More than 500 billion euros annually. This is the amount that Europeans will dedicate until 2030 to carry out the transition towards a decarbonized economy, according to the International Energy Agency. This is equivalent to 2.9% of European GDP. The lack of unity in financing markets on our continent can make it more difficult to attract savings for investment projects.
Decarbonization is one of the major challenges facing Europe in the future, but it is not the only one. It is joined by geopolitical challenges and the need for greater investment in technology to increase competitiveness and economic resilience. Successfully addressing these challenges is the foundation of the roadmap for Open Strategic Autonomy. This strategy has three key players: the public sector, which must set the rules to deliver the strategy; companies, to implement it; and banks, both to provide direct financing and to facilitate it through the markets.
Growth is a priority, and the way to achieve it must be solid and sustainable. That is why it is key to understand Europe’s economic weaknesses in order to take the necessary measures to become more competitive. We will have more information to make an accurate diagnosis when the report commissioned from the former president of the ECB, Mario Draghi, is published in June.
Facilitating European transformation requires the best possible financing model. We need to move decisively forward with the banking union, with a regulatory framework that favors the sector’s competitiveness. At a national level, no obstacles should be put in the way that limit the capacity of banks to continue doing what they do best: fostering prosperous growth.
José Luis Martínez Campuzano, Spokesperson for the Spanish Banking Association
