The European Union, with its 27 members and over 450 million citizens, is a global economic power that has brought peace, prosperity, and well-being to the continent. The EU has set the standard for the free movement of people, goods, ideas, and capital, which underpin open societies and democracies.

Despite its many strengths, the challenges facing the EU will only intensify over the next five years, including technological transformation, the transition to net zero, demographic change, and the need to increase defense spending. Generating economic growth will be critical, but this will happen at a time when the capacity of European governments to borrow or raise taxes is limited.

To make Europe more competitive and help it grow faster, we recommend focusing on five areas.

• First, renew and complete the Single Market, which is still a work in progress.

• Second, relaunch Banking and Capital Markets Union to build a stronger and more cohesive Single Market for financial services.

• Third, allow banks to play their part in supporting economic growth by recalibrating the balance between financial stability, risk, and growth inherent in financial regulation.

• Fourth, make green growth sustainable by ensuring international consistency in defining the sustainability reporting and disclosure framework.

• Finally, drive digital innovation by developing and implementing a "token economy" propped up by payment transactions of the future.

We are confident that the path forward for Europe lies in reinforcing its competitiveness and strategic autonomy to drive growth.

We believe a stronger, more dynamic economy is the key to creating jobs and social well-being.

The next European agenda must focus on Growth and Competitiveness. We will do our part by providing financing to help people and businesses prosper. We are a driver of the green transition and the digital transformation of our society.

Collaboration between public sector and the financial system is key ensuring we meet the needs of the new era of high-tech industry and deliver value for citizens.

We stand at a crossroads: the next political cycle give us the opportunity to prioritize once again the path to growth.