European Commissioner highlights urgency for unified European capital market

In September 2023, European Commissioner for Financial Services Maria Luis Albuquerque visited Slovenia where she emphasized the need for a cohesive strategy towards the development of a single European capital market. During her two-day trip, Slovenian Finance Minister Klemen Boštjančič acknowledged the European Commission’s method as beneficial for Slovenia, highlighting the importance of capital market development amid a banking-oriented economy. He stated that Slovenia needed to seize opportunities present in capital markets, outlining the government's prioritization of this area since taking office. A 2023 capital market development strategy and the law on individual investment accounts, enacted in June, were critical in this regard.  The conference in Ljubljana, organized by the Ministry of Finance, served as a platform for stakeholders to discuss and promote the growth of capital markets. Albuquerque reiterated that a united European approach would yield benefits for all member states. She pointed out that collaboration among EU countries is crucial to ensure that the capital market brings advantages not only to individual states but to the entire European Union. The Commissioner articulated that the success of the union's financial endeavors depends on the collective solidarity of member nations, advocating for increased connectivity among them, emphasizing shared goals that facilitate economic prosperity for every citizen and business.  Albuquerque's visit aimed to raise awareness of how a single capital market can provide vast opportunities for investment and savings across Europe. As Slovenia embraces policies aligned with the EU’s framework, including fostering a more robust capital market, it aims to enhance the volume of financial resources available to meet diverse economic needs. The Slovenian government recognizes the necessity of shifting focus from traditional banking systems to more dynamic capital markets, a move that is increasingly becoming a priority due to the evolving economic landscape.  In summary, the development of a single capital market represents a pivotal aim for both Slovenia and the EU. The Commissioner’s insights reflect an overarching message that capital markets have the potential to transform how Europeans save and invest while encouraging greater economic integration within the union. This vision aligns with the European Commission's strategic objectives that look beyond national interests towards fostering a more cohesive economic framework for the future.