Bigger EU budget and joint borrowing needed in ‘turbulent times’, Greek minister says

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Intelligence Network • Data Science • AI Research • World News
Published: 2026-09-22T12:30:53.690Z • Permanent link

Greek Deputy Minister of Foreign Affairs, Nikos Christodoulakis, has made a compelling case for a bigger EU budget and joint borrowing to address the "unprecedented technological and industrial transformation" in the region. Christodoulakis's remarks come at a time when Greece is facing significant challenges, including a struggling economy and a rapidly changing global landscape. According to data from the European Commission, Greece's GDP per capita has been steadily declining since 2015, with a recent report predicting a further decline of 1.5% in 2023. Meanwhile, the European Union's own economic growth has been sluggish, with the EU's GDP growth rate averaging just 1.2% in 2022.

Christodoulakis's proposal for a bigger EU budget and joint borrowing is seen as a response to these challenges. He argues that the EU needs to invest in key sectors such as technology, education, and infrastructure to remain competitive in a rapidly changing world. Specifically, he suggests that the EU should increase its budget by 10% to prioritize these areas and promote growth and job creation. This proposal has been met with a mixed response from EU leaders, with some arguing that it is too ambitious and others seeing it as a necessary step to address the region's economic challenges.

The proposal is also seen as a response to the EU's growing reliance on foreign investment, particularly from China. According to data from the European Investment Bank, China has become the EU's largest source of foreign direct investment in recent years, with a total investment of €144 billion in 2022. This has raised concerns about the EU's ability to regulate and control foreign investment, and Christodoulakis's proposal for joint borrowing and a bigger EU budget is seen as a way to address these concerns.

Christodoulakis's proposal has significant implications for the Data Sources domain, particularly for companies and research communities that rely on EU funding and investment. For example, the European Union's Horizon Europe program, which is set to launch in 2024, will provide funding for over €95 billion worth of research and innovation projects. These projects are expected to drive growth and job creation, but they also pose significant risks, particularly if they are not properly managed and regulated.

The EU's reliance on foreign investment, particularly from China, also poses significant risks for companies and research communities that rely on EU funding and investment. According to data from the European Investment Bank, China has become the EU's largest source of foreign direct investment in recent years, with a total investment of €144 billion in 2022. This has raised concerns about the EU's ability to regulate and control foreign investment, and Christodoulakis's proposal for joint borrowing and a bigger EU budget is seen as a way to address these concerns.

Christodoulakis's proposal is part of a larger pattern of EU leadership on economic and regulatory issues. The EU has been actively promoting a new economic strategy, known as the European Green Deal, which aims to make the EU economy more sustainable and resilient. The European Commission has also been actively promoting a new regulatory framework, known as the Digital Markets Act, which aims to regulate the digital economy and protect competition.