The Minister of Nationwide Economic system and Finance, Kostis Hatzidakis, introduced six actions to strengthen the home capital market and intensify efforts on the European degree to deepen the European capital market.
The minister spoke in the present day on the annual assembly of the World Group of Capital Market Supervisory Authorities (IOSCO), which is held in Athens.
“We’re implementing an bold and complete new technique to strengthen the capital market,” the minister careworn.
The 6 initiatives
Mr. Hatzidakis highlighted the next initiatives:
- Strengthening the regulatory and supervisory framework.
- Increasing funding alternatives and creating the ecosystem for fintech and ESG.
- Institution of a good and clear tax framework
- Enhancing the working framework of the Greek capital market.
- Encouraging demand for funding within the capital markets.
- Speed up and deepen efforts to advertise monetary literacy.
As a part of this technique, as he talked about, laws will quickly be launched to additional defend the Hellenic Capital Market Fee and make the Inventory Alternate extra engaging. On the identical time, with the utilization of sources from the Restoration Fund, the Fee’s digital modernization is progressing with an emphasis on upgrading the IT infrastructure.
Referring to the actions on the European degree, Mr. Hatzidakis underlined the necessity to additional deepen the Capital Markets Union, noting that the fragmentation of the European capital markets is one in every of Europe’s weaknesses.
“The Greek authorities believes that with out a higher mobilization of the European capital markets we can’t meet our funding wants,” the minister identified. “I do know there are differing views on the deserves of extra built-in capital markets or sustaining higher autonomy on the nationwide degree.
We have to take motion in direction of a extra built-in European capital market, and we have to do it urgently. On this regard, we help the efforts of the President of the Eurogroup to show the imaginative and prescient we’re dedicated to into tangible outcomes.”
Mr. Hatzidakis made an intensive reference to the outcomes of the federal government’s financial coverage that are associated, as he stated, to the returns recorded on the Inventory Alternate. He particularly referred to the expansion charge which is 4-5 occasions increased than the European common, the rise in exports and investments, the document discount of public debt by 43 share factors by way of GDP (from 206% to 163% between 2020 and 2023), in attaining main surpluses and recovering funding grade.
He additionally famous the measures on the institutional and financial degree that immediately strengthen the capital market such because the discount of taxation for company income, dividends and capital accumulation, tax exemptions for curiosity from Greek Authorities bonds and angel buyers, in addition to the accelerated paybacks for digital and inexperienced investments;
Additionally, in line with iefimerida, the brand new framework for company governance, chapter legislation, the modernization of the Capital Market Fee and the institution of TEKA, which can emerge because the nation’s largest institutional investor.
“Final yr, the efficiency of the Athens Inventory Alternate reached 39%, whereas in comparison with 2019, the rise reaches 60%, in a interval of nice uncertainty within the worldwide markets. Throughout the identical interval, the worth of Greek shares, mutual fund models and bonds held by overseas buyers elevated considerably”, Mr. Hatzidakis emphasised and concluded:
“Lately, Greece has been a nice shock for Europe and the world. We’re decided to observe the identical path, the identical insurance policies that led to those spectacular outcomes. Fiscal prudence will stay a central pillar of our coverage – not solely as a result of it’s supplied for by the EU’s financial governance framework, but in addition as a result of we actually consider it’s a prerequisite for every little thing else. As I’ve stated many occasions, we have now realized our lesson and are decided to not repeat the errors of the previous.”
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