European Commission - Speech [Check Against Delivery] Opening keynote speech by Commissioner Albuquerque at Future 500 - Champions of Growth Brussels 2026 Conference: “Europe at Scale: Unlocking Capital for Innovation and Growth through the Savings and Investments Union” Brussels, 24 March 2026 Good morning, everyone. I am delighted to be here today among a very vibrant crowd. The Future 500 initiative gives us the p...
European Commission - Speech [Check Against Delivery] Opening keynote speech by Commissioner Albuquerque at Future 500 - Champions of Growth Brussels 2026 Conference: “Europe at Scale: Unlocking Capital for Innovation and Growth through the Savings and Investments Union” Brussels, 24 March 2026 Good morning, everyone. I am delighted to be here today among a very vibrant crowd. The Future 500 initiative gives us the perfect backdrop to discuss some of the key questions about Europe's economic and competitive ambitions. Bringing you all together, with a shared focus on scaling-up, gives a powerful illustration of the entire financing journey that companies navigate – so I am delighted to see such a diverse group gathered here today. As participants in Europe's financing ecosystem, I don't want to speak to you about why we need to change how we fund our European companies – this is something you know well – you live and breathe it every day. So, instead of rehashing the problem, I want to focus on the solution. I'll speak about how our proposed changes – from more integrated financial markets, to funding ability for venture capital, and more institutional investment for equity funds - will fundamentally shift the way our financing ecosystem operates. To understand why we are working towards more integrated financial markets - the end goal of the Savings and Investments Union - we need to speak about the benefits of scale. Something that we have not achieved in the EU to date. This is precisely what we are aiming to change. We are working to make financing effortless, but to do that, we must offer the promise of scale - not just local, but EU-wide scale. I picture a deep, liquid market capable of satisfying the highest ambitions of every European entrepreneur and innovator. Realising this vision requires better access to funding at every single stage of growth. Currently, Europe faces a critical scale-up gap where our most promising companies often stall or look abroad for the capital they need to reach the next level. To bridge this gap, we are actively consulting on our rules for venture and growth fund managers to determine exactly what needs to evolve. While I will wait for the consultation results before commenting on specific rule changes, one thing is already clear: Europe needs much larger venture and growth funds to compete on the global stage. That being said, larger funds are only part of the solution. If we do not solve the bigger picture of integration and scale, we will not have a market within which these funds can thrive. This truly integrated market would allow investors - from pension funds and insurers to retail investors and venture and growth funds - to deploy capital across the Union with ease, accessing a far broader range of assets and sectors than is currently possible. And with much lower costs. Start-ups and scale-ups would see themselves more connected to a much deeper and more diverse pool of investors. They could step outside the borders of their Member State to find support and allow them to access capital throughout their entire growth journey. This is particularly critical for scale- ups, which require substantial and sustained investment to test the market and develop their business in a competitive landscape. Better connected financial infrastructure would also deliver exit opportunities, including through more developed and liquid public markets. This then feeds back into the system, again encouraging more early-stage investment by increasing the likelihood of successful exits. Within the Commission we are also consulting on how to address challenges to exits for private equity investors. Ladies and gentlemen, to put it simply, integrated markets is a means to create scale, which in turn will empower investors to seek higher returns and entrepreneurs to reach global heights. Our Market Integration and Supervision Package, which the Commission adopted in December, provides a path forward to achieve this goal. At its core, it is about removing the frictions that still hold our markets back. We are expanding passporting opportunities for regulated markets and central securities depositories, enabling them to offer their services seamlessly across the Union. We are introducing a new Pan-European Market Operator status, allowing firms to operate multiple trading venues under a single licence. We are unlocking investment opportunities by simplifying the cross-border distribution of funds and recognising group-level synergies so that European financial institutions can operate as European players - not just national. Taken together, these measures are, again, about creating scale – you may see a theme emerging from our SIU work. The infrastructure is already there, but today it is fragmented, underused, and too often working in isolation. Capital and investment opportunities are not meeting as seamlessly as they should be. Our package is about linking these channels, clearing the blockages, and allowing capital to move freely and efficiently. And today, achieving these efficiencies is made easier thanks to technology and digitalisation - something that is deeply embedded in the SIU. This means supporting the development of more advanced and interconnected market infrastructures, and leveraging new technologies in trading, clearing and settlement to reduce fragmentation and improve cross-border efficiency. It also means lowering barriers to entry and opening up investment opportunities to a broader range of participants, including retail investors. This way we can ensure that anyone who wants to contribute to, and benefit from, Europe's growth can do so. Ladies and gentlemen, a truly competitive Europe means mobilising all of our potential - and all of our financial firepower. Nowhere is this more evident than among Europe's pension funds, insurers, banks, and family offices. These are natural long-term investors, and we cannot afford to have them standing on the sidelines. That is why we are adjusting our rules to ensure that institutional investors can deploy their capital into European companies at scale, and with greater simplicity. For insurers, we have revised Solvency II to make it easier to invest in European businesses and strategic priorities. For both insurers and banks, we have also clarified that equity investments carried out under legislative programmes - where public support is combined with private financing - can benefit from more favourable prudential treatment, helping to crowd in private capital where Europe needs it most. And through our proposed securitisation reforms, we are unlocking additional balance sheet capacity for banks, so they can channel more funding into the real economy. We are also strengthening supplementary pension frameworks - both occupational and personal - and encouraging greater retail participation, also through the promotion of savings and investment accounts, so that citizens can play a more direct role in financing Europe's future and share in its success. Ultimately, greater institutional and retail investment means stronger, more dynamic markets. It brings long-term capital into the system, improves liquidity, and makes it easier for European companies to raise the funding they need to grow and scale. This is how we want to support innovation, boost productivity, and build resilience in our economy. To conclude, let me come back to the question at the heart of today's discussion. For me, this is not about imagining a perfect world, or in this case, a perfect financing ecosystem. It is about identifying the barriers that fragment our single market while recognising how much of the solution is within our reach. We need capital markets that are deeper, more integrated, and easier to navigate. Markets that allow capital to flow at scale, and companies to grow without leaving Europe. I am not promising perfection. But there is no reason why we should not be ambitious. That is the mindset driving our work - and it is how we will ensure that Europe remains a place where companies are not only created, but can grow, scale, and lead. Thank you. SPEECH/26/696
Speech Brief