Europe Must Build Its Own Silicon Valley, Says Eurogroup Chief

Europe indispensable accelerate concern successful vigor infrastructure, innovation and marketplace integration if it wants to strengthen its economical and technological position, Eurogroup President Kyriakos Pierrakakis said.

In an interrogation with France 24, the Eurogroup President said “without production, there is nary European power,” stressing the request for Europe to reenforce its industrial, vigor and technological capabilities.

He argued that the continent requires important concern successful energy networks, greater support for innovation and the instauration of a truly integrated European vigor market. As portion of that vision, helium called for Europe to make its ain equivalent of Silicon Valley, susceptible of driving technological maturation and competitiveness.

Energy Crisis Must Not Become a Fiscal Crisis

Addressing the ongoing situation successful the Middle East, Pierrakakis reiterated the European Commission’s presumption that immoderate measures adopted by subordinate states should stay temporary, targeted and tailored to specific needs.

He besides emphasized the value of keeping the Strait of Hormuz open, warning that it indispensable not go a “toll road” for planetary vigor supplies.

“We indispensable enactment each time successful a coordinated mode and support a afloat representation of developments,” helium said.

Pierrakakis outlined three cardinal priorities for policymakers arsenic they respond to the crisis.

First, governments indispensable support businesses and households affected by economical uncertainty and rising costs. Second, Europe indispensable guarantee that the vigor situation does not germinate into a fiscal crisis. Third, helium noted that short-term argumentation decisions will person a important interaction connected semipermanent economical developments.

Call for Faster European Integration
The Eurogroup president besides urged Europe to determination much rapidly connected long-standing integration projects, including the completion of the banking union and deeper integration of superior markets.

According to Pierrakakis, strengthening these areas would assistance amended Europe’s resilience, boost concern and support the continent’s semipermanent economical growth.

Source: tovima.com