The Ministry of National Economy and Finance and the Bank of Greece are co-hosting the Informal Meeting of the Economic and Financial Committee (EFC), which will take place on April 27 and 28, 2026, at the Stavros Niarchos Foundation Cultural Center.
The Minister of National Economy and Finance and President of the Eurogroup, Kyriakos Pierrakakis, opened the proceedings, emphasizing the importance of strengthening coordination and cooperation among member states during a period of heightened challenges.
Kyriakos Pierrakakis’ remarks
“I am very happy to be here today.
I think this is an excellent opportunity. I’ll start by talking a little about my country and your visit to Athens. It’s a great chance to see how Athens has changed in recent years. This is the Stavros Niarchos Foundation Cultural Center, a real gem.
It is part of a broader, I would say, fundamental change that has taken place in Greece in recent years, which is clearly reflected in the data, in the fiscal and economic figures. But it is also reflected in the scene one encounters while walking through Athens. It is very different from what it was ten years ago, at the height of the existential crisis the country experienced.
You are all economists; you are familiar with the economic analysis of the Greek crisis and its broader implications. But I would say there was another, less visible element: social capital.
In my previous life, before becoming a minister in 2019, I was a research director at a think tank in Athens, a non-partisan organization, which you may be familiar with. It’s called DiaNEOsis.
It is the largest think tank in Greece. We were implementing Greece’s participation in the World Values Survey. And there it was absolutely clear—and it was also the subject of our studies—that Greeks have very low levels of trust and very low social capital.
This is particularly evident in Southern Europe. On very simple questions, such as “do you trust others?” or whether social capital exists through institutions, we scored very low. In contrast, in the Nordic countries the results were almost the opposite.
Thus, institutions such as the Niarchos Foundation began to emerge and intensify their activities, especially during the years of the crisis. This cultural center, created through a very significant donation from the Niarchos Foundation, is now part of the state’s assets. It has been entrusted to us; we manage it, and we strive to make it a multiplier and catalyst, both for the cultural scene and for the overall landscape of Athens.
It is very important. If one walks around the Niarchos Foundation, as well as around many iconic landmarks in Attica, one sees that these are places of substantial transformation.
As William Faulkner, “show, don’t tell.” We want to show you, beyond Greek hospitality, our capital, Athens, while you are here.
I should also add that last week we announced a primary surplus of 4.9%. Who among us would have imagined that ten years later Greece would have surpluses close to 5%, the lowest unemployment rates in its history, positive growth rates, and at the same time a policy mix accepted by society? That not only would it be accepted, but that it would become a well-established policy mix through a radical shift in mindset?
Very few.
It was hard to imagine. We pursued it. We were optimistic by choice, not by expectation.
But we succeeded. A generation succeeded. And this constitutes a significant legacy of cooperation between a Member State, the European Commission, and European partners, and the implementation of change. This is what we must achieve at the European level as well.
And that is why we expect a great deal from you. You are the intellectual, scientific, and technical catalyst for this effort.
I say this in all sincerity. We expect a great deal from you as ministers.
Because we’ve been discussing the Capital Markets Union and the Banking Union for years… In the Netherlands, I was told that completing the Capital Markets Union was a priority as far back as 10 years ago.
What has changed now? With the individual items on the agenda for the Savings and Investment Union making progress, I would say the framework.
This was mentioned in the discussion earlier as well. It is no longer simply a matter of uncertainty based on broader developments; it is a completely unpredictable context.
This, then, makes European leaders, governments, all of us, primarily responsible for implementation.
Especially in light of the obvious benefits. Things that haven’t been done in years.
This was, after all, the core of our country’s political strategy: to do everything that hadn’t been done for decades.
And we did so to a very large extent. Reforms in the labor market, the financial system, and so on.
Because, on the one hand, you have to take these steps, and on the other, you have to respond to the uncertain and the unpredictable.
So we have a dual policy direction that we need to discuss.
The good and the bad about Europe is that we know what the key elements of the agenda are. They are right there, in front of us. We simply haven’t implemented them for a long time, and we need to start moving forward with them. We all understand this, because we represent member states.
There are specific national interests in promoting the Savings and Investment Union. We all agree on the principle, but we all have a “caveat.”
I think the job of this group is largely to pinpoint the technical aspects of this policy and agenda where we can achieve convergence more quickly.
There are areas where we agree more easily than others. Some issues are harder to agree on quickly. Let us identify those on which we can agree immediately, as a priority, and leave it to us, the ministers, to act as catalysts for their implementation, once you have completed the necessary technical and scientific groundwork.
We must act quickly. And if we do, it will be of decisive importance for Europe. We all know how important this will be.
Let’s do it.
That is why I believe the word “strategy” must become synonymous with “implementation.”
I would add that, in my opinion, new discussions are also emerging. I mentioned the obvious—the benefits we will gain from what we have failed to implement over the years.
But there are also new challenges.
In Washington, we discussed the Strait of Hormuz, energy, the impact on inflation, and measures that must be temporary, targeted, and tailored.
We also discussed artificial intelligence and its impact on the economy.
And it is obvious, at least to those of us who come from the tech sector—as I do to some extent—that Europe lacks a coherent strategy for technology policy.
And I’ll say this very bluntly. The member states do. There are countries that want to develop autonomous technological solutions and others that seek synergies.
But we do not have a common European approach to how we manage technologies. And to the criticism that this is not the purview of a finance minister, I would respond as follows:
If finance ministers do not have a clear view of where investments are headed—toward which technologies, which infrastructure models—then they will simply end up managing the costs of choices they themselves have not thoroughly considered.
We need to understand the impact our funding choices have on technology policy and its implementation. And there must be a strategy behind these decisions.
A strategy that addresses both the regulatory framework for artificial intelligence and a clear direction regarding the technological choices we make.
Overall, I hope this will become a more central part of our discussions. Many of my colleagues want this. And I hope it will increasingly become part of the discussions in the Eurogroup.
Because, at the end of the day, we will either shape the decisions we face for the future, or they will shape us.
And we cannot afford the latter. We must focus on the former.
With these thoughts in mind, I welcome you once again to Athens.
I truly hope you enjoy the hospitality and have a wonderful time in the Greek capital.
Thank you very much.”
The meeting is attended by senior representatives of the European Union member states, the European Commission, the European Central Bank, and other European institutions, with the aim of exchanging views on critical economic policy issues.
The proceedings focus on key issues facing European economies, highlighting the role of informal exchanges of views in building trust and shaping common European approaches.
As part of the event, the program includes a formal dinner at which the Deputy Minister of National Economy and Finance, Thanos Petralias, and the Governor of the Bank of Greece, Yannis Stournaras, will deliver remarks.
The event underscores Greece’s active role in European economic processes and its contribution to strengthening dialogue and cooperation within the European Union, according to a statement from the Greek Ministry of National Economy and Finance.