Greek Finance Minister and Eurogroup President Kyriakos Pierakakis emphasized the urgent need for Europe to strengthen its strategic approach to technology, artificial intelligence (AI), and digital developments in the financial sector—integrating these issues squarely into the core agenda of eurozone finance ministers. Speaking to Politico, he underscored that economic challenges of the new era demand coordinated political action in areas not traditionally within the Eurogroup’s remit.
A New Working Group for AI and Tech Sovereignty
At next week’s Eurogroup meeting, ministers are set to discuss AI and cybersecurity, with a joint declaration on digital finance expected. Pierakakis announced he will formally propose establishing a dedicated working group focused on artificial intelligence, technological innovation, and technological sovereignty.
“I intend to propose to the Eurogroup the creation of a separate workstream on artificial intelligence, technological innovation, and technological sovereignty—because these discussions and this coordination must happen from both a technological and an economic perspective. This is a conversation that absolutely belongs at the level of finance ministers,” he said.
Tech Policy as Economic Policy
Pierakakis stressed that Europe’s technology policy is inextricably linked to its competitiveness, productivity, and long-term economic resilience. In his view, the eurozone must develop a coherent strategy for its technological choices—especially amid constrained fiscal and investment resources.
He cautioned against two extremes: uncritical imitation of other tech ecosystems or the pursuit of self-sufficiency across every technology domain. “Europe does not need to copy Silicon Valley. It needs to stop exporting its best ideas—and start capturing the value those ideas generate,” he noted.
Sovereignty ≠ Isolation
On technological sovereignty, Pierakakis clarified it should be understood strategically—not as isolation from global tech trends. “Technological sovereignty must not be equated with technological autonomy. Autonomy is just one dimension of sovereignty,” he explained.
He also suggested the Eurogroup could take on a broader strategic role by hosting regular, structured discussions on cross-cutting issues shaping Europe’s economic future—including housing policy, European defense, energy security, and critical raw materials.