Greece's Ministry of National Economy and Finance published remarks by Minister Kyriakos Pierrakakis, speaking in his capacity as finance minister and Eurogroup president at an Economist event, in which he said Europe is beginning to convert the Draghi and Letta agendas into concrete policy movement. He pointed to early progress on the Savings and Investments Union, energy policy and the digital euro, while arguing that Europe also needs a clearer technology strategy to raise productivity and growth. On capital markets, he cited progress on securitisation, the supplementary pensions package and a broader package to integrate markets and supervision, which he said has already been discussed extensively in the Economic and Financial Affairs Council and the Eurogroup, with the Irish Presidency aiming to move quickly. On energy, he said an International Monetary Fund report found the economic impact of the Middle East crisis was 12% smaller than it would have been without Europe's energy investment measures, and he noted that the European Commission's proposal to extend the escape clause for defense would also cover energy investment. He added that Europe still needs more investment in grids, storage and interconnections because it does not yet have a genuine single energy market or Energy Union. On the digital euro, he said it would become a reality by 2029, citing a positive vote in the European Parliament's Committee on Economic and Monetary Affairs, an expected plenary vote over the summer and a pilot phase to follow. Pierrakakis also used the discussion to advance broader policy ideas rather than announce formal decisions. He said he had proposed centralizing spectrum auctions at European Union level and using part of the proceeds, potentially via the European Investment Bank, to support telecom ecosystems and the Multiannual Financial Framework. More broadly, he argued that Europe should follow a technology doctrine built around three choices: lead in sectors where it already has strong firms, build capabilities only in a limited number of strategically necessary areas, and regulate smartly where market leadership is unlikely. Ahead of a Eurogroup discussion on artificial intelligence, he said Europe needs to assess AI's security implications across legacy systems, not just banks, and pursue wider multilateral governance for large language models.
Ministry of National Economy and Finance (Greece)2026-07-08
Greece's Ministry of National Economy and Finance sets out EU competitiveness priorities and says digital euro could be reality by 2029
In published remarks from an Economist conference discussion, Greece's Ministry of National Economy and Finance said Europe is making practical progress on core competitiveness files, including the Savings and Investments Union, energy integration and the digital euro. Minister Kyriakos Pierrakakis said the digital euro could be in place by 2029 following a positive European Parliament ECON vote and called for further EU action on market integration, energy infrastructure and technology policy. He also floated centralized European Union spectrum auctions and said the Eurogroup would discuss artificial intelligence and its security implications.