Shock in the Eurozone: Pierrakakis runs for Eurogroup president!

Greek Minister of National Economy and Finance, Kyriakos Pierrakakis, has officially submitted his candidacy for the Presidency of the Eurogroup, emphasizing that Europe is at a crucial turning point and needs coordinated policies more than ever. In a letter to his counterparts, Pierrakakis stresses that traditional dividing lines – North vs. South, East vs. West, “austerity” vs. “flexibility” – no longer reflect the nature of today’s systemic challenges, which require a unified strategy and effective action.

He proposes a Eurogroup capable of leading Europe with unity, speed, and foresight, making it more competitive and resilient for the challenges of the next decade.

Pierrakakis highlights that current geopolitical uncertainty, including Russia’s invasion of Ukraine and rising tensions in the wider neighborhood, reinforces the need for collective unity and resilience. Europe cannot afford complacency; it must strengthen its economic, financial, and democratic foundations.

Pierrakakis’ Four Priorities

1. Savings and Investment Union (SIU) Europe saves at levels comparable to the U.S. but structurally invests less. Funds remain trapped within national frameworks. Pierrakakis proposes deeper financial integration, cross-border liquidity, and support for collaboration across banking and capital markets to strengthen the market and finance the green transition, digital transformation, defense readiness, and innovation.
2. Completion and strategic direction of the Single Market Fragmentation remains a barrier to growth. Simplifying procedures, creating unified regulatory frameworks, and coordinating investments in telecom, digital infrastructure, green technologies, and advanced manufacturing are essential. Clear, predictable rules are needed to boost productivity and cross-border investment.
3. Digital euro and Europe’s technological sovereignty Technological changes are reshaping the financial landscape. The digital euro is more than a payment tool: it strengthens Europe’s monetary sovereignty, enhances the euro’s global role, and builds confidence in the financial system. Regulation must encourage innovation while maintaining resilience.
4. Safeguarding Europe’s economic foundations Long-term prosperity requires stable fiscal and financial structures, addressing demographic challenges, and improving productivity. A Eurogroup focused on these structural issues can ensure Europe’s long-term strength.

Guiding Principle: Focused, flexible, and inclusive Eurogroup

Pierrakakis calls for a Eurogroup that complements ECOFIN, promotes transparency, encourages open dialogue, and can act quickly in crises. The goal is to transform Europe’s collective wisdom into practical results for citizens.

He concludes by noting that Greece’s recent history demonstrates the power of resilience, reform, and European solidarity. Europe is stronger when it acts in unity with clear strategic direction. If elected, Pierrakakis pledges to make the Eurogroup a collective instrument for stability, competitiveness, and long-term strength of the Eurozone.

His opponent is Vincent Van Peteghem, Deputy Prime Minister and Budget Minister of Belgium, responsible for administrative simplification. The race for the Eurogroup Presidency is considered pivotal for shaping the Eurozone’s strategic direction over the next decade.

Source: pagenews.gr