Good morning everyone.
Thank you to the organizers for the invitation. I am delighted to open the annual conference of the Association of Spanish Banks.
As Commissioner for Financial Services, I value these discussions greatly. We are at a critical moment for Europe.
Though weve lagged economically, we have strengths like a stable banking sector.
We must now make important decisions for our economy.
Our innovative capabilities and security needs demand swift action.
The European economy is operating below its potential.
Our savers and businesses are not well connected yet.
There are significant benefits to be gained by adopting a different approach.
Next week, I will present the strategy for the Savings and Investments Union.
Today, I discuss the vision and the role of the banking sector in boosting Europes competitiveness.
The drive for a European capital market is not new.
But the political and economic context has changed.
There is now determination in Europe for change.
President von der Leyens guidelines highlight the need for investment.
The Competitiveness Compass underscores the potential of capital markets.
The ReArm Europe plan highlights this again.
The Savings and Investments Union is crucial.
There is a gap between European savers and company needs.
The Union will convert savings into capital investments.
This offers savers better returns and companies investments.
We want to improve household wealth and business financing.
Obstacles like market fragmentation must be overcome.
Your sector plays a crucial role in linking investors with the economy.
The journey to the Union begins next week, and I count on your support.
The banking sector is a central pillar of our financial system.
Banks are essential for the safety of deposits and payment systems.
They provide crucial advice to investors.
We need to take a broader view to optimize savings.
We need to provide better risk-return opportunities.
Our goal is to channel private savings into European companies.
Banks must play an active role in capital markets.
We need large, diversified banks at the EU scale.
Unfortunately, this is not fully realized in the financial sector.
We lose innovative companies to other jurisdictions due to capital shortages.
We must change.
Consolidation can improve profitability and reduce risk.
We must enable banks to compete with international players.
Greater scale can enhance profitability and valuation.
More efficient banks can make digital investments.
The banking sector has proven resilient, as shown in 2023.
Our rulebook ensures stability and efficiency.
We must be vigilant to international developments.
We have successfully implemented Basel III.
Next week, I will provide details on the Savings and Investments Union.
The Unions success requires commitment from all stakeholders.
We must embrace an ambitious vision for Europe.
The EU has great potential and talent.
We must now be bold and collaborative.
Our citizens demand solutions for a safe future.
Thank you, and I wish you a productive day.