National Economy and Finance Minister Kostis Hatzidakis outlined six actions to strengthen domestic capitalisation and intensify the effort, at a European level, to deepen the European capital market, while addressing the annual meeting of the International Organisation of Securities Commissions (IOSCO) on Wednesday in Athens.
“We are implementing an ambitious and comprehensive new strategy for the strengthening of the capital market,” the minister noted, underlining the following initiatives:
– Strengthening the regulatory and supervisory framework.
– Expanding investment opportunities and developing the fintech and ESG ecosystem.
– Establishing a fair and transparent tax framework.
– Improving the operating framework of the Greek capital market.
– Encouraging demand for investment in the capital markets.
– Accelerating and deepening efforts to promote financial literacy.
In the context of this strategy, he said, new legislation will be introduced to further protect the Hellenic Capital Market Commission and make the stock exchange more attractive. At the same time, with the utilisation of resources from the Recovery Fund, the digital modernisation of the Commission is progressing with an emphasis on upgrading its IT infrastructure.
On European level, Hatzidakis underlined the need for the further deepening of the Capital Markets Union, noting that the fragmentation of the European capital markets is one of Europe’s weaknesses.
Concluding, Hatzidakis said that “in recent years, Greece has been a pleasant surprise for Europe and for the world. We are determined to follow the same path, the same policies that led to these impressive results. Fiscal rigour will remain a central pillar of our policy – not only because it is provided for by the EU’s economic governance framework, but also because we truly believe it is a prerequisite for everything else. As I have said many times, we have learned our lesson and are determined not to repeat the mistakes of the past.”
SOURCE; ANA-MPA
