Good afternoon, ladies and gentlemen.
Thank you to the EIB for organizing this event and for the invitation to share my vision on how the Savings and Investments Union can unlock financing for growth.
We have representatives from the European Parliament, the European Stability Mechanism, and key players from both the public and private sectors. I look forward to an engaging discussion.
Our European capital markets operate well below their potential, to the detriment of all Europeans. European savers have no easy way to get more out of their savings within the EU.
A significant part of their money sits in low-yield accounts, amounting to 10 trillion euros by the end of 2023. Mobilizing even a small portion of this can transform the investment landscape in the EU.
There is a mismatch between the abundance of idle savings and companies that need investment, including start-ups and scale-ups.
The urgency to advance the capital markets union has been recognized by the Eurogroup and EU leaders. The importance of strong, integrated capital markets is highlighted in reports by Enrico Letta and Mario Draghi.
The Savings and Investments Union will focus on supporting wealth creation by increasing returns and providing financing opportunities for businesses.
This will help us finance innovation, the green and digital transitions, and infrastructure investments. Importantly, defense.
President von der Leyen announced that ReArm Europe will heavily rely on private capital mobilization, with the Savings and Investments Union playing a key role.
It is crucial to show political courage and break down barriers, as this Union cannot be built by EU action alone.
The Communication on the Savings and Investments Union will be presented on March 19, outlining the strategy.
The EU remains committed to ambitious goals as we strive for a greener, more digital, and fairer Europe. Let us bring our wealth, ingenuity, and innovation together for a more competitive Europe.
Thank you and I look forward to our discussion.