Finance Minister Makis Keravnos has issued a strong call for the European Union to take immediate steps to enhance its global competitiveness and bolster its collective defence capabilities. The Minister’s remarks came as he arrived at the Economic and Financial Affairs Council (Ecofin) meeting in Luxembourg this Friday, highlighting the pressing need for coordinated action across the bloc.

Speaking to reporters, Minister Keravnos emphasized that the current geopolitical landscape demands a more robust and resilient EU. He argued that increased investment in innovation, research and development, and skills training are crucial to ensuring European businesses can compete effectively on the world stage. “We need to be proactive,” he stated, “not reactive. The EU has the potential to be a global leader, but we must seize the opportunities before us and address the challenges head-on.”

The call for enhanced competitiveness comes at a time when the EU faces increasing economic headwinds, including rising inflation, supply chain disruptions, and competition from other major economies. Keravnos’s message underscores the importance of fostering a business-friendly environment, reducing regulatory burdens, and promoting entrepreneurship. He specifically mentioned the need to streamline processes for accessing funding and support for small and medium-sized enterprises (SMEs), which form the backbone of the European economy.

Equally important, according to the Minister, is strengthening the EU’s common defence. The ongoing conflict in Ukraine has starkly illustrated the vulnerability of Europe and the need for greater self-reliance in security matters. Keravnos advocated for increased investment in defence capabilities, enhanced cooperation among member states, and a more strategic approach to defence procurement. He stressed that a strong defence is not just about military might but also about ensuring stability and security for European citizens.

“A secure and competitive Europe is in the best interests of all its citizens,” Keravnos declared. “We must act now to safeguard our economic future and protect our collective security. This requires a unified and determined effort from all member states.” The Ecofin meeting provided a platform for Minister Keravnos to directly engage with his European counterparts and push for these critical priorities. The outcome of these discussions will be closely watched by businesses and policymakers across Europe.

The Minister’s comments reflect a growing sentiment within the EU that a more assertive and proactive approach is needed to address the challenges and opportunities of the 21st century. The focus on both economic competitiveness and defence underscores the interconnectedness of these two critical areas and the need for a holistic strategy to ensure the long-term prosperity and security of the European Union.