Greek Finance Minister Kyriakos Pierrakakis underlined the need to protect the euro’s international standing and the European Union’s monetary sovereignty as he arrived at a meeting of the Eurogroup on Monday.

Speaking ahead of the session, Pierrakakis described the current moment as critical for the European economy, coming just days after EU leaders met to discuss the bloc’s competitiveness. Strengthening Europe’s economic performance, he said, remains a central priority for eurozone finance ministers.

Safeguarding the Euro’s International Role

Pierrakakis stressed that preserving the euro’s global role is of “existential importance” for the EU. While noting the common currency’s contribution to Europe’s economic strength and unity, he warned that recent geopolitical developments raise concerns that the international financial and monetary system could be used as a political tool.

In that context, he argued, protecting the euro’s position and ensuring the EU’s monetary sovereignty must remain a top priority.

Addressing Global Macroeconomic Imbalances

A second key issue on the agenda is global macroeconomic imbalances between regional blocs. Pierrakakis said the discussion would extend beyond the eurozone, involving EU counterparts from outside the single currency area.

He described the issue as global in nature, encompassing trade imbalances as well as internal disparities related to state budgets, private savings, and investment flows, all of which are interconnected at the international level. He also highlighted the growing geopolitical dimension of these imbalances.

To broaden the dialogue, Pierrakakis invited Canadian Finance Minister François-Philippe Champagne to share his perspective, noting Canada’s recent presidency of the G7.