"The resolutions we are adopting are in the right direction, but they lack ambition. The European Union, given the global context, needs to move faster, more decisively, building on what it has already achieved." Kostis Hatzidakis, the Minister of Economy and Finance, brought this up during the discussion of the Eurogroup Resolution on the competitiveness of the European economy in Brussels. "Except for energy, on the other points we are moving with the logic of the lowest common denominator. This is the right direction, but it is not enough," the Greek minister added. 

The ministers' adopted resolution focuses on the following 5 points:

• Boosting innovation and productivity by stimulating investment in Research and Development, supporting start-ups and developing human capital.
• Reducing energy costs and strengthening the EU's energy resilience by better coordinating member states' energy policies and promoting the interconnection of networks.
• Strengthening Europe's economic security in an international environment where trade competition is intensifying.
• Deepening the Common Market as a prerequisite for maintaining the prosperity of European citizens.
• Coordinating investment strategies in order to find the necessary resources to finance the EU's priorities.

In his intervention, Mr. Hatzidakis pointed out that the resolution identifies the main challenges and sets the right objectives but could be more ambitious in terms of the strategies and measures proposed. The Greek Minister focused in particular on the major advantages that the EU's main trading partners have (centralised decision-making, very large domestic markets, integrated financial systems), stressing that European states, even the most powerful ones, cannot successfully compete with them acting alone. "At the heart of this debate, as in others, lies a fundamental question: Do we see the European economy primarily as the sum of national economies or as an integrated single economy? I understand the political dimension of this debate. But this does not change the economic facts.

The ministers were also briefed by the Chairmen of the Single Supervisory Mechanism (SSM) and the Single Resolution Board (SRB) on developments in the European banking system. In his intervention, Hatzidakis acknowledged that the banking integration framework has taken steps forward, while noting that more progress should be made on its third pillar, the Pan-European Deposit Guarantee. "We rightly discuss at length the need to deepen the Capital Markets Union. But in order to fully exploit the potential of the Capital Markets Union, the Banking Union must also go further. The completion of the Banking Union must remain a political priority, and we must work in this direction for the benefit of the European economy and households," the Greek Minister concluded.