Greece's Ministry of National Economy and Finance published remarks by Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis from a panel discussion in Aix-en-Provence arguing that Europe needs a change in mindset and completion of the single market across strategic sectors. He said Europe should now move in parallel on the Capital Markets Union, Banking Union, Energy Union and a coherent technology strategy, with the aim of strengthening European sovereignty in a more demanding geopolitical and technological environment. Pierrakakis presented the Eurogroup's rapid agreement on the European Central Bank vice presidency as an example of the political will needed to act faster. He argued that sovereignty should not be treated as the same as full autonomy, but as the ability to reduce one-sided dependencies and make strategic choices about where Europe can build scale. In that context, he called for thinking in terms of European rather than national champions, including in banking, stock exchanges and technology. He cited defense procurement as an area where common European purchasing could replace 27 separate national processes, and contrasted Europe's weak position in cloud, where the three largest U.S. providers hold about two-thirds of the European market and no European company has more than a 2% share, with its stronger position in 5G infrastructure, where Europe has two global champions but still operates a fragmented telecommunications market with 27 separate 5G auctions. He said plans debated for decades now need to be implemented simultaneously, and that Europe should focus on fixing structural weaknesses, making strategic industrial choices and diversifying risks rather than pursuing complete self-sufficiency.

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