Kamenicky: Slovakia Supports Initiative to Boost Savings and Investments in EU

Bratislava, 9 June (TASR) - Slovakia supports the European Commission's (EC) agenda to create an EU Savings and Investments Union, a historic opportunity to strengthen Europe's economic resilience, boost its competitiveness and secure a prosperous future, Finance Minister Ladislav Kamenicky (Smer-SD) stated on Monday at a conference on this issue organised in Bratislava by the Slovakia's central bank (NBS), the Finance Ministry and a European think-tank called Bruegel. Kamenicky pointed out that the global economy is in uncertain times, facing several challenges related to trade wars and competitiveness, among others. "In this respect, the Savings and Investments Union is one of the important examples of an effective common response by the European Union to make the EU stronger and more competitive," he emphasised, pointing out that, according to a 2024 analysis by the Bruegel Institute, Europe faces a significant investment gap, estimated at €800 billion per year. According to the minister, this situation represents both a challenge and an opportunity for Slovakia as a small and export-oriented economy. "Our small and medium-sized enterprises and technology-oriented industries, especially in the automotive and IT sectors, require large-scale financing to expand innovation and remain competitive. However, fragmented capital markets limit access to private investment, as highlighted by the Bruegel analysis," he added. The challenge, therefore, is to give companies access to pan-European sources of finance, reducing their dependence on traditional bank financing. "By expanding access to non-bank finance, the Savings and Investments Union can foster a more dynamic, innovation-driven economy across Europe," added Kamenicky. am