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 core of the discussions of the Eurozone finance ministers, was underlined 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, the eurozone finance ministers will discuss issues of artificial intelligence and cybersecurity, while the adoption of a joint statement on digital finance is expected.
In this context, Mr. Pierrakakis pointed out that “the economic challenges of the new era require the shaping of a stable framework of political coordination also in areas that until now were not traditionally subjects of the Eurogroup”.
Going one step further, he announced that he will propose to the Eurogroup the establishment of a special work stream for issues of artificial intelligence, technological innovation and technological sovereignty.
“I intend to propose to the Eurogroup the creation of a separate field of work for artificial intelligence, technological innovation and technological sovereignty, because I believe that we must have these discussions and this coordination, examining the issue from both perspectives (the technological and the economic). It is a discussion that must definitely also take place at the level of finance ministers.”
The President of the Eurogroup stressed that Europe's technological policy is directly linked to competitiveness, productivity and its long-term economic resilience. As he pointed out, “the Eurozone needs to shape a coherent strategy for its technological choices, especially in an environment of limited fiscal and investment resources”.
Mr. Pierrakakis stated characteristically that the European strategy cannot be based either on the uncritical copying of other ecosystems or on the pursuit of self-sufficiency in every field of technology.
“Europe does not need to copy Silicon Valley. It needs to stop exporting its best ideas and importing back the value they produce.”
At the same time, he underlined that the concept of technological sovereignty must be approached in strategic terms and not as Europe's isolation from international technological developments.
“Technological sovereignty should not be perceived as synonymous with technological autonomy. Autonomy is simply one dimension of sovereignty,” he said.
Mr. Pierrakakis also noted that the Eurogroup can play a broader strategic role, hosting systematic discussions on issues that now decisively shape 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 fields contributes to the creation of a common understanding among the member states, facilitating the shaping 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 move in the future.”
Asked about the initiatives of the group of the six largest economies of the European Union (E6) to promote the European investment agenda, he pointed out that every effort that contributes to overcoming deadlocks and strengthens the official European processes is positive for the Union as a whole.
“Provided that these discussions are channeled through the official European institutions and contribute to advancing the common European discussion, then they are positive and for this reason they should be supported.”
Referring to the course of convergence of the Greek economy with the rest of Europe, the Minister pointed out that, despite the significant progress of recent years, maintaining high growth rates is required so that Greece can continue to converge faster with the European average.
“Convergence is taking place. The question is how we can accelerate it, and the only way to achieve this is through strengthening growth.”
In response to a question regarding political developments, Mr. Pierrakakis reiterated that the government remains committed to completing its four-year term, denying the scenarios about an early recourse to the polls. “The elections will take place at the end of the government's term. We have already proven that we mean what we say,” he said.