[InTime News]
Europe’s challenge needs to achieve deeper economic integration through co-ordinated execution, Greek Finance Minister Kyriakos Pierrakakis said in an opinion piece published in the Financial Times on Thursday.
Recalling former Italian prime minister Mario Draghi’s report on economic growth, the minister noted the need “to allow capital to move across member countries with greater ease and purpose.”
“A savings and investment union will not emerge purely from declarations or directives and regulations. It requires demonstrating the willingness to generate cross-border economic activity and foster European champions,” he wrote, and brought Greece’s economic experience as an example.
“The Greek case is no longer a cautionary tale but a case study in transformation. Our greatest export today is not merely growth, but proof that change is possible — and remains within reach for Europe as a whole,” he said.
“In recent months, there has been a wave of cross-border mergers and acquisitions in banking and capital markets including Euronext’s acquisition of the Athens Stock Exchange and UniCredit’s investment in Alpha Bank.”
Still, Greece “must attract more investment to rebuild its capital stock. Exports, though rising, still account for a smaller share of GDP than in comparable economies. Productivity and real wages must continue to grow if convergence with Europe’s core is to be sustained,” he continued.