Pierrakakis Backs EU Savings & Investment Union as a Generational Win

Greek Finance Minister Kyriakos Pierrakakis highlighted the European Union’s proposed Savings and Investment Union as a landmark initiative during his intervention at the Ecofin Council meeting on February 17, 2026.

Describing the project as “the number one political issue discussed across Europe in recent months,” Pierrakakis stressed that if implemented, it could represent the greatest political victory of a generation. He noted that communicating its benefits is complex due to the highly technical issues involved, but emphasized the importance of timely and large-scale implementation.

Pierrakakis also addressed the ongoing discussions on supplementary pensions, which he said carry strong social implications across Europe, in addition to their developmental role. He highlighted the Union’s ability to channel citizen savings into investments as a central concern for Europeans.

On technical reforms, Pierrakakis expressed Greece’s support for the Occupational Pension Institutions directive, which applies minimal harmonization while respecting member state sensitivities, and praised its focus on governance, risk management, and transparency. He suggested further improvements to ensure proportionality, especially for smaller funds, while maintaining strong safeguards.

Regarding the Pan-European Personal Pension Product (PEPP), Greece favors simplification to make the system more accessible, cost-effective, and secure. Pierrakakis welcomed measures ensuring tax treatment comparable to national private pension products, especially for countries lacking a developed third-pillar system. He stressed the importance of consumer protection, clear capital guarantees, and tailored advice to ensure products match individual risk profiles.

Concluding his address, Pierrakakis praised the leadership of Commissioner Maria Luis and urged faster implementation of these initiatives.