Greece’s finance minister, Kyriakos Pierrakakis, penned an article in the Financial Times, emphasizing that Europe had to adopt coordinated financial execution plans, citing the Greek example on how this could be achieved.
“Europe’s challenge today is not the absence of analysis but the absence of coordinated execution,” the Greek minister wrote.
Pierrakakis stressed that Greece had managed to move from “sustained reforms” to “sustained credibility,” citing the country’s impressive 4.8% primary surplus in 2024, a figure above the EU average. “Only six of the EU’s 27 member states ran fiscal surpluses last year, and four of them, including Greece, had undergone IMF programmes in the past 15 years,” he writes.
Outlining some of the targets achieved by Greece, he notes, among others, the state modernization combined with fiscal repair. On the country’s rapid digital transformation, Pierrakakis cites the European Commission’s ranking that placed Greece among the “fastest digital improvers.”
“Digital transformation has become a structural engine of growth and is a European competitiveness imperative,” he points out, linking the pace of technological change to productivity and technological resilience.
He highlights the EU’s goal of reshaping its financial landscape, stressing that attaining this objective requires “institutional change and a change of mindset.” “It requires demonstrating the willingness to generate cross-border economic activity and foster European champions. Greece’s experience offers a practical illustration of this principle.”
Pierrakakis cautions that despite the progress Greece has achieved, it still faces challenges like attracting more investment to rebuild its capital stock. In addition, he also notes that while exports are on the rise, they still account for a smaller share of GDP compared to similar-sized economies.
“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 concludes.
Source: tovima.com
