Good morning, ladies and gentlemen,

Let me begin by thanking José Luis and the New Economy Forum for the kind invitation, and for that generous introduction.

I have been asked to speak to you today about my “ideas to strengthen the Union”.

As a European Commissioner, naturally I have a great deal to say - about my policy priorities and about Europes role on the global stage. But this is not only a professional question for me - it is also a personal one.

Just recently, Portugal marked 40 years of EU membership. As a Portuguese citizen who remembers life before accession, Ive seen firsthand the transformation that EU membership brings - not just to a countrys economy and governance, but to the everyday lives of its people.

Like many of you, I carry with me a profound appreciation for what it means to be a European citizen, and a desire to see a stronger and more integrated European Union.

And like many of you, I am aware of just how fast the world is changing.

The daily headlines from Ukraine and the Middle East are deeply troubling. The scale and intensity of these crises, with the developments this last weekend, are a sobering reminder of just how precious and fragile peace and stability can be.

And they reaffirm the core values we hold dear in Europe: human dignity, democracy, fundamental rights, and the rule of law.

These are our guiding principles, and they are what leads us in times of uncertainty.

We can no longer take geopolitical stability and multilateralism for granted. So let me be clear: strengthening the Union is not a choice. It is a strategic imperative.

But with crises comes opportunity, and I see a chance for Europe to take a decisive step forward together.

Thats why today, I want to speak to you about a strategy I launched earlier this year: the Savings and Investments Union, or the SIU for short.

It is a forward-looking initiative aimed at expanding Europes investor base — particularly by empowering and equipping retail investors with the tools to invest wisely and with confidence in our own potential and in Europes long-term future.

The SIU is a way for us to create a true ecosystem for financing in Europe.

In todays world, diplomacy alone is not enough to secure global relevance, we also need to ensure that our economy and our strategic capabilities can do the talking for us.

And while the European economy has been structurally underperforming for some time now, and we need a major boost to our productive capacity, our economic fundamentals are solid.

Inflation in Europe is easing and now falling below the European Central Banks two percent target, paving the way for lower borrowing costs. Our public debt and budget deficits are more contained than in many other major economies. The EU produces nearly as many STEM graduates per capita as the United States, and our share of global patent grants remains competitive with other global leaders.

We also have the financial means to back our ambitions - European households save around 1.3 trillion euros annually. Energy prices have the potential to fall sustainably, thanks to the ongoing transition to cleaner, more secure, and more affordable energy sources. By 2030, over 40 percent of our energy consumption is expected to come from clean energy.

And globally, Europe holds its weight. We are the leading trading partner for more than 70 countries and continue to expand our reach through new trade agreements.

The goals outlined within the Savings and Investments Union have been built to address Europes urgent investment needs. Without significant additional investment, we will not be able to drive innovation, sustain growth, and build resilience against external shocks. We need more investment, and this means we need a deep, dynamic, and interconnected capital market at the core of our economy.

However, significant barriers – some of which are self-induced restrictions and vested interests - are preventing us from progress and from reaping the full benefits of the single market. My proposal for a Savings and Investments Union aims to push Europe through these barriers, and to create a financing ecosystem that will benefit Europe as a whole, but most importantly, bringing benefit to the European citizen.

To unlock more financing for EU businesses and EUs strategic priorities, we need to broaden our investor base , especially by making it easier for everyday people to invest. That means fairer access, and more attractive long-term investment options, including for retirement savings. A stronger, more connected, financial sector will help lower costs and give people more choice, making it easier to turn savings into investments.

Our SIU strategy has four pillars, covering citizens and savings, investment and financing, integration and scale, and efficient supervision.

Ill take each of these in turn.

Under the heading of citizens and savings, we are acting to give Europeans greater access to capital markets. Europeans are among the worlds greatest savers, yet too often they lack the opportunities to invest their savings productively and see them grow.

This is partly down to poor financial literacy. According to Eurobarometer, only 18 percent of EU citizens have high financial literacy. Among young people aged 18-24, that drops to 13 percent.

To address this, we are preparing a financial literacy strategy which we will publish in Q3 this year.

I often hear about Europeans being risk averse . I dont see it that way. Take for example the significant number of Europeans who have invested in crypto-assets. This suggests that the issue is not risk aversion, but rather the lack of  opportunities and incentives.

Savings and investments accounts is a proven way to facilitate access to capital markets and bring more returns to savers, while also stimulating the economy.

By the third quarter of this year, we will present a blueprint for savings and investments accounts, based on best practices seen in Europe and beyond.

The blueprint will give Member States a framework to offer citizens a simple and easy to access account, as well as a favourable tax treatment.  

Furthermore, in some Member States, pension plans have traditionally been a key way for many people to engage with capital markets.

With ageing populations, private pensions can boost long-term financial security and support investment in the real economy. To encourage more people to get involved with supplementary pensions, we will work on a recommendation to bring in auto-enrolment, pension tracking systems, and a clear pension dashboard.

This will make it easier for people to actually get involved in a supplementary pension scheme, and it will ensure that they have transparency over all of their pensions in one place, and will show them what they have earned, and what they will receive upon retirement.

On investment and financing, we will be working to make it easier for companies to access diversified sources of finance, including cross–border.

For example, we aim to bring institutional investors more into play for our European companies, including through venture capital, private equity, and infrastructure investments.

We will also revise our rules on the European Venture Capital Funds label. This will help to facilitate equity financing for our high tech and innovative companies. 

We are also working to increase the level of securitisation by banks in Europe. Essentially, this is a process that allows banks to repackage parts of their assets, namely loans, and sell them to other financial market participant like insurance companies, pension funds, or other banks.

On the 17^th of June, the Commission adopted my proposal for a revised securitisation framework. This will help channel more investment to the real economy, by increasing bank lending to EU households and businesses, including SMEs, while also enabling investors to diversify their investment opportunities.

This is the first proposal adopted as part of the Savings and Investments Union. This proves our commitment to putting this strategy into place as a matter of urgency. Its now up to the Member States in the Council and the European Parliament to turn this proposal in to law swiftly so its benefits can start flowing into the European economy.

Integration and scale have been two of the most persistent challenges that have held back EU capital markets from developing.

The fact that European firms are unable to enjoy the scale and synergies of the Single Market is a huge competitive disadvantage for us. 

Our stock exchanges are smaller and less liquid than elsewhere, making it harder for companies to grow and for investors to engage. To put this into perspective, stock market capitalisation in the US is almost three times larger than in the EU.

Too often in Europe, capital stays trapped within national borders, cross-border investment remains limited, and key infrastructure like post-trade systems are still too fragmented.

When it comes to investment in innovation and scale-ups in Europe, the amounts of private equity and venture capital are far below where they should be for an economy of our size and ambition.

Thats why the Savings and Investments Union is crucial - to unlock capital, lower costs, and create deeper, more connected markets that support business growth and innovation across the EU.

We will be bringing bold proposals to break down barriers that hold back cross border operations of market infrastructures, asset management, and fund distribution. And barriers exist in various forms: economic, legal, technical, operational, behavioural, and supervisory.

The last pillar of the SIU is about supervision. Much of our financial supervisory processes in the EU differ across national borders. This is inefficient, costly, and makes Europe less interesting for investors.

A more coordinated, and effective, approach to supervision is essential to support a truly integrated and resilient European financial system.

We want financial firms to feel theyre operating across one single market, rather than in a collection of different financial jurisdictions.

And, we cant have a single market if supervisors are applying the same rules differently.

We are looking at enhancing the tools available to supervisors to reduce supervisory divergences, and we are considering the potential benefits of moving certain supervisory functions from the national to the EU level.. The recent consultation we held should help to identify the best solutions.

The Savings and Investments Union is one of the principal responses to Europes competitiveness challenge. While it is not aimed at any one sector, there are strategic areas where greater investment is urgently needed.

Im thinking of defence and space, artificial intelligence, clean tech, biotech, and other cutting-edge industries that will shape Europes future.

These sectors stand to benefit most from private capital, especially for scale-ups and entrepreneurs who are ready to take risks and drive innovation. So, while the SIU is not sector-specific, it is very much focused on building a financing ecosystem that will allow all companies, in all areas of business, to strive. In doing that, we pay particular attention to more innovative start ups and scale ups so that they are able to grow, in Europe.

To conclude, I want to go back to the initial theme of my remarks: “ideas that strengthen Europe”. The SIU embodies this mission—not only by driving economic strength but also by deepening structural integration and reinforcing Europes role on the global stage. This is not just an idea, this is an imperative strategy that needs to be put into practice urgently.

On the Commissions side, we have committed to publish our flagship proposals by the end of the year.

We now need to make the different stakeholders - and not least the Member States in the Council – realise that we need action from all sides, at EU level, as well at national level and from the industry.

Let me leave you with two clear takeaways: the SIU is a key enabler in our strategic path to respond decisively to todays geopolitical and economic challenges, with agility and unity.

And it stands to bring real, positive change to every Member State and every citizen across the continent, boosting competitiveness and driving sustainable growth for a stronger, more resilient Europe.

I want to now thank you for your time, and I look forward to your questions.