Werner Hoyer’s speech was on the subject of stimulating the recovery and the EIB’s contribution to growth and employment in Europe. He began by stating that financial recovery has started and “Europe can be proud what it has achieved” in an unprecedented crisis, although both short and long term challenges remain. European banks’ ability to lend must be strengthened and the development of capital markets needs to continue, in order to diversify the financing sources of small and medium companies, or SMEs.

He pointed out that the EIB, as a public development bank, played an important role in several ways, including by improving SMEs’ access to finance to such an extent that it has become a European leader in SME financing.
He concluded by stating that the EIB is “not only ‘fuelling the recovery’ but also building new economic foundations for sustainable and high long-term growth” and called for more efforts to rebuild European competitiveness.

Prior to the speech of Dr Hoyer, the event was opened by Frank Wagener, Chairman of the Board of Directors of the Luxembourg Stock Exchange, who shared his views on the future shape of the Luxembourg financial centre and the place of the Luxembourg Stock Exchange within it. He called on all financial actors to continue with their diversification efforts in order to benefit from regulatory, competitive and technological change.

In his closing remarks, Robert Scharfe, CEO of the Luxembourg Stock Exchange, explained how it is actively contributing to the redesign of financial services in Luxembourg by taking an assertive and proactive stance. In addition, following the move to its new headquarters earlier this year, the Luxembourg Stock Exchange has set up an organisational structure that is more closely aligned with the nature of its business and has dedicated more resources to business development.

Robert Scharfe outlined the many initiatives taken by the Luxembourg Stock Exchange to remain at the forefront for the listing of international securities, notably its work with Chinese actors in the context of the internationalisation of the renminbi, and to advance in other sectors, citing the creation of Fundsquare, its subsidiary that offers an integrated market infrastructure for investment funds.

He also highlighted the position of the Luxembourg Stock Exchange as a fundamental pillar of the financial centre that serves all actors.