The Athens<\/b> hosts the EU Economic and Financial Committee<\/b>, with Kyriacos Pierrakakis<\/b> calling for closer European cooperation.<\/p>\n
The return of the Informal Meeting of the Economic and Financial Committee (EFC)<\/b> to the Greek capital, after a 20-year absence, adds particular significance<\/b>.<\/p>\n
The event<\/b>, a joint initiative of the Ministry of Ministry of Economy and Finance<\/b> and the Bank of Greece<\/b>, will be hosted at the premises of the Stavros Niarchos Foundation Cultural Centre<\/b> during the two days of 27 and 28 April 2026.<\/p>\n
The conference was opened by Kyriakos Pierrakakis<\/b>, who, in his dual capacity as Minister responsible and President of the Eurogroup<\/b>, set the framework for the discussions. <\/p>\n
In his address, Mr Pierrakakis<\/b> focused on the urgent need for coordination of economic policy<\/b> within the Eurozone, given the challenging international environment.<\/p>\n
The key elements of the meeting include<\/b>:<\/p>\n “I am very happy to be here today. I think this is an excellent opportunity. I will start by talking a little bit about my country and about your visit to Athens. It is a very good opportunity to see how Athens has changed in recent years. This is the Stavros Niarchos Foundation Cultural Centre, a real jewel.<\/p>\n It is part of a wider, I would say, substantial change that has taken place in Greece in recent years, which is clearly reflected in the data, in the financial and economic data<\/b>. But it is also reflected in the image one will see when walking around Athens. It is very different from ten years ago, at the height of the existential crisis the country experienced.<\/p>\n You are all economists, you know the economic analysis of the Greek crisis and its wider implications. But I would argue that there was another element, less visible: the social capital<\/b>. In my former life, before I became a minister in 2019, I was a research director at a non-partisan think tank in Athens, which you may know. It’s called DiaNEOSIS<\/b>. It is the largest think tank in Greece. We were implementing the Greek participation in the World Values Survey. And there it was absolutely clear, and it was the subject of our studies, that Greeks have very low levels of trust and very low levels of social capital<\/b>.<\/p>\n This is particularly evident in the south of Europe. To very simple questions like “do you trust others?” or whether there is social capital through institutions, we scored very low. In contrast, in the Nordic countries the results were almost the opposite.<\/p>\n So, foundations like the Niarchos Foundation started to emerge and intensify their activities, especially in the years of the crisis. This cultural centre, created through a very important donation from the Niarchos Foundation, is now part of the property of the state<\/b>. It has been granted to us, we manage it, and we strive to make it a multiplier and catalyst for both the cultural scene and the overall landscape of Athens. It is very important. If you walk around the Niarchos Foundation, as you do around many of Attica’s iconic landmarks, you see that these are substantial transformation<\/b>.<\/p>\n As William Faulkner used to say, “show, don’t tell.” We want to show you, beyond Greek hospitality, especially our capital city, Athens, while you are here. May I also add that last week we announced a 4.9% primary surplus<\/b>. Who among us would have imagined that ten years later Greece would have surpluses close to 5%, one of the lowest levels of unemployment<\/b> in its history, positive growth rates, and at the same time a mix of policies accepted by society<\/b>? That not only would it be acceptable, but that it would become a now-established policy mix through a radical change of mindset<\/b>?<\/p>\n Too few. It was hard to imagine. We pursued it. We were optimistic by will, not by expectation. But we achieved it. A generation achieved it. And that is an important legacy of cooperation between a Member State, the European Commission and European partners, and the delivery of change. We must achieve this at European level as well.<\/b><\/p>\n And for this we expect a lot from you. You are the spiritual, scientific and technical catalyst<\/b> for this effort. I say this with absolute sincerity. We expect a lot from you as ministers. Because we have been talking for years about the Capital Markets Union<\/b>, the Banking Union<\/b>… In the Netherlands I was told that the completion of the Capital Markets Union was already a priority 10 years ago. What has changed now? With the individual agenda items for the Savings and Investment Union<\/b> making progress, I would say the framework.<\/p>\n It was mentioned in the discussion earlier. It’s no longer just uncertainty based on broader developments, it’s a framework that is completely unpredictable<\/b>. So that makes European leaders, governments, all of us, the key responsible for implementation<\/b>. Especially in relation to the obvious benefits. With things that haven’t been done for years. This was, after all, the core of our country’s political strategy: to do all the things that hadn’t been done for decades<\/b>. And we did it to a very large extent. Reforms in the labor market, in the financial system, and so on.Because, on the one hand, you have to take those steps, and on the other hand you have to respond to the uncertain and the unpredictable.<\/p>\n So we have a double policy direction<\/b> that we need to discuss. The good and bad thing about Europe at the same time is that we know what the key elements of the agenda are. They are there, in front of us. We just haven’t implemented them for a long time and we need to start moving them forward. We all understand that, because we all represent Member States. There are specific national interests in promoting the Savings and Investment Union. We all agree in principle, but we all have an asterisk.<\/p>\n I think the job of this group is very much to identify precisely the technical points<\/b> of this policy and agenda where we can achieve convergence more quickly. Let’s identify those on which we can agree immediately<\/b>, as a matter of priority, and let us ministers play the role of catalyst for their implementation. We need to move quickly. And if we do, it will be crucial for Europe. The word “strategy” must become synonymous with “implementation”<\/b><\/p>\n I would add that, in my opinion, there are new debates emerging. But there are also new challenges<\/b>. In Washington we were discussing the Straits of Hormuz, energy, the impact on inflation, measures that need to be temporary, targeted and tailored. We also discussed artificial intelligence<\/b> and its impact on the economy.<\/p>\n And it is obvious that Europe lacks a coherent strategy for technology policy<\/b>. The Member States do, but we do not have a common European approach<\/b>. If finance ministers do not have a clear view on where investment is directed, in which technologies, in which infrastructure models, then they will simply end up managing the price of options that they have not worked out in depth themselves. There needs to be a strategy behind these decisions, both in terms of the regulatory framework for AI<\/b> and the clear direction in terms of the technology choices we make.<\/p>\n All in all, I hope that this will be more integrated into our discussions at the Eurogroup<\/b>. Because, at the end of the day, we will either shape the decisions we have ahead of us for the future or we will be shaped by them. And we do not have the luxury of the latter. We have to focus on the former.<\/p>\n With these thoughts, I welcome you back to Athens. I truly hope you enjoy the hospitality and have an excellent time in the Greek capital. Thank you very much.”<\/p>\n The meeting is attended by senior representatives of the EU Member States, the European Commission, the ECB and other institutions. The work focuses on confidence building<\/b> and the development of common European approaches<\/b>. <\/p>\n As part of the event, the programme includes a gala dinner with welcoming remarks by State Minister of National Economy and Finance Thanos Petralias<\/b> and Governor of the Bank of Greece Yannis Stournaras<\/b>.<\/p>\n The event confirms Greece’s active role<\/b> in European economic processes and its contribution to strengthening the dialogue within the European Union.<\/p>\n","protected":false},"excerpt":{"rendered":" Athens hosts the EU’s Economic and Financial Committee, with Kyriakos Pierrakakis calling for closer European cooperation.\n
The greeting of Kyriakos Pierrakakis<\/b><\/h3>\n
Participation and Themes<\/b><\/h3>\n
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