The strengthening of savings, channelling private funds into the real economy and the development of Occupational Insurance Funds were at the heart of the intervention of Minister of National Economy and Finance Kyriakos Pierrakakis at the 7th Occupational Insurance Conference.
The Minister linked the institution to the European Union's strategy for the Savings and Investment Association, stressing that European savings can finance the development, innovation and competitiveness of the continent over the next decades.
"The Savings and Investment Association is the way the European Union can invest in its future and multiply its power. In Europe there are more than 10 trillion euros of private savings. This is a huge financial reserve, which can support the development, innovation and competitiveness of our continent," he stressed.
In detail the speech Pierrakakis:
‘Ladies and gentlemen,
I would like to thank you very much for the invitation to participate in the 7th Occupational Insurance Conference.
The issue you selected for this year's event is extremely topical, as it is linked to one of the European Union's most important strategic priorities: the Savings and Investment Association.
This is an undertaking that goes beyond economic policy. It is about how Europe will strengthen its resilience and fund the major priorities of the next decades.
Europe is called upon to invest more in defence and security, energy autonomy, digital infrastructure, artificial intelligence and technologies that will determine its competitiveness in the coming decades. At the same time, demographic developments make the debate on the long-term adequacy of pensions and the sustainability of insurance systems even more important.
In the face of these challenges, a crucial question arises:
Who will finance the future of Europe;
The answer is simple:
Europe itself.
The Savings and Investment Association is the way the European Union can invest in its future and multiply its power.
In Europe there are more than 10 trillion euros of private savings. This is a huge financial reserve, which can support the development, innovation and competitiveness of our continent.
However, at a time when the investment gap remains significant and funding needs are increasing, a significant part of these funds seeks investment routes outside Europe and contributes to financing the development of other economies.
The great opportunity of the Savings and Investment Association is to bring European savings and European needs closer together. To enable European citizens' savings to finance the next generation of European businesses, critical infrastructure, innovation, technological progress and ultimately European autonomy itself.
The challenge is great, but the opportunity is just as great. If we manage to mobilise more European savings for the benefit of the European economy, we will have laid the foundations for a more competitive, more durable and stronger Europe in the coming decades.
Ladies and gentlemen,
As part of this great European effort, the Occupational Insurance Funds are at the heart of the solution.
That is because the Savings and Investment Association is not just about the markets. It concerns the creation of strong European institutional investors over the long term.
Occupational Insurance Funds are just such an institution.
For workers they are an important complement to the pension system. They strengthen pension competence and allow more citizens to plan their future with greater security.
Occupational insurance creates bridges between the economic security of citizens and the development needs of the economy. It links long-term savings to growth and transforms planning for the future into a strength of progress for the whole society.
For citizens, this debate translates into a simple question: how more and better paid jobs will be created. The answer goes through investment. The more productive investments are made in an economy, the increased productivity, wages and opportunities for all.
This is precisely where the importance of the second insurance pillar is highlighted. The Occupational Insurance Funds strengthen long-term savings and raise funds that can support the development of the economy. That is why their development is a European priority and not only a national choice.
The success of this effort requires trust.
Trust is the foundation of any savings decision. It is why a worker chooses to commit part of his income to the future and why citizens trust an institution to manage the labors of a lifetime.
That is why transparency, accountability, good governance and effective supervision are essential conditions for the development of the institution.
Trust is built every day. It is built through consistency, reliability and results.
And it is particularly important that in recent years in Greece substantial steps have been taken in this direction.
The development of the second insurance pillar is a strategic choice for our country. It strengthens the overall resilience of the insurance system, strengthens the savings culture and helps create a wider investment ecosystem.
Greece has every reason to actively participate in the great European effort to mobilise savings and channel them into productive investment.
Because the issue concerns Europe's development model, the ability of our businesses to grow, our economies to become more productive and our citizens to enjoy a higher level of prosperity.
Ladies and gentlemen,
The great challenges of our time require great answers.
Europe needs more investment. It needs greater financial resilience.
European savings can be part of the answer.
The success of this effort will ultimately be measured in a simple way: whether we will be able to turn citizens' confidence in the future into prosperity for future generations.
I would like to congratulate the Greek Association of Occupational Insurance Funds for its timeless contribution to the development of the institution and the organisation of this conference.
With your work you cultivate the savings conscience and contribute to an effort directly linked to the future of the Greek and European economy.
This is an effort with a strong social, economic and national footprint.
Thank you very much and I wish you every success in the proceedings of the Conference.".