Greece Moves Toward Economic Transformation with New Sustainability Legislation

09:14 11/12/2024 - Πηγή: iEfimerida

Greek Development Minister Takis Theodorikakos highlighted the government’s ambitious vision for economic reform during a parliamentary session that saw the approval of critical new legislation on Sustainability Reports.

The move integrates European Union directives into national law while introducing measures designed to strengthen industry, attract investment,

and foster a more competitive and innovative economy.

The new framework ensures emblematic investments will remain a key pillar of economic development beyond the 2025 expiration of the Recovery and Resilience Fund (RRF).

Key expansions target sectors such as shipbuilding, circular economy initiatives, and critical raw materials.

In his address, Mr. Theodorikakos emphasized the national significance of these initiatives, particularly in advancing self-sufficiency and security in essential industries, such as defense and aviation.

Consumer protection and market regulation also form core components of the legislation.

Price control measures, credited with maintaining Greece’s inflation at rates well below the Eurozone average, will continue until 2025. Enhanced market inspections, led by the Inter-Agency Market Control Unit (DIMEA), aim to ensure compliance with fair pricing and anti-monopoly laws across major corporations and product categories.

Further interventions include extended caps on professional rental increases and the introduction of holiday discounts on toys through the “Santa Claus Basket” initiative.

The Independent Competition Commission will receive additional staff to tackle market disparities.

In responding to opposition critiques regarding inflation and cost-of-living challenges, Mr. Theodorikakos pointed to the global economic fallout from the pandemic and the government’s extensive financial support measures totaling €50 billion.

He framed the legislation as part of a long-term effort to align economic policy with sustainable growth, industrial resilience, and societal well-being.

The comprehensive legislation is poised to redefine Greece’s economic future, aiming to bridge immediate consumer needs with structural reforms for enduring prosperity.

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