The Greek example of digital reform and the potential for drawing on experience and know-how for the completion of European integration was mentioned by the Minister of Economy and Finance Kyriakos Pierrakakis, who participated today (1/12) in Dublin in a discussion at the Institute of International and European Relations entitled “The Next Phase of Europe’s Development: Consolidation, Innovation and the Digital Economy”.

Pierrakakis noted that Greece has managed to transform itself from the country with the largest bureaucracy into a European example of digital transition, with a focus on serving citizens in their dealings with the state: ‘Citizens are not interested in Ministry A or B. They are interested in being served. It is in this spirit that we created gov.gr, one of the most popular reforms in the country’s history.”

At the European level, the Minister spoke of the need for a major change in scale: “Europe must answer the question: do we want 27 efficient markets or one? Without a single market of global size, we cannot create European and global technology champions,” he said.

Pierrakakis referred specifically to the need to implement the Draghi Report, as well as cross-border mergers and synergies, which will be supported by the completion of the Savings and Investment Union.

“Our economic ‘destiny’ should be able to be fully realised within the European continent. And to achieve this, we are getting to the key discussions that are currently taking place at the Eurozone and EU level: simplification, the Savings and Investment Union, the digital euro and the innovative economy around the financial system, all of these are evolving simultaneously, along with domestic policies, which here in Ireland have been particularly successful.”

Digital euro and artificial intelligence: Europe risks losing the race

The Minister underlined the need for swift but smart European regulation on digital currency and stablecoins: “95% of stablecoins are in dollars. 95% of stablecoins are in dollars; only 1% in euros. We cannot be absent from this technological development. We need a strong common ‘anchor’, the digital euro, around which private innovation will grow.”
He said.

At the same time, he warned that technological changes are running at a speed that political institutions find it difficult to keep up with, noting that the ability to adapt to technological evolution is the “great gamble of our time.”

The Greek comeback: From -25% of GDP to fiscal stability

“In Greece we lost 25% of our GDP. In real terms, that was our 1929, the Great Depression. The exit from this crisis is a testament to the strength of Greek society and the support of Europe.”

The minister underlined the spectacular improvement of the Greek economy after a decade of crisis and three bailout programs.

“Today Greece has the fastest decelerating debt-to-GDP ratio in Europe. From almost 210% after the pandemic, we will be below 120% in 2029,” he said, adding that the government had passed through parliament “the largest tax cut in our modern history, specifically designed around demographics. With 1.3 children per couple, we cannot ignore the problem.”

Concluding his statement, the Minister said: “I am optimistic. Europe has always leapt forward after crises. Now we must learn to move forward not because we have crises, but because we recognise opportunities.”