Europe is called upon to find new ways to finance its strategic priorities, from defense and energy independence to artificial intelligence and digital infrastructure, stressed Kyriakos Pierrakakis, Minister of National Economy and Finance, in his opening remarks at the 7th Professional Insurance Conference.
As he noted, the Savings and Investment Union initiative is one of the European Union’s most important strategic priorities, as it is directly linked to strengthening Europe’s competitiveness, resilience, and economic autonomy.
Mr. Pierrakakis pointed out that there are more than 10 trillion euros in private savings in Europe—a significant financial reserve that could be harnessed to finance the continent’s growth, innovation, and critical infrastructure. However, as he noted, a large portion of these funds is currently flowing outside Europe, contributing to the growth of other economies.
“The crucial question is who will finance Europe’s future. The answer is Europe itself,” he emphasized, adding that the Savings and Investment Union can serve as the mechanism that will link European savings to the investment needs of the European economy.
He placed particular emphasis on the role of occupational pension funds, which he described as a critical pillar of the effort. As he explained, these funds are major institutional investors with a long-term horizon, while at the same time strengthening pension adequacy and the financial security of workers.
The minister noted that occupational pension plans bridge the gap between savings and growth, as the funds raised can be channeled into productive investments, boosting productivity, jobs, and incomes.
At the same time, he emphasized that the success of the system requires strong public trust, which is built through transparency, accountability, good governance, and effective oversight.
Referring to Greece, Mr. Pierrakakis argued that the development of the second pillar of social security is a strategic choice for the country, as it contributes both to strengthening the resilience of the social security system and to creating a broader investment ecosystem.
In conclusion, the minister reiterated that the major challenges of our time require correspondingly major responses. “Europe needs more investment and greater economic resilience. European savings can be part of the answer,” he said, emphasizing that the success of this effort will be judged by whether citizens’ confidence in the future translates into prosperity for future generations.