Kostis Hatzidakis said that “we’ve dedicated to decreasing insurance coverage contributions by half a further unit from 1.1.2025 and by one in complete by the tip of the 4 years”.
Within the context of his speech, Mr. Hatzidakis introduced six coverage axes to strengthen competitiveness within the financial system. Particularly, he identified that following the European elections the overwhelming majority of residents and companies count on the federal government to turn into much more efficient in all areas of presidency coverage: Safety, Well being, Justice and, following all, the Financial system.
“Within the final 5 years, we’ve seen very optimistic performances: With robust development charges a number of occasions the European common, a rise in investments and exports, a lift in employment.
On the similar time, nevertheless, there isn’t any doubt that the tempo of implementing the suitable financial coverage combine that I’m speaking regarding will be accelerated even additional. It might be an enormous mistake to contemplate that the residents’ message to the federal government was to face nonetheless or return to the occasions of deficits and statism,” famous the minister.
On this context, the primary pillars of financial coverage embrace:
- Additional discount of non-salary prices and taxation to be able to strengthen the worldwide competitiveness of companies and the financial system. “Now we have dedicated to decreasing insurance coverage contributions by half a further unit from 1/1/2025 and by one in complete by the tip of the 4 years. Whereas we’re additionally making ready a invoice that can present tax incentives for analysis and improvement actions that promote innovation,” he stated. He underlined, on the similar time, that the chances for tax reductions are inextricably linked to the combat in opposition to tax evasion, with a bundle of 11 completely different measures that’s being carried out rapidly and with out deviations and it’s estimated that in its full implementation by 2027 it’ll generate extra revenues of the order of two .5 billion euros on an annual foundation.
- Strengthening and enhancing the functioning of the monetary system so that companies have entry to finance. “We are going to proceed to work to additional scale back dangerous loans, each within the banks’ portfolios and within the financial system as a complete. Now we have handed a provision for the potential of working non-bank establishments, which may give, not solely client, but additionally housing and a few types of enterprise loans. On the similar time, we are going to intensify the hassle to strengthen competitors within the banking system by creating the so-called fifth pillar. And within the close to future we are going to deliver to vote a invoice for the modernization of the capital market in order that corporations have much more choices for elevating funds”, stated Mr. Hatzidakis.
- Optimum utilization of the funds of the Restoration Fund and the NSRF. The purpose is to help the productive transformation of companies and the financial system usually, with an emphasis on the areas of inexperienced and digital transition, innovation, the event of economies of scale and extroversion.
- Enterprise development, by encouraging mergers and acquisitions, and supporting innovation. “By presumption, bigger companies are extra internationally aggressive, supply higher high quality and higher paying jobs, and have an elevated capability to speculate and innovate. We’re subsequently transferring ahead within the coming months to simplify the scattered and fragmented legislative framework for mergers which incorporates legal guidelines which are a number of many years outdated,” the minister stated.
- Utilization of public property. Mr. Hatzidakis made particular reference to the draft legislation introduced yesterday for the adoption of a brand new, extra fashionable governance mannequin for the Superfund and its subsidiaries, and the institution of an Funding Fund for the creation of which the Superfund will initially allocate 300 million euros. The Funding Fund, as he stated, will place particular emphasis on sectors that aren’t adequately lined however have added worth for the financial system, thus a major impression on the social and financial improvement of the nation. He additionally recalled that within the final 11 months, 10 privatizations and concession contracts have been accomplished, which introduced public coffers revenues of seven.1 billion euros.
- Fiscal stability, which shall be mirrored within the Fiscal Structural Plan of the nation which shall be submitted inside the subsequent months. “Not solely as a result of that is what the brand new EU fiscal guidelines require. However as a result of we all know that wholesome public funds are a prerequisite for all the pieces else and that fiscal populism is detected and instantly punished by the markets”, emphasised Mr. Hatzidakis and concluded:
“Over the past 5 years, the Greek financial system has emerged as a nice shock for Europe. And it’s because we carried out formidable reforms – whatever the political price – that introduced concrete outcomes: elevated funding and exports, diminished unemployment, excessive development charges.
In response to newsit, our patriotic obligation is to proceed this effort, to not compromise with populism, to not repeat the errors of the previous and to maneuver steadily ahead on the trail of reforms, widespread sense and success for our nation . Populists are by no means an answer to any society, they’re a further downside,
The troublesome highway might have momentary reactions, but it surely results in outcomes. The federal government is set to maneuver ahead in order that the efforts of the final 5 years and the sacrifices of the Greek residents don’t go to waste. And let’s all climb even increased collectively.”
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