The need for Europe to decisively strengthen its strategy in the field of technology, artificial intelligence, and digital developments in the financial sector, by placing these issues at the center of discussions among Eurozone finance ministers, was emphasized by the President of the Eurogroup and Minister of National Economy and Finance, Kyriakos Pierrakakis, in an interview with POLITICO.
At next week’s Eurogroup meeting, Eurozone finance ministers will discuss issues related to artificial intelligence and cybersecurity, and are expected to adopt a joint statement on digital finance.
In this context, Mr. Pierrakakis emphasized that “the economic challenges of the new era require the establishment of a stable framework for policy coordination, even in areas that have not traditionally been within the Eurogroup’s remit.”
Going a step further, he announced that he would propose to the Eurogroup the establishment of a dedicated working track on issues of artificial intelligence, technological innovation, and technological sovereignty.
“I intend to propose to the Eurogroup the creation of a separate working track on artificial intelligence, technological innovation, and technological sovereignty, because I believe we need to have these discussions and coordinate our efforts, examining the issue from both perspectives (technological and economic). This is a discussion that must definitely take place at the level of finance ministers as well.”
The President of the Eurogroup emphasized that Europe’s technology policy is directly linked to its competitiveness, productivity, and long-term economic resilience. As he pointed out, “the Eurozone needs to formulate a coherent strategy for its technological choices, particularly in an environment of limited fiscal and investment resources.”
Mr. Pierrakakis noted, in particular, that the European strategy cannot be based either on the indiscriminate copying of other ecosystems or on the pursuit of self-sufficiency in every sector of technology.
“Europe does not need to copy Silicon Valley. It needs to stop exporting its best ideas and start bringing back the value they generate.”
At the same time, he emphasized that the concept of technological sovereignty must be approached in strategic terms and not as a means of isolating Europe from international technological developments.
“Technological sovereignty should not be equated with technological autonomy. Autonomy is merely one dimension of sovereignty,” he said.
Mr. Pierrakakis also noted that the Eurogroup can play a broader strategic role by hosting regular discussions on issues that are now decisively shaping economic developments in Europe, such as housing policy, European defense, energy security, and critical raw materials.
As he explained, “the exchange of views in these areas helps foster a common understanding among member states, facilitating the formulation of common European policies.”
“We need a common vocabulary, and, to a very large extent, that is precisely the purpose of the Eurogroup. The more common our vocabulary is, the more structured our discussions will be, as well as our agreements on how we should proceed in the future.”
When asked about the initiatives of the group of the six largest economies in the European Union (E6) to advance the European investment agenda, he emphasized that any effort that helps overcome deadlocks and strengthens formal European procedures is positive for the Union as a whole.
“As long as these discussions take place through official European institutions and contribute to advancing the common European dialogue, then they are positive and should therefore be supported.”
Referring to the Greek economy’s convergence with the rest of Europe, the Minister noted that, despite the significant progress made in recent years, it is necessary to maintain high growth rates so that Greece can continue to converge more rapidly with the European average.
“Convergence is taking place. The question is how we can accelerate it, and the only way to achieve this is by boosting growth.”
When asked about political developments, Mr. Pierrakakis reiterated that the government remains committed to completing its four-year term, refuting speculation about early elections. “Elections will be held at the end of the government’s term. We have already proven that we mean what we say,” he said.