File photo.
In an interview with the European Central Bank’s Banking Supervision quarterly newsletter, Eurogroup president and finance minister, Kyriakos Pierrakakis, says that the EU must integrate its banking systems to unlock economic growth.
“Our competitiveness depends on our capacity to invest – in innovation, in the green and digital transitions, in defense, in infrastructure and in the companies that will shape the Europe’s future. That is why the savings and investments union and a competitive banking sector are two sides of the same coin,” Pierrakakis said.
“We need to make cross-border banking the rule rather than the exception … An integrated banking market is not an end in itself; rather, it is what enables capital to reach the most productive investment opportunities across Europe, creating more financing options for businesses and making better use of European savings,” he added.
