Greece's Ministry of National Economy and Finance publishes Pierrakakis' case for deeper European integration and AI regulation

Greece’s Ministry of National Economy and Finance published remarks by Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis advocating deeper European financial and energy integration and coordinated governance of artificial intelligence. In a discussion with author Giuliano da Empoli at an ELIAMEP event on Europe’s future, Pierrakakis argued that completing integration projects could increase investment and growth, while greater energy storage, interconnections and grid investment could reduce costs for businesses and households. On financial integration, Pierrakakis called for mobilizing European savings through the Capital Markets Union and for more cross-border bank mergers and consolidation. He argued that consolidation would support banks’ technology investment and lending to small and medium-sized enterprises. He also discussed improving the effectiveness of public spending, emphasizing that the choices involved differ by country. Defense is due to be discussed at the next Eurogroup meeting, with joint procurement identified as a source of economic benefits that would require interoperability between defense systems. On technology, Pierrakakis argued that AI regulation is unavoidable and requires international coordination because no country or region can manage the challenge alone. He advocated investment in sectors where Europe already has technological strengths, targeted efforts to close security-related gaps in defense and AI, and regulation and oversight where European ownership is less practicable, such as cloud infrastructure. He also called for policymakers to involve people who understand technology implementation, linking public administration’s digital capabilities to its ability to capture AI productivity gains.