Kyriakos Pierrakakis sent a message in support of deeper integration of European capital markets and strengthening the supervisory role of the European Securities and Markets Authority (ESMA) was sent by Kyriakos Pierrakakis during the Ecofin meeting in Luxembourg.
The minister described the Savings and Investment Union as one of the most important unfinished European projects, emphasizing that the goal is for European savings to more effectively finance growth, investment, and innovation in Europe.
Greece, he noted, supports the European Commission’s proposal for the Market Integration and Supervision Package (MISP), pointing out that institutions with a systemic or strong cross-border presence cannot be supervised through 27 different national frameworks.
“The rule is simple: Europe must regulate what is European, and national authorities must supervise what is national,” he noted.
In closing, Mr. Pierrakakis emphasized that “a Capital Markets Union without adequate European supervision is like a Monetary Union without the European Central Bank,” calling on member states to demonstrate the ambition required to complete the project.