“In Greece the state is determined to defend all consumers from misleading practices and fully exercises its regulatory and supervisory role in the market. Therefore, we do not hesitate to impose heavy fines where necessary».

This was underlined by the Minister of Development, Takis Theodorikakos, speaking to OECD Ministerial Meeting for consumer protection issues in Paris as head of the Greek delegation.

Mr. Theodorikakos, speaking in the thematic section on “Protection and Empowerment of Consumers in the Digital Transition”, referred to the need to ensure at a global level the reliability and transparency of each transactioneffectively addressing the risks of misrepresentation, fraud and manipulation at all stages.

He also emphasized that innovative digital tools are needed on a global scale, which will strengthen the ability of each state to deal with unfair online commercial practices.

In this context, he made special mention of the ways in which Greece deals with such phenomena with determination for the benefit of healthy entrepreneurship and all consumers. Referred to fines which have been imposed by the state for misleading discounts, unfair speculation and other market violations.

Among other things, the minister noted in his speech:

“We seek the golden ratio between “regulation” and “innovation”, the state protecting both entrepreneurial initiative and path-breaking science.

In a rapidly changing digital environment, this requires rules and effective control tools to make modern avenues of knowledge, information exchange and commerce secure. For everyone, and especially for the most vulnerable in a transaction.

It is a fact that more and more consumers worldwide, especially after the pandemic, have turned to online shopping, even from businesses located on the other side of the earth.

We must ensure the reliability of each transaction, as well as transparency, addressing the risks of: misrepresentation, fraud, manipulation, at all stages.

We also need to ensure that there are effective processes for consumers to return a defective product, in environmentally friendly ways, without involving consumers and businesses in endless procedures.

We must therefore do everything we can to protect consumers, while at the same time creating objective conditions of equal opportunities and healthy competition.

We need innovative digital tools on a global scale that will strengthen each state’s ability to deal with unfair online trading practices.

A typical example is the digital price reduction tool developed by the Commission services for EU consumer protection authorities, which is widely used by the relevant Greek authorities to combat misleading price reduction announcements.

In Greece the state is determined to defend all consumers from misleading practices and fully exercises its regulatory and supervisory role in the market. Therefore, we do not hesitate to impose heavy fines where necessary.

More than €25 million in fines have been imposed for misleading discounts, unfair speculation and other market violations, including counterfeit products, as well as fines for unfair commercial practices in product and service markets.

Together: competent authorities, states, international organizations, businesses and citizens we can achieve the common interest. For a fairer world where everyone has access to services and goods».