Good morning, ladies and gentlemen,

I am delighted to be here to discuss the Savings and Investments Union (SIU), a key priority for us in the coming years.

Your discussions today will extend to an important aspect of this strategy: inclusion. The focus on inclusion as a catalyst shows your understanding of the essence of the SIU.

This project will only succeed if inclusion is a driving force, not an afterthought. Inclusion means empowering retail investors, supporting startups and scale-ups, and enhancing market participation.

The concept note for this event raised several important issues, such as connecting savers with the real economy and addressing the pensions gap.

Why the SIU? It’s about EU integration and our Single Market, which is our biggest asset. It allows citizens to live, work, and retire across the EU, but barriers still exist, especially in cross-border services and regulations.

The SIU aims to remove these barriers, which are equivalent to a 100 percent tariff on financial services. By linking different parts of the Union, we can improve financing opportunities, allowing savers to invest and businesses to thrive.

We must also address the cultural preference for bank-based financing, which doesnt meet the needs of innovative companies. We need to enhance equity financing to provide better returns for retail investors and growth opportunities for businesses.

While weve made some progress in capital markets, we must secure buy-in from all stakeholders, including Member States. The SIU is essential in light of recent geopolitical developments.

Todays conference on inclusion is vital. The SIU will increase investment opportunities for all citizens, helping them generate higher returns and providing critical funding for European companies.

We must improve financial literacy, as only 18 percent of EU citizens have high financial knowledge. The Commission is committed to a financial literacy strategy that will be inclusive and address the needs of all societal groups.

We will also work on improving access to high-quality financial products and ensure that retail investors receive the necessary information to make informed decisions.

Our goal is to create a competitive environment that fosters innovation and simplifies access to capital markets. Savings and Investment Accounts will be a significant tool for achieving this.

We will present a European blueprint for these accounts, focusing on simplicity and accessibility, and encourage favorable tax treatment to incentivize their use.

Pensions are also crucial. We are making recommendations to increase participation in private pensions to offer citizens long-term financial security.

As we move forward, we need your feedback on market integration and supervision. Your insights will help us identify barriers to cross-border trading and improve fund distribution.

We aim for simple, efficient markets that benefit all users. By the end of the year, we will propose measures to tackle key barriers in trading and supervision.

Delivering the SIU requires coordinated action from Member States, supervisory authorities, industry, and civil society. This joint project is essential for unlocking Europe’s economic future.

Thank you.