Europe Must Build Its Own Silicon Valley, Says Eurogroup Chief

Europe must accelerate investment in energy infrastructure, innovation and market integration if it wants to strengthen its economic and technological position, Eurogroup President Kyriakos Pierrakakis said.

In an interview with France 24, the Eurogroup President said “without production, there is no European power,” stressing the need for Europe to reinforce its industrial, energy and technological capabilities.

He argued that the continent requires significant investment in electricity networks, greater support for innovation and the creation of a truly integrated European energy market. As part of that vision, he called for Europe to develop its own equivalent of Silicon Valley, capable of driving technological growth and competitiveness.

Energy Crisis Must Not Become a Fiscal Crisis

Addressing the ongoing crisis in the Middle East, Pierrakakis reiterated the European Commission’s position that any measures adopted by member states should remain temporary, targeted and tailored to specific needs.

He also emphasized the importance of keeping the Strait of Hormuz open, warning that it must not become a “toll road” for global energy supplies.

“We must act every day in a coordinated manner and maintain a full picture of developments,” he said.

Pierrakakis outlined three key priorities for policymakers as they respond to the crisis.

First, governments must support businesses and households affected by economic uncertainty and rising costs. Second, Europe must ensure that the energy crisis does not evolve into a fiscal crisis. Third, he noted that short-term policy decisions will have a significant impact on long-term economic developments.

Call for Faster European Integration
The Eurogroup president also urged Europe to move more quickly on long-standing integration projects, including the completion of the banking union and deeper integration of capital markets.

According to Pierrakakis, strengthening these areas would help improve Europe’s resilience, boost investment and support the continent’s long-term economic growth.

Source: tovima.com