Search
Search
- Greece presents new strategy for strengthening its capital market
- EBRD and EU supported the development of the strategy presented in Athens today
- Strategy aims to re-establish a developed, competitive and dynamic Greek capital market
Greece has designed a national strategy for strengthening the Greek capital market with a view to creating a more competitive and dynamic capital market.
Building on its extensive experience in supporting capital markets across its regions, the European Bank for Reconstruction and Development (EBRD) assisted with the strategy's development, with funding from the European Union (EU) through the Structural Reform Support Programme and the cooperation of the European Commission's Directorate-General for Structural Reform Support (DG REFORM).
The strategy was formulated in cooperation with multiple stakeholders, including the Hellenic Ministry of Finance, the Hellenic Capital Market Commission (HCMC), the Bank of Greece, the Athens Exchange Group and the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB).
It was presented in Athens today, in the presence of Minister of Finance Christos Staikouras, EBRD Head of Greece and Cyprus Andreea Moraru and DG REFORM Director-General Mario Nava.
The strategy aims to re-establish a developed, competitive and dynamic capital market in the country, for the long-term development of the Greek economy.
Its goals are:
- to create a strong and effective regulatory and supervisory framework
- to expand investment opportunities and improve the operational framework of the Greek capital markets
- to strengthen demand from retail and institutional investors, both local and international
- to strengthen supply by creating a favourable environment for issuers
- to build a favourable ecosystem for environmental, social and governance (ESG) issuance and fintech development.
To achieve these goals, six priority pillars have been identified:
- strengthening the regulatory and supervisory framework of HCMC and HAASOB
- expanding investment opportunities and developing the ecosystem for fintech and ESG issuance
- establishing a fair and transparent taxation framework
- improving the operating framework of the Greek capital market
- encouraging demand for investing in capital markets
- accelerating and deepening efforts to promote financial literacy, including among the press.
Greek Minister of Finance Christos Staikouras said: “The formulation of an integrated strategy to strengthen the Greek capital market, with the technical assistance of the EBRD and financing of the European Commission through the Structural Reform Support Programme, underscores the credible environment that has already begun to appear as a result of related actions and interventions by the Greek government. The development of the capital market will affirm Greece’s position as a regional financial centre in south-eastern Europe.”
Andreea Moraru, EBRD Head of Greece and Cyprus, said: “We are very proud to be supporting our long-standing partner, the Greek government, in its adoption of this flagship strategy, which will help provide more attractive investment opportunities and support the development of the Greek capital market. At the EBRD, we believe that promoting the development of functioning capital markets is about fostering resilience and competitiveness in the countries where we work.”
Mario Nava, Director-General of DG REFORM, said: “We believe in the potential of the Greek capital market to drive economic growth and we recognise the crucial role that a strong and dynamic capital market can play in achieving this goal. It has been our privilege to be part of the journey undertaken to develop the Greek capital market strategy, together with the Ministry of Finance, and we eagerly wish its successful implementation.”
The EBRD started operating in Greece on a temporary basis in 2015 to support its economic recovery. To date, the Bank has invested more than €6.4 billion in 100 projects in the country’s corporate, financial, energy and infrastructure sectors.