EU Policy Recommendations 2024-2029
Foreword by the CEOs
The 2024 European elections will take place in a world of geopolitical change and economic instability. A new world order is taking shape. The Russian war of aggres-sion in Ukraine and US-China competition have fuelled fragmentation and the emergence of geopolitical blocs. There has been a dramatic reduction in cooperation among major powers. Energy and food supply are under pressure. Increases in inflation and interest rates have been felt by ordinary citizens. All this has already had a major impact on policymaking in Europe and the US. Both the EU and the US have put forward legislation to promote clean tech industries accompanied by increased state aid. This will have implications for efficiency and compe-tition and ultimately for competitiveness. A strong, dynamic, united and forward-looking European Union is key to advance European competitiveness and resilience in this environment. This is at the core of the discussions on the EU’s open strategic autonomy.
The implications of climate change have become more evident than ever before. The need for solutions that make the European economy sustainable is immense. The innovations needed will demand both public and private financing. The role of a well-functioning European private financial sector is therefore key.
The new Parliament and Commission need to navigate in this challenging world. The path choices are many, and not all of them will lead to the right place. Resilience, sustainability, digitalisation, inclusion, depth and liquidity are some important features of the well-functioning financial markets needed to face the challenges. The Nordic-Baltic financial sector stands ready to contribute with our expertise, experience and guidance on what paths will lead to a better future for Europe and its citizens.
The financial sector is nothing without its customers. By servicing both businesses and households the financial sector is a conduit between the world of policy and economic development and the individual agents in the economy. The financial sector played its part in the Covid-19 crisis and offered support for both house-holds and companies. In the current circumstances of economic challenges, the sector has continued to fill this role. In spite of the turbulence created by rapidly increasing inflation through 2022–2023 and rising interest rates, the banking sector has demonstrated that it is well-capitalised and resilient. Going forward it will be key to continue to strike the right balance between economic growth and financial stability if banks are to be able to foster and support the economy.
This paper sets out key topics in the upcoming EU policy cycle 2024–2029. We look forward to engaging with policy makers and society at large.
Svenska Bankföreningen
Finance Denmark
Estonian Banking Association
Finance Finland
Icelandic Financial Services Association
Finance Latvia Association
Association of Lithuanian Banks
Finance Norway
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EU Policy Recommendations 2024-2029