Pierrakakis made a statement to the press at the end of the meeting of finance ministers of the Eurozone countries held in Brussels.
Stating that they discussed the financing of defense with the participation of NATO Secretary General Mark Rutte during the meeting, Pierrakakis said, "Europe must take responsibility for its own security. Emerging threats require larger and continuous investments." he said.
Pierrakakis pointed out that defense spending has increased and will have to remain at high levels in the coming years, adding that this increases the pressure on the already tight public finances.
Reminding that the national escape provision, which provides additional financial flexibility to member countries until 2028, has been put into effect, Pierrakakis emphasized that budgets should be adapted to this situation and sustainable financing should be provided.
Pierrakakis stated that coordination has become indispensable as the cost of security increases, and that many European countries purchase similar defense equipment separately.
Noting that this situation prevents adequate use of economies of scale, increases costs and limits the European defense industry from expanding its production capacity, Pierrakakis stated that joint investment by European Union (EU) countries will save resources and increase efficiency.
Pierrakakis emphasized that they focused on four priorities in the negotiations regarding defense financing.
Stating that the first priority is to increase joint procurement in Europe, Pierrakakis said that this will provide more affordable prices, a stronger defense industry and more durable supply chains.
Pierrakakis explained that the second priority is to invest more in research and new technologies, and that Europe should increase its technological autonomy in some critical areas.
Stating that the third priority is to continue support to Ukraine and strengthen cooperation between Europe and Ukrainian defense industries, Pierrakakis said that Ukraine's security is directly linked to the whole of Europe.
Pierrakakis stated that the fourth priority is to mobilize more private capital, especially for startups developing innovative defense technologies and small and medium-sized enterprises.
He drew attention to the fluctuations in energy prices
Pointing out that the developments in the Middle East have intensely affected international markets, Pierrakakis explained that the barrel price of Brent oil approached 118 dollars in the last 10 days, and dropped to 94 dollars as hopes for a diplomatic solution increased.
Pierrakakis stated that although the situation in the Strait of Hormuz has not changed greatly, there are sharp fluctuations in the markets and said, "Markets can change direction from one day to the next. However, families cannot adjust their household budgets at the same speed." he said.
Stating that natural gas prices in Europe remained approximately three times the pre-war levels and that inflation in the Eurozone reached 4 percent in October, Pierrakakis emphasized that the supports to be provided to those most affected by the increase in energy prices should be targeted and temporary.
Target for agreement on digital euro by the end of the year
Emphasizing that they also evaluated the progress on the digital euro at the meeting, Pierrakakis stated that the negotiations between the EU Council and the European Parliament have entered the final stage and an agreement is aimed to be reached by the end of the year.
Pierrakakis stated that the digital euro and the new infrastructures of the Euro System will contribute to safer, faster and more efficient payments and strengthen Europe's strategic autonomy.
Touching on the appointment process under the management of the European Central Bank (ECB), Pierrakakis reminded that Pablo Hernandez de Cos from Spain and Klaas Knot from the Netherlands were nominated for the presidency after Christine Lagarde announced that she would leave her post on February 7.
Pierrakakis noted that the three appointments, together with the positions to be filled after the resignation of ECB Executive Board members Isabel Schnabel and Philip Lane, could be evaluated together at the level of EU leaders.
