Eurozone finance ministers have adopted a common statement on digital finance and agreed a 12-month work programme that includes artificial intelligence, the Eurogroup president said after a meeting in Brussels on 9 July.
Kyriakos Pierrakakis stated that the Eurogroup — the forum of ministers from countries that use the euro — spent a significant part of the meeting discussing artificial intelligence and digital finance, alongside its core work on budgets, public debt and fiscal rules.
Arthur Mensch, founder and chief executive of French AI company Mistral, joined the ministers for talks on AI and financial stability.
Pierrakakis said ministers discussed how AI could be used in the financial system for risk management, efficiency and protection against cyberattacks, while also creating new vulnerabilities if used maliciously.
He noted that the European Systemic Risk Board and the Single Supervisory Mechanism, which oversees major eurozone banks, had this week highlighted risks linked to so-called “frontier” AI models — the most advanced systems currently available.
Digital euro vote welcomed
The Eurogroup’s workstream on digital finance concluded with a common statement, Pierrakakis said, setting out priorities including legal clarity and support for new digital financial products, alongside preparation for risks linked to the shift.
He also welcomed a “positive outcome” in a European Parliament vote on the digital euro earlier on 9 July, adding that the proposed digital euro would be a form of digital public money for retail payments.
Ministers approved a new Eurogroup work programme for the next 12 months built around four priorities — fiscal policy coordination; the savings and investment union; competitiveness and economic security; and strengthening the euro’s international role, including in digital form.
The meeting also covered fiscal policy coordination as member states prepare budgets for next year, with Pierrakakis citing “exceptionally high uncertainty”, particularly linked to developments in the Middle East, and saying ministers discussed balancing defence, energy security and public investment with fiscal sustainability.
On the international role of the euro, Pierrakakis said a European Central Bank presentation indicated the currency was continuing to strengthen its international position despite geopolitical uncertainty, and that ministers linked further progress to economic fundamentals and work on the savings and investment union, the single market and digital finance.
