At the Economist conference, Minister of National Economy and Finance Kyriakos Pierakakis highlighted a critical shift in how we must now interpret today’s major global challenges. Climate, energy, and demographics are not isolated policy domains but an interconnected narrative testing institutional resilience, speed, and functional adequacy. Pierakakis noted that Greece knows well what it means to walk a tightrope—having endured periods when markets lost confidence, political credibility wavered, and the state had to convert tension and uncertainty into tangible results. This experience, he stressed, does not breed prophetic certainties; rather, it cultivates a healthy ‘allergy’ to illusions and a steadfast commitment to measurable, practical outcomes.
On energy, he stated: “Europe long knew its vulnerabilities—dependency, poor infrastructure, lack of coordination. The shock forced reality upon us. We didn’t respond perfectly—but decisively: diversifying supply, stabilizing markets, expanding reserves, and accelerating investments. The lesson isn’t retreat from global markets—it’s disciplined engagement, diversification, investment, and interconnection. Energy security is not a niche issue; it underpins competitiveness, industrial output, social stability, and geopolitical weight. For Greece, this meant more renewables investment, deeper regional cooperation—and turning geography into advantage: we sit at the crossroads of three continents and key corridors.
On competitiveness, he emphasized that while external tariffs are rightly debated, internal barriers within EU markets function as de facto tariffs—44% on goods and over 100% on services, per IMF analysis. To compete, Europe must act with discipline on three fronts: first, remove internal barriers and bureaucracy; second, build scalable conditions—cross-border capital markets, growth-friendly regulations, and public procurement that supports scale; third, harness technology—especially AI—to boost productivity, improve public services, and drive innovation—while mitigating risks through clear, forward-looking regulation.