Stockholm, April: Valérie Urbain and Hanna Vainio in Dialogues with EU Commission and Financial Market Leaders
Two high-level events on the EU initiative Savings and Investment Union (SIU) took place in Stockholm this week, and included Euroclear CEO Valérie Urbain and Hanna Vainio, CEO of Euroclear Sweden and Finland. In short, the SIU seeks to reinvigorate the previous Capital Markets Union, with the goal of stimulating the capital markets and making Europe a more competitive place for investments and IPO’s.
On April 2, the European Commission invited Hanna Vainio and other industry leaders to an exclusive preliminary round table at the Commission’s headquarters in Stockholm. Here, participants had the opportunity to briefly present their position or question addressed to Maria Luís Albuquerque, the Portuguese EU Commissioner responsible for financial services and the Savings and Investments Union. There was a constructive discussion around the table about the benefits of competition in the market, and how to help European households convert their ten trillion euros of savings, that today idle in banks, into securities investments. This would benefit not only household wealth creation but also stimulate innovation and growth.
On April 3, the Swedish Government and national business association Swedish Enterprise co-hosted the industry summit Capital Markets for a More Competitive Europe at the National Museum of Science and Technology. The event aimed to explore the role of capital markets in enhancing Europe's competitiveness. Delegates included political and business leaders from the Nordics, Baltics and other parts of Europe, who participated in keynotes and panel discussions.
Chairman of Swedish Enterprise Jacob Wallenberg opened the venue. Wallenberg, a prominent business leader, has been instrumental in developing Sweden's financial market infrastructure and establishing the Swedish Corporate Governance Code. Wallenberg pointed out that 23% of Swedes own shares, and that Sweden’s tax beneficial individual savings account system ISK could serve as an inspiration for other European economies. Commissioner Albuquerque proceeded to deliver her keynote address “Savings and Investments Union: A Renewed Approach to Financing Priorities and Supporting Household Wealth Creation”.
A panel discussion explored the Nordic-Baltic ecosystem in a European context, featuring Valérie Urbain, Roland Chai from Nasdaq, Erik Thedéen, Sweden’s Central Bank, and others. Here, Valérie explained how Euroclear plays an important role by building on our existing post-trade solutions, working with clients to mobilize capital both within Europe and internationally through interoperable solutions, thus acting as a gateway to the world's financial markets.
Sweden’s Prime Minister Ulf Kristersson addressed the critical role of capital markets in driving economic growth and competitiveness in Europe. He highlighted the need for robust financial policies and collaboration among European nations. Kristersson and other speakers touched upon the newly imposed US tariffs and stated that the opposite – more trade agreements – was the solution. In this respect, the US move should be seen as a call to action for Europe. The Prime Minister concluded: “Europe needs a renaissance, and Sweden will do its part.”
