Pierrakakis to Financial Times: A Proposal That Could Fill Europe's Coffers

Greek Finance Minister and Eurogroup President Kyriakos Pierrakakis has unveiled a proposal in the Financial Times that aims to generate new, sustainable revenues for the European Union by making better use of one of its most valuable strategic assets: radio spectrum. The proposal comes as Brussels debates the EU's next long-term budget and new funding sources for defence, digital transformation and competitiveness.

A European Spectrum Union

In his opinion article, Pierrakakis argues that Europe should move beyond simply redistributing existing resources and instead create new wealth through deeper integration. He proposes the creation of a European Spectrum Union, under which future strategic radio spectrum would be managed through a coordinated European framework rather than fragmented national licensing systems.

According to the Greek minister, harmonising spectrum allocation would reduce regulatory uncertainty, lower investment costs, accelerate the rollout of next-generation 6G networks, and strengthen Europe's digital economy and technological sovereignty.

A New Revenue Source for the European Union

Pierrakakis argues that coordinated spectrum management could become a significant new source of EU funding.

His proposal envisages directing up to 75% of future spectrum revenues to the EU budget as a new own resource, while the remaining 25% would capitalise a European Investment Bank facility dedicated to financing strategic technologies, including artificial intelligence, quantum computing and advanced digital infrastructure.

Competitiveness Before Redistribution

The Finance Minister stresses that Europe's greatest achievements have come from creating new economic value rather than redistributing existing resources.

Drawing parallels with the creation of the Single Market and the euro, he argues that a common spectrum policy would complete Europe's digital single market, enhance competitiveness and reinforce the continent's strategic autonomy in an increasingly competitive global environment.

Supporting Europe's Strategic Priorities

Pierrakakis maintains that stronger digital infrastructure is essential for the future of artificial intelligence, cloud computing, defence communications, industrial automation and advanced connectivity.

By coordinating spectrum policy at the European level, he argues, the EU would not only generate additional public revenues but also create the conditions for faster investment, stronger telecom operators and greater technological resilience.