Greek Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis said Europe must move faster in shaping a clear technological strategy, strengthening its capital markets and creating the conditions for major European investment.

Speaking during a panel discussion titled “Is Europe an investable market?” at the 30th Economist Government Roundtable, Pierrakakis referred to the need for a stronger technological framework in Europe, the Savings and Investments Union and the digital euro.

“My good friends Enrico Letta and Mario Draghi produced these reports. We all agreed on the deliverables. The question is how quickly they will be implemented and in what way,” he said.

He noted that discussions are moving forward, with issues such as market completion and the supervisory package already examined at Ecofin and Eurogroup level.

Referring to energy, Pierrakakis said it was an area where Europe needs to make significant progress. Citing an International Monetary Fund report, he said the impact of the energy crisis would have reached 12% had Europe not taken measures.

“We are also including energy investments in the escape clause. The digital euro will be a reality by 2029. There is some movement, but we need much more progress on many fronts,” he said.

“Overall, I am optimistic about how much progress we can make. There are negative external factors, but there is certainly political will,” he added.

Pierrakakis said Greece’s recent experience showed both the cost of long delays and the opportunity that comes from finally addressing them.

“We are experiencing a duality. Before 2019, Greece had a number of things that had not been done for many years. The things you have not done for a long time give you an opportunity to reap the rewards, the obvious rewards. However, one must also respond to the challenges of tomorrow,” he said.

“At European level, on the one hand, we must deliver on our commitments and address what we have long neglected, such as the Capital Markets Union, which will yield a dividend of progress. At the same time, we need a clear technological strategy,” he added.

According to Pierrakakis, Europe needs technology leaders that operate on a European scale rather than only at national level, in order to create large ecosystems.

“In my view, we have three options when it comes to technology. First, to lead, by choosing the sectors where we are already leaders and developing them even further. Second, to build, by choosing the sectors where we do not yet have an advantage but can develop one. However, if we believe we can create European versions of everything, we are mistaken,” he said.

“We have specific funding, and we can put it to use in the sectors where we have a competitive advantage. The third option is to create a very smart regulatory framework,” he added.

Pierrakakis also stressed the importance of strengthening Europe’s Savings and Investments Union, arguing that Europe must make it easier for investment to be financed within the continent.

“We need to put our own house in order. That means growing the Savings Union, which is the most important thing right now, because someone has to be able to finance these investments, such as a startup,” he said.

“Someone must have access to all financing mechanisms in Europe so that all their ambitions can be realised within the European continent,” he concluded.