused on economic fundamentals. He highlighted fiscal foundations, competitiveness, reforms and artificial intelligence as core priorities, and said fiscal policy should not work against the European Central Bank's effort to contain inflation. Pierrakakis said an International Monetary Fund assessment found that measures taken after Russia's invasion of Ukraine reduced the crisis impact by 12%, reflecting investment in energy independence and energy infrastructure. He added that the European Commission's framework for support measures is now more developed and that such measures should be temporary, targeted and tailored, while acknowledging that some past measures fell short of that standard. On AI, he called for a European approach to technological sovereignty, including a common policy language and clear technology and investment strategies to back European champions. He said the Eurogroup had invited the chief executive of Mistral to discuss how to strengthen European AI companies, and pointed to the Savings and Investments Union and fuller use of the single market as central to scaling European start-ups. He also referenced his proposal for a centralized European auction of radio spectrum. On sovereign funding conditions, he said euro area finance ministers are closely monitoring higher government borrowing costs. He described the fiscal backdrop as more demanding than in 2022 because of deficits and public debt levels, and said appropriate measures would be taken once the situation is clearly assessed.
Ministry of National Economy and Finance (Greece)2026-07-09
Greece's Ministry of National Economy and Finance sets out Eurogroup priorities on fiscal discipline reforms and European AI sovereignty
In a CNBC interview published by Greece's Ministry of National Economy and Finance, Kyriakos Pierrakakis said the Eurogroup is focusing on reforms, fiscal fundamentals, competitiveness and AI as euro area growth forecasts are revised down and inflation forecasts revised up because of the Middle East crisis. He said fiscal support should remain temporary, targeted and tailored, and called for a European approach to AI sovereignty, investment and scale. He also said ministers are closely monitoring higher euro area sovereign borrowing costs.