Greece Ministry of National Economy and Finance backs stronger ESMA supervision to advance the Savings and Investments Union

The Greece Ministry of National Economy and Finance published an intervention by Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis at the open session of ECOFIN backing the European Commission's approach on the Savings and Investments Union and calling for implementation rather than further debate. The central policy message was support for strengthening the European Securities and Markets Authority, on the basis that some supervisory functions should not be replicated across all 27 member states. Pierrakakis argued that stronger EU-level supervision can coexist with national capabilities, citing the European Central Bank's Single Supervisory Mechanism as an example of central supervision combined with decentralised implementation and execution. He said the degree and allocation of supervision could be guided by objective criteria including cross-border activity, operational importance to the market and the need to preserve a level playing field. He linked the same integration logic to other EU debates including cross-border bank integration, the digital euro and wider capital markets union measures.