Ladies and gentlemen,
First of all, my sincere thanks to the organisers for the invitation. Im sorry I cant be with you in person on this occasion, but I am grateful for the opportunity to address a conference that reflects both the ambition of Maltas financial sector and the important role the country plays in Europes economic future. I very much look forward to visiting Malta in the near future.
Malta is a country that knows how to adapt, how to innovate, and how to turn challenges into strength.
From fintech and payments to insurance, asset management and digital services, Malta has built a financial ecosystem that is outward-looking and full of potential.
And this matters not only for Malta — but for Europe.
Because Europes strength depends on all its Member States, large and small, contributing to a financial system that is more competitive, more connected, and more open to innovation.
In my remarks today, I would like to share an overview of some of the EUs current priorities, notably in the area of financial services - and to explain how these initiatives are relevant for you, for Malta, and for all European citizens.
Across the world, our competitors are focusing their investment on a small number of strategic priorities:
- renewable energy and climate resilience,
- artificial intelligence and digital infrastructure,
- social needs such as pension sustainability, healthcare, and affordable housing,
- as well as key technologies that underpin industrial strength, from semiconductors to biotechnology, pharmaceuticals, and defence.
Europe shares these ambitions. Yet our capacity to invest at the required scale remains limited — and too often we look outward to safeguard what we value at home.
This challenge is a major concern for Europe, and it is rightly at the heart of the European Commissions agenda today.
We are working to revitalise Europes competitive spirit, strengthen our economic capabilities, and ensure that we can finance the areas that will allow us to compete on equal terms with the largest global economies.
My role in this effort is to help build a financing ecosystem capable of supporting Europes ambitions.
I have been entrusted with the task of unlocking private investment while safeguarding financial stability, improving access to finance for European businesses and empowering citizens to take greater control of their own financial futures.
That is why in March, I set out a plan to build a Savings and Investments Union in Europe.
The Savings and Investments Union places citizens at the centre – ensuring they have the tools, information, and opportunities to build a stronger financial future. Across the Union, too many people still feel anxious about their finances, and this is a shared concern in every Member State. Much of this stress could be prevented through a deeper knowledge of how to manage money – what we call financial literacy.
With better financial knowledge, citizens can budget more effectively, save and invest with confidence, avoid excessive debt and scams, and plan for a retirement lived with dignity.
Through the Saving and Investments Union we launched the EUs first Financial Literacy Strategy – a major step toward improving financial knowledge and skills throughout Europe.
And I want to underline that this is not about understanding a balance sheet. Its about giving Europeans the confidence and the tools to plan for their future, and to reduce the stress that so often comes with financial decisions.
Along with our work to improve financial literacy, we are also working to provide opportunities for Europeans to put their hard-earned money to work through investing in capital markets.
I often describe saving and investing as two sides of the same coin. Both are essential for financial security. Yet across most of Europe, as is the case in Malta, we continue to rely heavily on traditional savings, mainly through bank deposits.
To help citizens take a more active role in building their financial future, we have published a Recommendation to all Member States to introduce Savings and Investment Accounts.
These accounts are designed to help Europeans grow their wealth through long-term and diversified investments – funds, shares or bonds - approaches that have consistently delivered solid returns over time.
They can play a vital role in helping people save for the major milestones in life, like buying a home, supporting their childrens education, or building long-term financial security.
We have studied the best-performing Savings and Investment Account models across Europe and globally, and from that work we have created a blueprint that we hope all Member States will adopt without delay.
Our work for citizens will not stop here. Today, we are adopting a comprehensive approach to support supplementary pensions – such as occupational or personal pensions.
Our objective is to provide citizens with opportunities to better save for their future and ensure adequate retirement incomes to complement public pensions which are and will remain the foundations of EU pension systems.
Let me be absolutely clear: citizens will always decide where their money is invested. Our role is not to direct peoples savings, but to ensure that the options available to them are transparent, simple, trustworthy and designed to deliver value. The Commissions work is about creating opportunities — not obligations — so that everyone can choose the products that best match their needs, their values, and their financial goals.
For Europes entrepreneurs and businesses, our job is twofold: to cut red tape so its simpler to operate, and to ensure that financing is accessible so that businesses can grow and thrive in Europe.
We listened to the issues that Europes companies, notably SMEs were facing, and we have already started our work to remove administrative burdens to ensure that doing business in Europe is easy.
When it comes to increasing investment, our focus must be on Europes businesses, from those already established to startups and scaleups - the engines of growth and competitiveness.
For too long, most European SMEs have depended almost exclusively on bank lending. Banks will always remain essential partners for our businesses — but Europe needs a more balanced financing ecosystem, one where companies can also rely on equity, venture capital, and market-based finance to innovate and grow.
Thats why in June, we presented a package of measures to revive the securitisation markets — helping banks free up capital so they can continue lending, while encouraging the growth of alternative sources of finance across the economy, including equity financing.
This is especially important in places like Malta, where bank financing is heavily relied upon.
In October, we presented measures to increase equity investments by institutional investors. The amendments to our rules on insurance companies, known as the Solvency II delegated regulation, strengthen the investment capacity and encourage more long-term productive investments in Europes economy.
We have also clarified how banks and insurers can co-invest in equity in strategic sectors alongside public entities – such as the European Investment Bank and national promotional banks.
Beyond those measures, it is my responsibility to ensure that Europe has a financing ecosystem where European businesses, both large and small, traditional and groundbreaking, have the opportunity to scale and succeed locally, in Europe.
This ecosystem is currently blocked at national borders. In the coming months, we will present ways to remove these barriers, including those related to divergent supervisory practices, and create a borderless and more efficient financing ecosystem in Europe.
The benefits of scale and efficiency will be evident through the Union but will be especially effective in smaller Member States.
Companies operating in smaller Member States will have a much larger financing network and better financing conditions, and citizens will gain from better returns, lower fees, and more investment options.
I also noticed that small jurisdictions are in general more open to innovation that can disrupt large incumbent companies – reinforcing the benefits of a larger pool of investors.
This ability for smaller Member States to innovate and disrupt is for a simple reason: there are less national champions to protect and thus, less reasons for keeping the status quo, and delaying progress.
This is an important point, highlighting the opportunities available to Member States that are willing to invest in and promote innovation.
Ladies and gentlemen,
Let me conclude by saying that everything we are doing through the Savings and Investments Union puts Europes citizens and businesses first, - giving them the tools, the confidence and the opportunities they need to thrive.
We are focused on helping citizens plan their financial futures
We are supporting entrepreneurs so that good ideas can become successful companies.
And we are working to build a Europe where talent is nurtured, innovation is encouraged, and ambition is rewarded — a Europe that competes boldly, grows sustainably, and shapes its own future.
Together, we can build a Europe where opportunity is shared, prosperity is lasting, and the future is truly in our hands.
Thank you.
