Greece's Ministry of National Economy and Finance published an interview with Minister and Eurogroup President Kyriakos Pierrakakis in the European Central Bank's Supervision Newsletter, outlining priorities for completing the Banking Union and strengthening banks’ capacity to finance European growth. He called for cross-border banking and capital flows to become more common, supported by stronger shared safeguards, consistent supervision and a simpler, more predictable regulatory framework that maintains prudential standards. Pierrakakis linked progress on the Banking Union to the Savings and Investments Union, noting that banks provide about 70% of financing to the European economy. His priorities include implementing the new crisis management and deposit insurance framework, removing barriers to cross-border consolidation and harmonizing reporting so information can be collected once and securely reused by supervisors. He also supported a simpler European Deposit Insurance Scheme that balances national and central responsibilities while providing equal protection for covered deposits across the Banking Union. The Eurogroup's July work program provides for an assessment of progress since 2022 and the identification of further consensus-based measures to complete the Banking Union and improve euro-area banking competitiveness. This work will precede European Commission legislative proposals expected in 2027.

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