Greece supports the creation of a digital euro and urges swift action to advance the initiative, National Economy and Finance Minister Kyriakos Pierrakakis said on Tuesday, warning that delays could undermine Europe’s monetary sovereignty.
Speaking at a meeting of EU finance ministers (ECOFIN) in Brussels, Pierrakakis said the digital euro represents a strategic priority rather than merely a technological upgrade.
“The threat, to put it bluntly, is not acting fast enough,” he said. “The digitisation of payments and the monetary system will happen, and it must happen quickly.” He called for a political agreement by the end of the year, noting that technical-level discussions should be completed by then.
Pierrakakis argued that the digital euro offers five key opportunities. First, it can accelerate the digitisation of payments. He noted that digital payments have helped Greece significantly reduce tax evasion over the past decade and close two-thirds of its VAT gap. While digital transactions should complement rather than replace cash, he said the benefits of digitisation are clear.
Second, the initiative would strengthen the EU’s monetary sovereignty. Pierrakakis pointed out that most transactions within the bloc currently rely on non-European payment systems. He urged greater investment in homegrown infrastructure, citing Greece’s IRIS platform as an example.
Third, he said a digital euro could enhance financial integration across the EU by providing a zero-cost alternative to foreign systems, helping to create a more cohesive internal market.
Fourth, he described privacy not as a risk but as an opportunity. While the digital euro may not offer full anonymity like cash, it could deliver stronger privacy protections than existing non-EU platforms.
Finally, Pierrakakis said the project could act as a catalyst for innovation and efficiency in payments, contributing to the EU’s broader digital transformation.
“This is not merely a technological discussion. It is a strategic one,” he said. “And that is precisely why we must move forward with great speed.”