Greece's Ministry of National Economy and Finance urges faster Savings and Investments Union reforms and backs stronger ESMA role at ECOFIN

Greece's Ministry of National Economy and Finance published remarks by Minister Kyriakos Pierrakakis at the ECOFIN meeting in which he urged faster progress on the Savings and Investments Union and backed the package of measures on market integration and supervision presented there. He argued that deeper capital market integration, greater economies of scale and a more coherent supervisory framework are needed to make the European financial system more efficient and resilient, warning that the cost of delaying critical reforms is high and that Europe no longer has the luxury of time. Pierrakakis said Europe is facing two structural shifts: capital markets remain fragmented, with liquidity, infrastructure and supervisory practices still largely organised at national level, while financial innovation is accelerating through AI-based transactions, digital financial infrastructure, digitisation of financial assets and new cross-border platforms. He supported stronger supervisory convergence and a stronger, clearer role for ESMA, while stressing that this should not create dual competences with national regulators. The intervention also backed harmonised rules, a simpler regime for cross-border activity and limits on additional national requirements beyond European rules in order to reduce administrative burdens and support cross-border expansion.