In the informal Ecofin completed a little earlier in Copenhagen, the Minister of National Economy and Finance Kyriakos Pierrakakis was called by the Danish Presidency to coordinate the thematic debate on innovation and digitization. At the meeting, ministers have exchanged views on reforms that can give more boost to growth, as well as the hierarchy of strategic sectors and dealing with obstacles that slow down Europe’s technological transformation.
Specifically, Kyriakos Pierrakakis, directing the debate, conveyed to his European counterparts his personal experience from the digital transformation of the Greek state. He stressed that promoting innovation and digitization is a central lever for enhancing Europe’s productivity and competitiveness. He highlighted the need to complete the single market, as suggested by Letta and Draghi reports, with an emphasis on eliminating the “invisible barriers” that fragment the economy and limit the scale.
“We need a change of mindset in the way we perceive competition to create more European champions and utilize the single market to achieve economies of scale,” the minister said.
At the same time, it was the need to complete the savings and investment union. As the Greek Minister noted, the European Investment Bank has contributed to the support of start-ups through the European Investment Fund, but it is necessary for European start-ups to have the conditions to develop within the EU and on a large scale. Crucial, he added, is the change in the way public contracts are concluded and the reduction of their implementation time. The experience of the pandemic and the European digital certificate has highlighted the importance of the interoperability of the services at a pan -European level. “Earnings for citizens and businesses will be huge, since we manage to achieve it in practice,” Kyriakos Pierrakakis said.
At national level, he insisted on the need for targeted reforms. More specifically, he proposed the establishment of all the Member States of the Ministries of Digital Governance, the creation of single government gates such as Gov.gr, adopting digital identity, modernization of mobile and constant broadband networks and tools tools. He also stressed that at the political level, opportunities go beyond the range of difficulties: “Some reforms, such as digital transformation, are extremely popular and can be implemented immediately. The changes are exponential and governments must support those who are in danger of being left behind so that the digital transition is fair, effective and overall beneficial to society and the economy. “
At the end of the thematic meeting, Kyriakos Pierrakakis presented the conclusions of the debate in the plenary of Ecofin, in the presence of European Central Bank President Christine Lagarde, the European Commissioner’s Economy, Valdis Dobrovskis, and the director of the European Commissioner. The International Monetary Fund has drawn up a report with the structural reforms that it considers necessary to promote at European level.
Need to reduce the cost of European legislation
At a preceding Eurogroup meeting, Kyriakos Pierrakakis referred to the consequences of the complexity of the Union regulatory framework. The Minister underlined the need to create a single European tool of quantifying the administrative burdens, proposing to be linked to the general accounts of the Member States. He presented Greek experience with the MITO platform as a good practice and stressed that similar simplification initiatives should also be promoted to financial legislation in a way that ensures financial stability, public finances and consumer protection.
Political agreement on digital euro
The Eurogroup has reached a political agreement on the process of setting the Digital EUR Digital Ownership, with a clear demarcation of the Council and ECB role. “The cost of the opportunity to delay the adoption of the digital euro is important. That is why it is necessary to move on rapidly so that Europe does not find itself back in global competition, “the Greek minister said in his intervention.
Visit to UNICEF Supply Chain Center
On the sidelines of the meetings, Kyriakos Pierrakakis visited the UNDC Supply Chain Center and the UN offices in Copenhagen. The visit took place in view of the creation of the IMU International Supply Center in Thessaloniki, with the aim of exchanging optimal practices and maximizing the benefit of the Greek economy.