First - capital markets have a vital role to play in the transition to a climate-neutral economy. The Commission has its strategy for building a climate neutral economy by 2050, because climate change will just not go away. This is why we need to keep sustainable finance high on the agenda. Because there can be no transition without proper funding. I am therefore glad that the Finnish Presidency has identified sustainable finance as one of its priorities.
Second, we need to keep boosting local and regional capital markets in the EU. Capital markets in different countries are at different stage of development in terms of liquidity, depth or size. So our task goes beyond supporting only big players. We also need to invest in development of capital markets at national and regional level. It is known that small and medium size companies are the backbone of European economy. We need to ensure that they all have access to the capital regardless of their hometown. This is also why we promote convergence among economies and support inclusiveness in terms of geographical distribution.
Third, the European financial sector should fully embrace technological change while not ignoring increasing cyber threats. For this, Commission has come forward with an Action Plan for FinTech companies. In today's debate several Ministers stressed the need to reinforce our innovation capacities and support to disruptive companies – this of course goes beyond the financial sector.
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