European Commission - Speech [Check Against Delivery] Online speech by Commissioner Albuquerque at the Nordic Financial Unions Conference: Resilience in an era of uncertainty and change Online, 22 October 2026 Good morning, ladies and gentlemen, I very much wish I could be with you in beautiful Reykjavík this morning. Hopefully we will be able to make that happen in the near future. I would like to start by thanking ...
European Commission - Speech [Check Against Delivery] Online speech by Commissioner Albuquerque at the Nordic Financial Unions Conference: Resilience in an era of uncertainty and change Online, 22 October 2026 Good morning, ladies and gentlemen, I very much wish I could be with you in beautiful Reykjavík this morning. Hopefully we will be able to make that happen in the near future. I would like to start by thanking the Nordic Financial Unions for bringing us together. There is something particularly fitting about discussing Europe's economic future in Iceland. A country that knows what it means to be geographically distant from Europe's main economic centres, but also what it means to be connected to them. A country that has experienced the consequences of financial instability, but also the importance of rebuilding trust, strengthening institutions and embracing reform. And a country that reminds us that resilience is not simply about withstanding difficult times. It is about learning from them. Adapting. And emerging stronger. That is precisely the challenge facing Europe today. Climate change, digitalisation, geopolitical uncertainty and demographic pressures are transforming our economies and societies. And here in Reykjavik, as in other Nordic capitals, these changes are particularly tangible. The North Atlantic and the Arctic have moved to the forefront of Europe's strategic attention, reminding us that economic resilience and geopolitical security are increasingly interconnected. In this context, the European Commission adopted earlier this week the Joint Communication “Europe's Northern Neighbourhood: A New Strategy for the Arctic”. Europe needs to adapt to new realities. We need to invest in our competitiveness, strengthen our economic security and ensure that our financial sector can support the transformations ahead. The question is not whether Europe will change. The question is whether we will shape that change or simply react to it. And shaping that change requires more than strategies and legislation. It requires strong institutions, cooperation and the involvement of those who will be directly affected. This is why organisations such as the Nordic Financial Unions are so important. Financial-sector employees are on the front line of the changes taking place in our industry. They experience the impact of digitalisation, artificial intelligence, new business models and evolving customer expectations. Their knowledge and experience must be part of the conversation about how the financial sector adapts. The Nordic tradition of social dialogue demonstrates that competitiveness and strong worker protections can reinforce one another. Reforms are more likely to succeed when people understand their purpose, have the skills to adapt and are involved in shaping the transition. And this is particularly important in a sector where trust is fundamental. Because a competitive financial sector is not simply one that is more efficient. It is one that is resilient, innovative and capable of serving citizens and businesses while maintaining their confidence. One of my central priorities as European Commissioner is the Savings and Investments Union. Its ambition is straightforward. Europe has substantial savings, enormous investment needs and companies with the potential to become global leaders. But too often, our financial markets remain fragmented, limiting the opportunities available to both businesses and citizens. We need to give opportunities to our citizens to connect these savings more effectively with investment. And the Nordic countries already offer valuable examples of how this can work. Across the region, many citizens participate in capital markets directly, through savings and investment accounts, or collectively, through pension savings invested over their working lives. These arrangements are not identical. But they demonstrate that investing can become a familiar and accessible part of people's financial lives. Indeed, many Europeans are already connected to capital markets through their pensions, even if they do not necessarily think of it in that way. Our ambition is to make these opportunities more widely available. To help citizens across Europe understand that keeping their savings in a bank account is one option, but that other opportunities exist to invest and potentially grow their money over time. And to give them access to choose among a broader range of competitive, innovative and trustworthy financial products. Investing should be an opportunity for the many, not a privilege for the few. This is where financial literacy becomes essential. People need the knowledge and confidence to make informed financial decisions, understand risks and plan for their future. And trade unions and social partners have a vital role to play. You can help bring financial education into the workplace, reaching people where they are and equipping them with practical tools to manage their finances. But perhaps your contribution is even more important when we look at long-term savings and supplementary pensions. The Commission has put forward recommendations on automatic enrolment, pension tracking systems and national pension dashboards, alongside our reviews of the rules governing occupational and personal pension products. Our objective is to help more Europeans build adequate retirement income, complementing their public pensions, in a manner that is prominent in the Nordics. And I want to be particularly clear on one point. Where well-established occupational pension arrangements already exist through collective agreements, our intention is not to replace them or interfere with the autonomy of social partners. Quite the opposite. We want to build on successful experiences and help other Member States learn from them. But approaches must be adapted to national circumstances and social models. The objective is certainly not to impose one European pension model. It is to ensure that more Europeans have the opportunity to prepare for a financially secure retirement. And social partners are indispensable to making that ambition a reality. Ladies and gentlemen, I do not need to dwell on the benefits of regional financial integration to this audience. The Nordic countries have been demonstrating them for decades. Individually, the Nordic economies are relatively small. Some are geographically peripheral. Yet through cooperation, interconnected markets and the European Economic Area, you have developed a financial ecosystem that extends far beyond individual national borders. Look at Nasdaq Nordic, with its integrated trading infrastructure across Sweden, Denmark, Finland and Iceland, and connections into the Baltic markets. Or Euronext's integration of the Oslo Stock Exchange into a wider European market network. These are concrete examples of how cooperation, shared infrastructure and access to broader pools of liquidity can help financial markets become more efficient and competitive. They also demonstrate that scale does not always require size. It can also be achieved through willingness to connect. A company established in a smaller country should not be limited by the size of its domestic financial market. A promising business should be able to access the financing it needs to grow, without having to look immediately to financial centres outside Europe. And a financial institution should be able to operate across borders without facing unnecessary complexity at every step. The Nordic experience demonstrates how integration can expand opportunity. And this resonates with me personally. I come from Portugal, a country on Europe's Atlantic periphery. I understand the importance of ensuring that geographical distance does not become an economic disadvantage. For smaller and peripheral economies, European integration is not a threat. It is one of our greatest sources of opportunity. It gives our companies access to more customers, more investors and more possibilities to grow. And it gives our citizens access to opportunities that go far beyond their national borders. That is the promise of European integration. And it is precisely what we want to strengthen through the Savings and Investments Union. This brings me to the Market Integration and Supervision Package – one of the key reforms I have introduced during my term in office. We want financial markets where capital can move more efficiently across borders. Where market infrastructures can operate at European scale. And where companies and investors benefit from deeper, more liquid and more competitive markets. Our Market Integration and Supervision Package proposal was designed to make this possible. By removing unnecessary barriers in trading, clearing and settlement. By reducing operational complexity and duplication. And by strengthening consistent, high-quality supervision across borders. If we want European companies to grow at European scale, we need financial markets capable of operating at European scale. And that requires also a supervisory framework that is consistent, efficient and genuinely European. We will soon start negotiations with our co-legislators on the content of this package. The Commission's objective remains: a simpler, more efficient and more integrated European capital market. And let me underline something that might be particularly relevant to our discussions today. European integration does not mean losing local expertise or national identity. A genuinely integrated financial market can, and should, coexist with strong local institutions, knowledge and competences. Indeed, financial institutions need that local understanding to serve citizens and businesses effectively. The Nordic experience shows that these objectives can reinforce one another. The ambition is to combine the advantages of European scale with the strengths of local expertise. And to ensure that smaller markets are not left behind, but become stronger through their connections to the wider European economy. As I already stated, capital markets are essential to Europe's competitiveness. But they are only part of the picture. Banks remain at the heart of our financial system. They finance households, small businesses and larger companies. They provide the financial services on which citizens depend every day. And they are indispensable to financing Europe's ambitions. That is why strengthening the competitiveness of our banking sector is another major priority. The Commission's work on banking competitiveness and the Single Market for banking will lead to a legislative package in the first quarter of 2027. Our objective is to create better conditions for banks to operate efficiently, grow across borders and support the European economy. This means reducing unnecessary complexity, improving proportionality and removing barriers that prevent banks from taking full advantage of the Single Market. But let me be equally clear. We are not pursuing competitiveness at the expense of financial stability. Europe's banks have become significantly more resilient, that is an achievement we must preserve. And nowhere is the importance of financial stability, effective supervision and public trust better understood than here in Iceland. The lessons of past crises must remain with us – I carry them, from my experience as a Minister of Finance in Portugal during the programme period. Those lessons should not lead us to believe that resilience and competitiveness are opposing objectives. They are not. A strong banking sector needs both. A resilient banking sector must be capable of taking well-managed risks. Otherwise, resilience can become stagnation. And once again, the Nordic experience offers valuable lessons. Cross-border banking groups have demonstrated how operating at regional scale can create opportunities for efficiency, innovation and better services. But they have also shown the importance of supervisory cooperation and strong financial stability arrangements. Scale brings opportunity. And scale brings responsibility. This is equally true when it comes to employees. As financial institutions adapt to new technologies and business models, investment in skills, training and social dialogue will remain essential. A stronger European banking sector must be one that invests in its people as well as its technology. Because competitiveness cannot be sustained without the confidence of employees, customers and the wider society. Ladies and gentlemen, I would like to conclude by returning to the importance of reform. We know the challenges we face. Our markets remain fragmented. Our companies need greater access to financing. Europe's priorities require substantial investment. And a more competitive economy is essential to sustaining our prosperity and our social model. The question is whether we are prepared to make the decisions that follow from that knowledge. The Nordic countries offer an important lesson. Successful reforms rarely result from a single decision. They require strong institutions, cooperation, the willingness to adapt and the patience to recognise that structural improvements take time. The real risk is not that reform takes time. It is that we allow the passage of time to become an excuse for inaction. Europe has spent many years discussing the need for deeper financial integration. Now we must deliver it. And we must bring citizens, employees and businesses with us. That is why I value the contribution of organisations such as yours. Social dialogue, investment in skills and the protection of workers are not secondary considerations. They are essential to building a resilient and competitive European economy. In an integrated Europe, opportunity should not depend on geography. A small country can lead in innovation. A peripheral region can be connected to global markets. And a European company, wherever it is established, should have access to the financing it needs to grow and compete. That is the Europe I want us to build. One where our differences are a source of strength. Where national markets become part of something greater. And where our collective ambition is not limited by the size of our individual economies. Europe does not need to choose between resilience and ambition. We need to choose both. Thank you. SPEECH/26/2237 <@rel_link@>
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