Good morning, ladies and gentlemen,

I am delighted to be here and to kick off my country visit to Germany among such a distinguished group of industry leaders and influential experts.

I am also pleased to be joined on stage by Dr. Stephan Leitner, Alexander von zur Muhlen, and Tobias Vogel. Gentlemen, I look forward to our discussion.

Before we begin, let me share a few thoughts.

The German economy is facing challenges, including high energy prices, excessive bureaucracy, rising competition from China, and potential trade conflicts with the US.

However, there is also a new momentum with the recent German government and the new European Commission and Parliament that can lead to positive changes. Together, we can reach our goals.

But we must act quickly as challenges and uncertainties are increasing.

My focus today is on competitiveness and how the European Union, particularly through my role as Commissioner for Financial Services, can enhance Europes standing in the global market.

Germany, as a European and global economic powerhouse, has a strong industry, export capacity, and solid public finances, yet is not exempt from the global pressures of an unpredictable geopolitical landscape.

Many key industries, especially manufacturing, are struggling against global competition and rising costs. Additionally, Germany is experiencing a digital transformation gap, lagging in investment in technology compared to global leaders.

These issues reflect broader challenges faced by all EU Member States. Germany alone cannot compete with the US and China; only a united European Union can effectively compete on the global stage.

This Commission aims to improve Europes competitiveness. President von der Leyen prioritizes reviving Europes economy and strengthening our global position in all our communications and actions.

We need increased investment in strategic sectors such as defense, renewable energy, artificial intelligence, and critical materials. These areas will form the foundation for future economic strength.

Investing in these foundations will yield short-term benefits for citizens and industries alike.

We also need to encourage risk-takers to innovate and simplify the business environment for all companies.

While we focus on internal investments, we will remain open to international trade, as the EU is the top trading partner for over 70 countries. Fair trade is essential for growth, especially for Germany, the EUs leading exporter.

Now, let me outline some strategies that can steer our economy positively, particularly the Competitiveness Compass, reducing bureaucratic hurdles for businesses, and the Savings and Investments Union that I oversee.

The Competitiveness Compass, launched this January, is a comprehensive plan to reignite Europes economy and leverage our immense potential.

Despite recent volatility, inflation is now falling below the ECBs target, which lowers borrowing costs. Our public debts are manageable compared to other economies, allowing for sensible new investments.

The EU produces a significant number of STEM graduates and holds a competitive share in global patent grants.

Furthermore, European savers contribute 1.3 trillion euros annually, particularly strong in Germany.

Looking ahead, our investments in clean technology and renewable energy will help us sustainably lower energy costs, aiming for 40% of EU energy consumption from renewables by 2030.

While we have reasons to be hopeful, Europes economy has underperformed due to structural barriers. Urgent actions are necessary to ensure we can shape our own future. The Competitiveness Compass identifies three key areas to address.

Firstly, we must bridge the innovation gap to make Europe a nurturing ground for startups. We have introduced a new EU startup and scale-up strategy to simplify regulations and enable companies to adopt key technologies.

Secondly, we are committed to decarbonizing our economy through the Clean Industrial Deal, which supports energy-intensive sectors in reducing emissions and adopting cleaner technologies.

Lastly, we are addressing supply chain vulnerabilities through the Competitiveness Compass by building new investment partnerships and adjusting procurement rules to favor European suppliers.

In addition to these three pillars, the Competitiveness Compass includes five horizontal enablers: simplification, removing barriers to the Single Market, financing, skills and quality jobs, and better coordination. Two of these, simplification and financing, are crucial for businesses.

We proposed an omnibus package in February to simplify sustainability reporting and due diligence, which we believe will significantly benefit businesses while maintaining our green commitments.

The revised reporting framework will focus on large companies while allowing more flexibility for others, making sustainability a strategic asset for competitiveness.

In terms of financing, we have initiated a European Savings and Investments Union to enhance cross-border capital market efficiency.

Despite major investment needs, Europes capital markets are fragmented. We need to create a unified investment landscape to benefit citizens and drive economic growth.

The SIU will facilitate easier access to capital markets for citizens, encourage auto-enrollment in pension schemes, and improve transparency in investments.

We are also working to unlock more diverse funding sources for companies through venture capital and private equity.

To address integration challenges, we aim to create a coherent supervisory framework across the EU for financial markets, which is vital for unlocking Europes competitive potential.

The Commission has a clear vision for a more competitive Europe and a detailed plan to achieve it.

In the global race for innovation and investment, Europe must act collectively. A unified strategy is the only path to a secure shared future.

Revitalizing Europes economic strength is critical for our future. With the right tools in place, our collective will will define our success. The time to act is now for Europe and all European citizens.

Thank you for your attention. I look forward to our discussion ahead.