Six proposals to strengthen EU competitivenessthe Minister of National Economy and Finance testified Kostis Hatzidakis, who participated in the informal Eurogroup and Ecofin meetings in Ghent.

“We must adopt the Draghi doctrine and to do whatever is necessary to strengthen the competitiveness of the European economy”, emphasized the minister, while, in the debate on the competitiveness of the European Union, which was held in the presence of the former Prime Minister of Italy and former President of the ECB, Mario Draghi, Mr. Hatzidakis focused on exploiting the potential of the Common Market in a way that ensures healthy competition and the release of potential at the European level.

Mr. Hatzidakis submitted the following proposals:

  • Completion of the Banking Union.
  • Promoting the capital markets union.
  • Common European policy in energy, and especially in energy networks.
  • Review subsidy policy so that innovation is not undermined.
  • Balancing the policy of subsidies from a European Investment Fund (European Sovereignty Fund).
  • European procurement policy, where possible, based on recent joint procurements for vaccines and natural gas.

All these, as noted by the Greek minister, the measures is necessary and urgent, as the EU’s competitiveness recedes to the benefit of its international competitors.

In the discussion held within the Eurogroup regarding the integration of the European capital markets, Mr. Hatzidakis emphasized that even if we do not agree on all the individual issues, we should realize that the fragmentation of the capital markets has a negative impact on competitiveness and in finding capital for development. We should therefore show a high level of ambition and take significant steps in this direction. “Markets and investors do not expect from us a statement of intentions, but actions without delay” concluded the minister.

During the discussion on the priorities of the European Investment Bank (EIB), Mr. Hatzidakis emphasized that the promotion of social cohesion will must remain a central pillar of the Bank’s activities, without ignoring the green transition. At the same time, he favored a mandate from the EU to the EIB in order to finance more defense-related projects. “Given the pressing need to upgrade our defense capabilities in the EU, we believe the shift the Bank is trying to make in this direction should not be questioned,” he stressed. Mr. Hatzidakis also noted the constant need to finance energy projects connecting EU countries with each other, as well as with countries in Africa and the Middle East.

On the sidelines of the meetings, Mr. Hatzidakis had a meeting with the Executive Director of the European Stability Mechanism (ESM) Pierre Gramegna.