Good afternoon.
Thank you to ESMA for the opportunity to be here today. I hope you have engaged with the speakers and each other. Though I missed the earlier sessions, the themes discussed are central to our work at the Commission. We are at a pivotal moment for our Union. Key figures from the European Parliament, Member States, and industry are here, driving discussions. Every voice counts in creating a space for dialogue and collective decision-making. The challenges we face require joint action.
As we launch a new chapter in European financial markets, I want to share my vision for the coming years. My team is crafting a strategy for the Savings and Investments Union, which I will detail soon. Today, I will discuss our ambitions drivers and highlight areas needing progress. I see opportunities to improve our Union for citizens and businesses.
Europes competitiveness has waned, and our productivity gap is growing. Reports by Letta and Draghi underscore these issues. Competitiveness is essential, not for its own sake but to meet citizens and businesses needs, maintaining our economic and social models. Democracy demands we fulfill European citizens expectations.
Europeans are not maximizing their savings. Factors include financial literacy, risk aversion, and market inefficiencies. This fragmentation hinders savers from investing across Europe, leading them to foreign markets. With over 11 trillion euros in household savings, theres potential for better investment solutions. By integrating our markets, we can offer savers more choices to grow their wealth.
Fragmentation also hampers businesses, making capital scarce and costly. Innovative European companies struggle to access capital, pushing them abroad for opportunities. We aim to change this. Last summer, President von der Leyen announced the Savings and Investments Union, focusing on investment to finance innovation and productivity.
The Union will provide higher returns for savers, facilitate investment flow, and build efficient infrastructure. Our goal is to channel private savings into European companies, fostering growth, prosperity, and returns for savers, boosting the economy. Better capitalised companies can innovate, grow, and create jobs.
We want to empower citizens by easing access to capital markets, making wealth creation more accessible and cost-effective. Well focus on financial literacy and affordable investment. On pensions, well address scaling challenges and explore best practices.
Well tackle market fragmentation and barriers to competition. The EU lacks a single financial services market, a competitive disadvantage. We must call out these barriers and avoid protectionism. A stronger market requires liquidity, competition, and improved infrastructure.
A single capital market will benefit investors and those seeking financing. We need Member States to act in coordination, leveraging national markets alongside EU actions. This is vital in areas like taxation and pensions.
Regarding supervision, it plays a crucial role in reducing fragmentation. Harmonised supervision can simplify investment, benefiting consumers and industry. Well work towards regulatory alignment and removing barriers.
ESMAs role is central, and a review of its mandate is forthcoming. We need consistent supervision across the Union, ensuring similar decisions for similar issues. Efficient supervision benefits investors and businesses.
The Savings and Investments Union will drive banking market progress alongside capital markets. Recognising their connection, we aim to improve efficiency and reduce risks. Well complete the Banking Union, enhancing bank efficiency and addressing barriers.
The Unions success requires joint responsibility from stakeholders. Well use various tools to incentivise Member States to grow capital markets and maximise citizens benefits. Lets embrace ambition for Europe, challenging pessimism and narrow interests. We must be bold, collaborative, and committed. The 450 million citizens of Europe demand solutions for a fair future.
Thank you.