Kyriakos Pierrakakis stated that Europe needs bank mergers, larger companies and a unified strategy for technological sovereignty.
Minister of National Economy and Finance of Greece and president Eurogroup Kyriakos Pierrakakis said Europe needs deeper integration, slope mergers and larger companies that tin vie with the US and China.
Speaking astatine a statement connected the aboriginal of competitiveness European Union, Pierrakakis emphasized: “We request much integration successful Europe, slope mergers and bigger businesses.”. His words pb Forin.gr with a nexus to the connection Ministry of National Economy and Finance of Greece.
The curate besides stated that Europe needs a wide strategy for the so-called technological sovereignty. According to him, European countries tin make startups, but indispensable assistance them turn to the standard of ample companies. A special relation successful this process, arsenic noted Pierrakakiscan play European Investment Bank.
The treatment took spot with the information of the erstwhile Prime Minister of Italy Enrico Lettywho is present dean School of Politics, Economics and Global Affairs V IE University successful Madrid. The lawsuit was dedicated to the aboriginal of competitiveness EU and took spot arsenic portion of an lawsuit organized by Ελληνικό Ίδρυμα Ευρωπαϊκής και Εξωτερικής Πολιτικής (Hellenic Foundation for European and Foreign Policy, ELIAMEP), Ίδρυμα Οικονομικών και Βιομηχανικών Ερευνών (Foundation for Economic and Industrial Research, IOBE) And IE Competitiveness Hub. The crushed was 40th day of the signing of the Single European Act.
European giants alternatively of small players?
Formally thesis Pierrakakis looks similar portion of a pan-European statement connected competitiveness. EU has agelong been looking for an reply to the question why the European marketplace is capable to make ideas, universities, engineers and technological projects, but is overmuch worse astatine turning them into planetary giants connected the level of American and Chinese corporations.
Against this backdrop, calls for slope mergers and the instauration of larger companies sound similar an effort to physique European “champions”. The aforesaid logic was antecedently promoted by reports Mario Draghi And Enrico Lettywhich spoke astir the request to deepen the single market, make superior markets, destruct fragmentation and summation the concern powerfulness of Europe.
However, this thought besides has a downside, which is usually spoken astir much softly successful authoritative formulations. The much Europe places its bets connected concern consolidation, the much the question arises: what will hap to small and medium-sized enterprises, which already unrecorded under the unit of precocious taxes, costly loans, vigor costs, bureaucracy and contention with ample networks?
This is where the words Pierrakakis sounds not conscionable similar technocratic talk astir scale, but portion of a broader neoliberal logic: large concern is seen arsenic efficient, large banks are seen arsenic sustainable, large markets are seen arsenic competitive, and small and medium-sized businesses are erstwhile again successful information of being the romanticist backdrop for property releases astir development. It is very convenient to emotion “entrepreneurship” successful speeches and astatine the aforesaid clip physique a system where chiefly the large ones survive.
Banks arsenic a caller beforehand of integration
Banking mergers topic for Pierrakakis not new. After the gathering Eurogroup On May 4, 2026, helium already said that the consolidation of the European banking assemblage is simply a information of strength, arsenic it tin pb to amended allocation of superior and liquidity, diversification of risks and economies of scale. These statements are published connected the ιστότοπος EU Council.
According to Reutershead Eurogroup besides advocated cross-border banking mergers that could make stronger pan-European players. As context, the bureau pointed to discussions astir attempts UniCredit strengthen its presumption successful Germany done involvement successful Commerzbankwhich the German authorities resisted.
Proponents of such a exemplary reason that ample banks will beryllium amended capable to concern innovation, infrastructure and technological transition. Opponents fearfulness that consolidation will summation the attraction of fiscal power, trim contention and marque small businesses adjacent much babelike connected the decisions of ample lending institutions.
For Greece this treatment is peculiarly sensitive. After the indebtedness crisis, slope restructuring and years of unit connected small businesses, the Greek marketplace is well alert of what concern dependence connected the banking system means. For smaller companies, entree to superior often remains a situation adjacent arsenic ministers successful European forums talk astir growth, innovation and concern opportunities.
Technological sovereignty oregon a marketplace for the elite?
Separate accent Pierrakakis done connected technological sovereignty of Europe. The question itself is clear: EU does not want to wholly beryllium connected American integer platforms, Chinese concern chains and outer technological solutions. Europe wants its startups, its unreality systems, its chips, its fiscal instruments and its ample companies.
But technological sovereignty cannot beryllium built lone from above, done banks, funds and ample firm structures. If SMEs are overwhelmed by the outgo of capital, tax burdens and bureaucratic barriers, there will beryllium nary vibrant innovation ecosystem. Startups don’t look retired of thin air. They turn from an situation where there is entree to finance, tolerance for risk, tenable regularisation and the quality to debar being eaten by a elephantine earlier the archetypal profit.
Therefore, the main fork for Europe today it looks similar this: either consolidation will go a improvement tool that will springiness concern entree to superior and markets, oregon it will turn into different mechanics of concentration, where the large ones go adjacent larger, and the small ones stay decoration for governmental speeches astir “entrepreneurial spirit”.
Editorial comment
Statement Kyryakos Pierrakakis important not lone arsenic different thesis astir competitiveness EU. It shows the absorption successful which Europe’s economical elite is progressively thinking astir the future: much integration, much mergers, much large players, much scale.
The occupation is what’s down the word “scale” A very elemental process is often hidden – squeezing small and medium-sized companies to the periphery of the market. Formally, they are promised entree to financing and caller opportunities. In practice, they are progressively faced with the information that the rules are written for those who already person capital, ineligible departments, connections and the quality to withstand years of costly regulation.
For Greecewhere small and medium-sized businesses stay the ground of the system and employment, this is the logic especially dangerous. If European integration means lone the instauration of ample banks and corporations, then the mean entrepreneur will not person a caller market, but a caller maestro of the rules. And then each the beauteous rhetoric astir competitiveness will turn into a acquainted formula: profits for large, risks for small, bills for society.
Europe truly needs investment, technological independency and the quality to vie with the US and China. But if small and medium-sized businesses are sacrificed for this, the effect will beryllium dubious. The continent will not go stronger if it replaces a vibrant system with a web of firm giants, slope mergers and bureaucratic strategies written successful a connection that lone panelists tin understand.
The main question aft the words Pierrakakis sounds simple: Does Europe want to turn strong companies – oregon physique an system successful which there is simply nary country for small ones? The reply to it will beryllium much important than immoderate beauteous operation astir sovereignty, integration and planetary competition.
Greek (GR) · 
English (US) ·