“Her reinforcement competitiveness of the European economy is a top challenge. We have identified the causes of the problem and largely agree on what needs to be done. But we need to move from findings to actions». This he emphasized on the occasion of the exhibitions Letta and Draghi, the Minister of National Economy and Finance Kostis Hatzidakis, who participated yesterday and today in the Eurogroup and ECOFIN meetings in Luxembourg.

In the discussion held in its context Eurogroup, regarding the adoption of the Joint Declaration of the Finance Ministers on EU competitiveness, Mr. Hatzidakis focused on three points:

  1. First, that Finance Ministers cannot be absent from this debate.
  2. Secondly, in order for Europe to respond to this challenge, it must have the necessary institutional and financial tools.
  3. Thirdly, there must be a sense of urgency in the positions, but also in the actions.

“The Letta and Draghi reports act as a wake-up call for the EU. But the crucial question is what do we do next? With the Joint Declaration of the Ministers will we have completed our work? Obviously, no. The Joint Declaration is not the end. It’s just the end of the beginning“, concluded the Greek Minister, recalling that the European economy is squeezed between the US and China.

Its future was also discussed at the Eurogroup European Capital Markets Unionin the presence of the President of the European Investment Bank (EIB), Nadia Calvinio which presented the Bank’s plans in this area. In his intervention, Mr. Hatzidakis pointed out that the EIB can contribute significantly to the integration process of the European capital markets, especially in areas where there are difficulties in channeling private capital. As a typical example he mentioned the support of innovation in cutting-edge technologies but also the realization of large-scale investments in strategic areas for the EU, such as the green transition, housing policy, but also defense. “In these sectors, the investment needs are very large. The active participation of the EIB will give a clear signal to the markets regarding the high level of commitment of the Union and help to attract new investors” pointed out Mr. Hatzidakis.

At the ECOFIN meeting, the main topic of discussion was finance support of Ukraine and in particular the ongoing procedures for the implementation of the G7 decision to grant a loan with the leverage of windfall profits derived from frozen assets of the Russian Central Bank. In his intervention, Mr. Hatzidakis emphasized that Greece, along with all other European countries, supports financial aid to Ukraine, both for reasons of principle, but also for reasons related to the European economy. In particular, he cited the example of the destruction of the electricity generation infrastructure in Ukraine, which resulted in significant increases in electricity prices in some EU countries in the summer, including Greece.

The Ministers were also informed about the implementation progress of the Recovery and Resilience Fund while approving the revised Plans of Portugal and Lithuania. It is pointed out that Greece has come close to 50% of the absorption from the Recovery Fund as 17.2 billion euros have flowed into our country from 2021 to today (out of a total budget of 35.95 billion euros).