The president of the European Investment Bank’s remarks come ahead of the Informal European Council scheduled for mid-February.
European Investment Bank (EIB) President Nadia Calviño emphasized in a letter addressed to European Council President António Costa the necessity of turning the Savings and Investments Union into a tangible achievement.
The letter, obtained by Euronews, details the priorities of the banking institution in anticipation of the informal European Council meeting set for 12 February in Belgium.
Among these priorities, the letter stresses the urgency to advance the Savings and Investment Union strategy—a set of legislative measures designed to channel a minor portion of European savings into funding European companies, thereby promoting economic growth.
«It is essential to establish the appropriate frameworks and tools without delay to ensure that European savings flow toward the sectors where they are most critical: innovative companies throughout Europe,» Calviño stated in her correspondence.
While the individual legislative files are highly technical and complex for the average person, the overall strategy holds significant implications for Europe’s population.
Boosting the count of investors and active businesses in European capital markets represents a path toward greater wealth on the continent and stronger global competitiveness, particularly against large economic blocs like the US.
«One major obstacle to investment remains the difficulty in accessing finance,» Calviño observes in the letter. «Only 29% of US companies view this as a barrier, compared to nearly 45% of European firms.»
A key ambition of the Savings and Investments Union is to standardize regulations and centralize specific functions at the European level to better unify markets that are now divided by national boundaries.
The proposals include centralizing financial market oversight. Although European regulations exist for market governance, national authorities often interpret these rules inconsistently. Harmonizing insolvency legislation is another element under consideration.
Despite broad support across EU nations for enhancing Europe’s geopolitical competitiveness, divergent opinions on legislative specifics frequently hinder comprehensive reform progress.