Good afternoon, ladies and gentlemen.

Today, we discussed crucial topics like overcoming fragmentation in European equity markets and boosting IPO activity in the EU. These are central to our strategy for a dynamic investment ecosystem through the Savings and Investments Union.

Amid global competition, the Single Market is our anchor of stability. To unlock its full potential, especially in capital markets, seamless operation is essential.

Investment scale required for innovation and growth cannot rely solely on public funds; the private sectors involvement is crucial.

Integrated capital markets are vital for Europes future. As the former Finance Minister of Portugal, I have seen the evolution of these goals within the EU.

Trading venues are key; they connect our financial system. Stock exchanges have always linked businesses with investors, a role now more important than ever.

The IMF equates barriers in the EU capital market to a 100% tariff, hindering companies from accessing necessary growth capital. This makes the EU less attractive for listings compared to other markets like the US.

However, US listings often dont yield better outcomes. Recent studies show that many European companies underperform post-IPO in the US compared to European markets.

We must create a framework where European companies and citizens see the EU as the best market for their needs, maximizing opportunities.

Fragmented markets increase costs for companies and investors, limiting liquidity and cross-border trading.

Our aim is a seamless single market for capital, where funding and investment opportunities are accessible across the Union.

Recent measures, like the consolidated tapes from updated EU financial market rules, aim to give investors a comprehensive market view. ESMAs work on selecting providers for bond, equity, and derivatives tapes is ongoing.

Further, the Listing Act aims to make EU public markets more appealing and rewarding for companies.

The Commissions recent proposals, like the simplification omnibus package, support small mid-cap companies and simplify capital raising.

We are committed to the Savings and Investments Union and engaging with stakeholders to address market barriers. Your feedback in our public consultation is crucial.

Improving market infrastructures and embracing innovation are core to reducing fragmentation and boosting efficiency.

A legislative package later this year will aim to better connect Europes trading infrastructures and reduce cross-border barriers.

Were exploring a more unified financial supervision system to enhance rule consistency and risk management.

In conclusion, lets work together to realize the potential of an integrated European capital market. Thank you.