{"id":10540,"date":"2026-06-13T14:26:00","date_gmt":"2026-06-13T11:26:00","guid":{"rendered":"https:\/\/en.tomanifesto.gr\/?p=10540"},"modified":"2026-06-13T14:26:00","modified_gmt":"2026-06-13T11:26:00","slug":"pierrakakis-message-to-the-eu-without-common-supervision-there-can-be-no-single-capital-market","status":"publish","type":"post","link":"https:\/\/en.tomanifesto.gr\/?p=10540","title":{"rendered":"Pierrakakis’ Message to the EU: Without Common Supervision, There Can Be No Single Capital Market"},"content":{"rendered":"

At the ECOFIN<\/strong> Council meeting in Luxembourg, the Minister of National Economy and Finance and President of the Eurogroup, Kyriakos Pierrakakis<\/strong>, with the main topic being the Banking Union<\/strong> and the package on market integration and supervision. <\/p>\n

The Greek minister emphasized the need for more unified European supervision, arguing that the completion of the Capital Markets Union<\/strong> cannot move forward as long as cross-border activities are monitored through different national practices. <\/p>\n

Beginning his remarks, Kyriakos Pierrakakis<\/strong> referred to the British series \u201cYes Minister,\u201d saying that critical political issues are often lost amid overly technical discussions. <\/p>\n

As he said: \u201cI would like to begin by pointing out something that is obvious to many of us in our countries: when we try to describe the Savings and Investment Union in broader terms, it is a highly technical matter\u201d. <\/p>\n

He added: \u201cSir Humphrey, an iconic figure in the series, had a unique ability to turn the most important political issues into extremely complex technical discussions.\u201d <\/p>\n

The minister noted that the goal of the discussion is specific: more investment, greater liquidity, and stronger financing of the European economy from European savings themselves. <\/p>\n

Pierrakakis: \u201cEurope must finance its future\u201d <\/h3>\n

Kyriakos Pierrakakis<\/strong> noted that the changes under discussion concern the entire market spectrum, from trading platforms to crypto-assets and investment funds. <\/p>\n

\u201cWe want deeper capital markets, more investment, and more innovation. We want European savings to finance European growth, and we want a Europe that can finance its future more effectively.\u201d <\/p>\n

He revealed that at the Eurogroup<\/strong> dinner with the former president of the European Commission, Jean-Claude Juncker<\/strong>, the question was raised as to what the most important unfinished European project is. <\/p>\n

According to the minister, Jean-Claude Juncker<\/strong> replied immediately: \u201cThe Capital Markets Union.\u201d <\/p>\n

The Greek minister stressed that the process must be completed by the end of the year, during the Irish presidency. <\/p>\n

\u201cThere is no single market with 27 different supervisory approaches\u201d <\/h3>\n

In the more political part of his remarks, Kyriakos Pierrakakis<\/strong> argued that Europe needs stronger common institutions, especially for entities with a significant cross-border presence. <\/p>\n

As he stated: \u201cWe cannot expect to create a truly integrated capital market when cross-border activities are supervised through 27 different supervisory perspectives and practices.\u201d <\/p>\n

The minister made it clear that strengthening the role of ESMA<\/strong> is not a theoretical institutional debate but a fundamental prerequisite for a more competitive European market. <\/p>\n

He also made special mention of crypto-asset service providers (CASPs<\/strong>), noting that supervisory criteria must take into account not only the size but also the growth potential of these businesses. <\/p>\n

At the same time, he acknowledged the role of national supervisory authorities, while insisting, however, that a clear division of responsibilities is needed between European and national structures. <\/p>\n

\u201cThe rule is simple: Europe must regulate what is European, and national authorities must supervise what is national.\u201d <\/p>\n

Concluding his speech, Kyriakos Pierrakakis<\/strong> cited Airbus<\/strong> and the establishment of the European Central Bank<\/strong>, saying that Europe\u2019s great successes were not built on fragmented national approaches. <\/p>\n

\u201cA Capital Markets Union without adequate European supervision is like a Monetary Union without the European Central Bank.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

\n At the ECOFIN Council meeting in Luxembourg, the Minister of National Economy and Finance and President of the Eurogroup, Kyriakos …<\/p>\n","protected":false},"author":1,"featured_media":10541,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-10540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"acf":[],"_links":{"self":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/10540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10540"}],"version-history":[{"count":0,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/10540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/media\/10541"}],"wp:attachment":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}