Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, visits Cyprus on Thursday for discussions with the Cyprus government, top-level policymakers, industry stakeholders and civil society.
Albuquerque will meet with Finance Minister Makis Keravnos and Central Bank of Cyprus Governor Christodoulos Patsalides, as well as speak with multiple financial industry stakeholders, start-ups, regulators and trade unions. The Commissioner will also meet with students at the University of Cyprus during her brief stay before departing the island on Friday.
Opportunities for Cypriots to save and invest
A central theme of the visit will be the Savings and Investments Union (SIU), a Commission initiative that aims to create a genuine single market for capital in the EU. Key elements include deepening financial integration, improving access to capital for companies, including start-ups, and offering Cypriot citizens better opportunities to save and invest.
The goal of the SIU is to create better financial opportunities for EU citizens, while enhancing the capability of the EU’s financial system to connect savings with productive investments, particularly those that serve the EU’s strategic objectives.
According to the European Commission, “This will lead to more choice for savers who wish to grow their household wealth and allow businesses across Europe to grow.”
Investing in solutions to EU challenges
At the same time, it will encourage further investment in Europe’s capacity to address current challenges, such as climate change, rapid technological shifts and new geopolitical dynamics.
The 2024 Draghi report on the future of European competitiveness estimated that these challenges require additional investments of €750‑800 billion per year by 2030, in addition to the cost of increased defence needs.
“Much of these additional investment needs relate to small and medium sized enterprises (SMEs) and innovative companies, which cannot rely solely on bank financing. By developing integrated capital markets – alongside an integrated banking system – the SIU can effectively connect savings and investment needs,” says the Commission.