Greece’s Minister of National Economy and Finance, Kyriakos Pierrakakis has called for the swift completion of the European Savings and Investment Union, warning that the "opportunity cost" of delay is the greatest challenge facing EU citizens.
Mr. Pierrakakis made the remarks during a discussion with Jeromin Zettelmeyer, director of the European think tank Bruegel. The event marked Bruegel's 20th anniversary and Greece’s entry into its network of cooperating countries.
Mr. Pierrakakis emphasized the need for a targeted European industrial policy to create "European champions" capable of competing internationally.
He called for more ambitious industrial strategies, running in parallel with the completion of the Capital Markets Union and the Banking Union.
While noting that discussions continue in monthly meetings of the Eurogroup and ECOFIN, Mr. Pierrakakis said the true test will be the execution of cross-border mergers, not just institutional planning.
He criticized "national reservations" by individual EU member states, which he argued undermine cohesion.
The finance minister called for "faster, clearer, and bolder moves" toward a unified single market, free of fragmentation.
He cited UniCredit's operations in Greece as a positive example of the cross-border consolidation he believes is necessary for the bloc's financial stability and competitiveness.