Speeches

Mr President, Commissioner, ladies and gentlemen, at a time when all European citizens are calling for more tax justice, I am delighted that the Court of Justice of the European Union has ruled in favour of the European Commission. The European Commission – you know, Brussels, as some call it – well, it was the Commission that asked Ireland to recover EUR 13 billion from Apple. These 13 billion euros are tax advantages granted to the apple company which is worth 3 trillion on the stock market and which were in fact only illegal state aid. A violation of our rules which must ensure fair and equitable conditions between our Member States. Europe, which some describe as the champion of unbridled liberalism, is in fact hissing the end of unfair tax competition. Large corporations are not above our laws, even when it comes to taxes. This is a crucial judgment that shows that tax justice will not be at the expense of our single market, nor on the backs of European taxpayers, so I extend my congratulations to Executive Vice-President Margrethe Vestager and her teams.

Madam President, EUR 800 billion a year is the sum that Europe needs to finance itself, according to Mario Draghi. If today we have set ambitious European targets, the European Union's vital prognosis is on track. The pockets of the states are empty and we lack money. Mobilising private money will be key to ensuring a green, digital and secure Europe. How? By creating a real European financial market, this "savings and investment union", a necessity if we want to place Europe as a real competitor against the United States. Our role in the European Parliament is twofold. First, to rethink and simplify our rules so that our companies invest more, and also invest in us in Europe. Secondly, to make investment more attractive to citizens. If Europeans are known to save their money, they would have everything to gain by investing a small part of it. Creating a long-term European savings product would allow Europeans to access a better pension and become actors in financing transitions. We all share the diagnosis or almost, except the Eurosceptics, so it is time to act. Let us create a "Savings and Investment Union" to inject a good deal of competitiveness into Europe.

Mr President, Commissioner, ladies and gentlemen, a week ago Elon Musk, the American billionaire and owner of X, called on Europe to get rid of itself, and I quote: "unnecessary rules". He was necessarily talking about the Digital Services Act, the DSA, which he felt was so complicated to comply with. Because yes, Mr. Musk, the DSA is like the Chernobyl cloud: It does not stop at the borders of Europe. The obligation to combat the pollution of hateful content has no borders. One year after the application of the DSA, which must make illegal online what is already illegal offline, it is unacceptable to see platforms used every day by millions of citizens thriving, amplifying content that fuels hatred, manipulation and radicalisation. This is true for the conflict in the Middle East, the US elections or this summer's demonstrations in the UK. Faced with a baroque alliance of American libertarians allied to patriots who have only the name, Europe must resist to implement this "dangerous" regulation of the online digital space. And to all those who doubt, those who cry conspiracy, I ask them: Ask yourself. Would you like your children to see this kind of content on billboards on the streets when they go to school?

Mr President, ladies and gentlemen, while our single market has existed for more than 30 years, the Capital Markets Union remains a sea snake. Faced with the need for massive funding for the green, digital and defence transitions, public money is not enough. Private money must be mobilised, including reorienting Europeans’ savings. This is the purpose of the retail investment strategy. By maintaining the retro-committees, our agreement in the European Parliament makes it possible to preserve free access to financial advice for all citizens in all our territories. This regime is not perfect, it needs to be improved. Precisely, we put in place safeguards to protect citizens, ensure more transparency and guarantee the value for money of the financial products sold. We are also strengthening the supervisor's power to better repress those who violate the rules. Our Socialist and Green colleagues say they are acting on behalf of the consumer. However, they left the negotiating table, favouring political stances during the election period. They called for a total ban on back commissions, which will have terrible consequences, first for citizens, who will have to pay hundreds of euros to get advice from their banker, while so far it is free. Who will explain that only the richest will now have access to financial advice? Then, they will close the agencies on our territories, they will unravel the territorial network. Who will tell citizens that they will no longer have access to banks in their village? Finally, they favour American products, to the detriment of our European companies. Colleagues, the approach adopted in the European Parliament is a step forward for the Capital Markets Union, a priority for the next mandate in the Competitiveness Pact. It is the nerve of war. To meet all our challenges, action is urgently needed and I hope to be able to count on your support.

Mr President, Commissioners, tomorrow we will vote to update the rules of procedure of our co-ownership with regard to economic governance. What about it? These are conditions for Member States to reduce their debt levels without hampering the investments needed to meet the challenges of tomorrow. Europe will only be able to strengthen its sovereignty if it is fiscally credible, credible with future generations and our partners, credible to continue investing in Europeans in our common priorities. I regret that some oppositions pretend to confuse austerity with responsibility. What are these new rules? It is a personalisation of targets for each Member State, according to its fiscal situation, to lift it out of deleveraging, and incentives for reforms and investments in the climate, digital and defence transitions. Again, the oppositions will shine with their irresponsibility and prove their inability to govern. To not vote for this reform is to consider that the Pact, in its current form, is satisfactory: This is not my case.

Mr President, Commissioners, the European Union has been at the rendezvous in the face of the consequences of the pandemic and Russia’s invasion of Ukraine. Energy crisis, inflation, low growth, threat to households and the competitiveness of our companies: We answered them in Europeans. What has mattered through these crises is our unity, unity in diversity, which obliges us to agree on rules of procedure for our co-ownership at 27, in order to continue to be able to invest and be credible on the international scene. Because yes, we must invest massively to end dependencies by ensuring the resilience of our economy, but also to decarbonize and digitize it. How? By mobilising public and private investment, fighting tax evasion and money laundering and strengthening our single market. It is on these conditions that we will put public finances back in order. Confidence between European partners is just as essential as that of citizens in the political word. "There is no love, there is only proof of love", which is why the coordination of our economic and social policies is the concrete proof that makes it possible to set this common roadmap to respond to challenges with responsibility and ambition.

Madam President, Mr President, Commissioner, ladies and gentlemen, today the digital, environmental and security challenges have demonstrated the need for a powerful Europe where funding is the nerve of war. As the financial arm of our Union, the European Investment Bank must step up its efforts to support our objectives. As you recalled this week, President Calviño, one of the priority sectors must be defence. However, the EIB invested only EUR 2 billion of the EUR 8 billion earmarked for defence projects. And in this time of multiple conflicts at the gates of our Union, there is an urgent need for a real budget to make a Europe of defence a reality. Add to this the need for annual funding of EUR 745 billion to finance the digital and green transitions, including, and not forgetting, nuclear. Finally, the EIB plays a decisive role in the development of our territories. By co-financing a wind farm in my region, Normandy, it has created a thousand jobs and also launched the Caen tramway in Calvados. The EIB is, and must remain, synonymous with a concrete Europe for our citizens.

Madam President Lagarde, Commissioner, Mr President, the financial strength of our continent has been tested several times in recent years. Many issues and crises have punctuated our daily lives: climate change, digital transition, war in Ukraine or bank failures in the United States. Following a decline in inflation from 10.6% in October 2022 to 2.8% in January 2024 in the euro area, the European Central Bank (ECB) reaffirms its role as a guarantor of European financial stability in the face of the challenges of the future. The ECB also has a decisive mission to ensure the green transition of our banking sector and to strengthen its cyber resilience, no matter how unpleasant some of our German colleagues here are. Its role is also part of a broader context to address the massive financing needs in the green and digital transition, estimated at more than €735 billion annually. And public money is not enough! As you recalled, President Lagarde, there is an urgent need to consolidate our Capital Markets Union to finance this transition.

Mr President, Commissioner, ladies and gentlemen, "there will be one before and one after the Hamas attacks on social media," said Commissioner Breton. Because yes, the time when the big platforms declined all responsibility for what circulates on the networks is over. Hate speech, fake news, terrorist content simply have no place on networks we frequent on a daily basis, like millions of citizens, including our children. Europe has not issued simple recommendations or best practices to platforms, it has laid down clear and binding rules on mandatory content moderation and removal of illegal content. Europe has not made mere letters of reprimand, it has opened formal investigations against X. Tomorrow, sanctions and fines will fall. It is therefore to be taken or left, if these platforms want to continue broadcasting on the European market, to 450 million citizens. Elon Musk can continue to shout censorship. He can continue to dismiss all his moderation teams. X like all other platforms will have to comply with European obligations, to protect citizens. No, Europe will not weaken in the face of the alarming rise in disinformation, which thrives online and is the Trojan horse of our opponents ahead of the European and American elections. It is not billionaires in California or Russian oligarchs who will decide our lives and our future as Europeans.

Madam President, Commissioner, ladies and gentlemen, have you ever made a transfer where you are offered to pay an additional EUR 1 to choose the instant payment option in ten seconds? Well, it is now over, because we are making instant payment the norm. From now on, payment service providers will have to provide consumers and businesses with instant payment solutions in addition to traditional credit transfers. It will no longer be possible to apply additional fees to instant payments that are higher than those charged for ordinary transfers. Yes, we are continuing the digitalisation of our economy, and we are doing so by strengthening security. How? Ensuring that, for instant payments and regular transfers, the name of the payee matches the IBAN (through verification), in order to avoid errors and fraud. We also recall, with these new rules, that the euro is indeed our political project and reiterate our commitment to this single currency, since the new rules will also enter into force in countries that are not members of the euro area – albeit within a longer period of time. While the Capital Markets Union is a priority for 2024, this new step will allow us to develop more competitive payment solutions, streamline transactions in the European Union, improve the strategic autonomy of the European economic and financial sector, in order to no longer be dependent on third-country financial institutions. Yes, thanks to this, we have a lock in favour of the Capital Markets Union, which allows us to move forward.

Madam President, ladies and gentlemen, the war in Ukraine, the pandemic, the risks of relocation and inflation are all areas where our competition policy has played a decisive role in protecting our businesses and households. With this report, we are sending a clear message about our intentions, the future of our competition policy and the industrial policy we want. We can now prevent unfair competition from heavily subsidized foreign companies. We can now fight against the GAFAM monopoly. This is the end of naive Europe, now the world is watching us. Europe is not a supermarket where the 460 million citizens would be the products. I say this here to our partners who freely enjoy our single market, but also to companies who do not play by the rules of the game. Fair and just competition is not a sacrosanct principle that would only apply to our Member States. This is a reality that applies to everyone, including the rest of the world. With 350 billion US investments, Europe must also support green reindustrialisation. The European Commission's recent decision to prevent Northvolt's relocation to the United States is a good one. Our State aid policy must be aligned with the political objectives of the European Union, notably the Green Deal, and prevent a subsidy race between Member States, which then means investing in Europeans. And finally, in digital matters, our hand will not shake despite the pressures. But let us not be gagged by the lobbies. Apple, Google, Amazon, TikTok, Meta, Microsoft are now the six designated companies that must comply with the DMA obligations by 6 March. We dare to say it, and better yet, we will take care of it. To end with the Artificial Intelligence Act, the European Union is the first continent to regulate it. However, little attention has been paid to the threat of market concentration in the hands of "big tech". Let’s not rebuild AI GAFAMs, extend the scope of the DMA to AI, monitor agreements between digital giants and AI start-ups. Ladies and gentlemen, to conclude, as Jacques Delors said, for the European Union to work, we need competition that stimulates, solidarity that unites and cooperation that strengthens.

Mr President, Commissioner, rape, genital mutilation, physical violence, harassment, human trafficking, forced marriage before she turns 18, that is what one in three women should expect today in her life. These statistics are cold in the back. But these are not just numbers, they are the lives of mothers, sisters and daughters here in Europe and elsewhere. Every case of violence is a tragedy that must find a firm and unified response on our part in Europe. A woman must live without fear, without being silenced by fear. We categorically reject all forms of violence, whether sexual, physical, moral, economic, psychological, online or offline. I therefore call for collective action, for stricter policies and legislation to punish aggressors, and for victims to be protected and heard. Shame must change sides: it must not be just a slogan, it must be a reality. Education is key: We need to teach girls and boys mutual respect and consent from an early age. Together we will build a future free of violence and discrimination, and this is part of the Simone Veil pact we initiated within the Renew Group. Yes, Europe must become an example of zero tolerance for violence against women. After the words, now let's act!

Mr President, Commissioner, while we are in the 11th round of sanctions against Russia, a consortium of journalists is denouncing potential money laundering operations by Russian oligarchs in Cyprus, within the European Union itself. This is too much of a scandal that not only weakens one Member State, but the whole of Europe, as our financial system is so interconnected. At a time when the world is affected by multiple conflicts where corruption and money laundering flourish, scourges that, with the digitalisation of the economy, know no borders, we urgently need more Europe. More Europe with our new rules to effectively fight money laundering and ensure effective enforcement of sanctions. More Europe with the future European Anti-Money Laundering Authority, AMLA, which will be a key tool to achieve this by working closely with the Paris-based Financial Market Supervisory Authority, ESMA. The second issue is the supervision of financial markets. National supervisors still have significant power, but they have to cooperate with each other because it has consequences for our entire market. It is therefore necessary to extend ESMA’s powers to consider direct supervision in our financial markets. So a strong institution with a single regulation for a harmonised application throughout the internal market is the solution to put an end to the Shopping Forum and finally put an end to these scandals that weaken our democracies.

Madam President, Commissioner, last week the mayor of a small town in Normandy told me that he had mobilised an agent for a week to respond to a call for a European project. Results of the races: no European funds granted and a mayor who now sees Europe as a technostructure inaccessible to as many people as possible. This is the daily lot of our mayors and the leaders of millions of European SMEs, who are fighting every day to access and benefit from what Europe has to offer. Concrete Europe, the Europe of territories, is not yet a reality. This is evidenced by the fact that we have never spoken so much about Europe as when rumours swelled that Europe (the European Commission) wanted to ban boxes of camembert or oyster bushes. I come from Normandy and I am delighted that we were able to vote on an amendment to derogate from this text. Let us act as soon as possible to ensure that local elected representatives and European business leaders talk about Europe, and for good. The European Union regulates, and this is good for the functioning of our internal market, for our competitiveness and our security, but this regulatory millefeuille can quickly become indigestible, especially when we do not have the European emergency number in case of indigestion. President Ursula von der Leyen's announcement of the creation of an SME representative and your confirmation is a positive signal that needs to be concretised and amplified as soon as possible. Commissioner, let us act now for our millions of small businesses and for competitiveness in Europe.

Madam President, remember: the Inflation Reduction Act reserved its market for the production of clean technologies produced on US soil, and as a result the European market was overwhelmed with Chinese photovoltaic panels at uncompetitive prices. A situation of unacceptable dependence in the photovoltaic sector, where only one country now produces 80% of the components in the world. Our 2030 target: the European Union’s production capacity for these strategic technologies must reach at least 40% of the Union’s annual needs. Yes, we come out of naivety. Yes, we are the best-selling continent in environmental and social policy, but these standards must also apply to our partners and not be at the expense of our businesses and households in our internal market. When tendering in Europe, the lowest price is no longer the only criterion to be taken into account. We also need to think about resilience, sustainability and social goals. Companies that have invested in the climate transition must be recognised, and those using forced labour must be banned from participating in European public procurement. Let us transform the test and broaden this approach to foster European digital production, which is equally essential to our sovereignty.

Mr President, Commissioner, beheaded babies, raped women, racist or anti-Semitic attacks, calls for murder or hatred: A tsunami of unbearable photos and videos has been unfolding in recent days on social media here in Europe. Unfortunately, the examples do not stop there: foreign interference in our elections, fake news, conspiracy theories. All this content circulates with impunity online. In the wars raging in Ukraine and the Middle East, information is used as a weapon of mass destruction. It will be the same for the European elections next June. There is no more time to waste. For 50 days, the Digital Services Act has put an end to online far west. This is a world first, bravo! But can we still guarantee that a video calling for the murder of Professor Samuel Paty could remain online for three weeks before being removed? No, no. So, Mr Elon Musk, Mr Mark Zuckerberg, Mr Shou Zi Chew, Mr Neal Mohan – CEO of X, Mr Meta, Mr TikTok and Mr YouTube respectively – I am addressing you: now you have responsibilities commensurate with the audience you are reaching. If you don't want to have blood on your hands, apply this principle: action, reaction! No, you won't be able to say: "I didn't know", or: ‘I wash my hands of it’.

Madam President, almost a year ago, to the day, during the State of the Union address, the European Commission presented its new Single Market Emergency Instrument. Drawing lessons from the Covid pandemic and the invasion of Ukraine, this new tool aims to ensure the free movement of people, goods, services, even in times of crisis. Citizens rightly did not understand the lack of coordination between Member States and the shortages we experienced during the pandemic. As we know, our single market is our best asset in crisis management, the joint purchase of vaccines is an example – we welcome Commissioner Breton here. We therefore need to better structure emergency responses, which cannot be guaranteed either by improvisation or by national measures taken individually. Now, in times of crisis, we ensure rapid supply for critical goods and services. We are putting in place a mechanism that allows Member States to call for solidarity in case of shortages. As a last resort, if the situation so requires, we allow priority and binding ordering from economic operators. To respond to current and future crises, let us equip ourselves with the necessary means for the coordination, solidarity and coherence of the European response. The protection of our single market is at stake.

Mr President, tomorrow we will vote for a text that will effectively combat the over-indebtedness of thousands of European citizens and adapt our rules to the digitalisation of society. Today, we consume in one click, and we can also take out credit in a few clicks. This is good for making life easier for consumers, SMEs and the rise of e-commerce. But borrowing money is not without risk, and the dangers have increased with the new types of credit that, until now, did not offer adequate consumer protection. I want to talk here about credits "buy now, pay later", credits of less than 200 € and credits subscribed on participatory platforms. From now on, any creditor will have to ensure that the consumer is able to repay this credit and that he is well informed upstream of all risks. The new rules also include measures to combat the delusional rates of certain consumer credits. On this day of tribute to my colleague Véronique Trillet-Lenoir, the true architect of the cancer plan, I would like to highlight our common struggle to introduce the ‘right to be forgotten’ into European legislation. We have included an obligation for all Member States to introduce this ‘right to be forgotten’ period. This is a first step that will have to be followed in other areas, such as mortgages. I want to say this to all cancer victims in Europe: the double penalty is over.

Mr President, President Hoyer, ladies and gentlemen, in this annual report we welcome the work of the EIB and its President, Mr Hoyer, who have been at the forefront of the transitions facing our society and economy. The EIB has responded effectively to the pandemic. It has stepped up its efforts to support the green, digital transition, and has genuinely engaged in the war in Ukraine. We must continue and intensify its ambitions. The EIB is the real financial arm of the European Union to support all these policy objectives. This includes the necessary support for the European defence industry, as the war hits the EU again, but also support for innovation, our SMEs, industry and digitalisation. We need to do even more to mobilise private investment in the green transition. But the EIB is also concrete Europe. And the EIB's action in our territories and regions makes European funding very accessible. The EIB is relaunching sustainable investment projects in the heart of the regions through urban renewal, education, the development of soft mobility and clean public transport. As a regional elected representative, I witnessed this with the EIB loan of 80 million in Normandy for the renovation of 20 colleges in Seine-Maritime. Europe invests, Europe acts through the EIB.

Mr President, Madam Vice-President, Mr rapporteur, ladies and gentlemen, the annual exercise of the report on competition policy allows us to welcome all the work of the European Commission, and even more so in recent months, during which competition has been at the heart of the response to the pandemic, to the energy crisis. It is also an opportunity to recall the role of our competition rules in the twin green and digital transitions and the resilience of our single market, because, yes, competition policy – as you recalled, Madam Vice-President – is one of the means to achieve the ambitious objectives that we have democratically set for ourselves. But we can only achieve our strategic autonomy by articulating all our European policies and our toolbox. With the Foreign Subsidies Regulation, we have finally said stop to unfair competition from third countries and we now need to deliver concrete results on these priorities for our citizens and businesses – the end of combustion-engined cars will be a real test. Our new rules must protect us from unfair competition from low-cost Chinese electric cars, largely subsidized by China, which would flood the European market. Within our single market, how can we ensure fair competition between our European companies if we do not accelerate on the sovereignty fund, which would compensate for possible disparities in State aid? Our European response to the US Inflation Reduction Act must be accompanied by this financial component. In terms of digital sovereignty, digital market regulation bridges the boundaries of our competition law to adapt it to current challenges. Now is the time for the concrete implementation of this act. We also need to rethink the fair remuneration of networks. Care must be taken to ensure that a handful of companies cannot monopolise exponential data traffic without effectively contributing to the infrastructures they use.

Mr President, Commissioner, ladies and gentlemen, with this action plan, Europe is certainly showing that it has a head start in protecting our marine ecosystems, but if we want to achieve our objectives, it is being prepared, accompanied and discussed. As I pointed out in the report on co-management of fisheries, it is dialogue with all stakeholders that will enable us to obtain solutions that are effective, tailor-made and accepted by all. I support this action plan, but I regret that the European Commission is considering the end of bottom fishing in all marine protected areas, without any consultation and without taking into account the specificities of the areas concerned. Yes, I'm worried about our artisanal fishermen. In Normandy, in my region, which is characterised by small-scale fishing, the Commission's radical proposal would create a great vacuum. For example, in the English Channel, it would make 80% of small boats disappear. Improving our practices is necessary because protecting the environment means ensuring the sustainability of fishing activity. But it is by individualising the measures that they will be truly effective and fit for purpose. Let us be careful not to impose uniform prohibitions that point the finger at an entire profession, and condemn small-scale and coastal fishing. What matters to us is the state of the seabed. So let’s continue to invest, notably through the European Maritime, Fisheries and Aquaculture Fund, the EMFAF in our regions, in more selective, less damaging fishing techniques. Let us accompany the transition of the sector, let us accompany the fishermen, because they are the ones who try to feed us. They are the ones who contribute to food sovereignty when we import more than 70% of fisheries products today.

Mr President, Commissioner, ladies and gentlemen, these new proposals for economic governance rules were necessary and urgent. The world has changed. In the aftermath of Covid, in the face of the energy crisis, in the face of the responses we need to provide to inflation, the current rules are no longer fit for purpose. We need to invest massively to achieve our common goals related to the green and digital transitions, and our strategic autonomy. European sovereignty necessarily depends on economic sovereignty. We need these common rules to ensure our monetary union and the sustainability of our finances. We owe it to our future generations. To do this, let us be realistic about the current situation and learn from the past. The best jams are not always made in the old jars. Uniform rules on debt reduction or deficit have shown their ineffectiveness. Let us beware of the return of the simple concept of austerity as the only compass for financing public finances. Let's be realistic, pragmatic and forward-looking, investments and reforms will be key to supporting our growth and the resilience of our economy.

Madam President, Commissioner, ladies and gentlemen, thank you, Commissioner, for being present for this important exchange, which is coming at the right time given the situation, since from Silicon Valley Bank to Silvergate Bank to Signature Bank, there is a new wave of tech bank failures in the United States. So, will this wave happen in Europe and how will it impact our banks and European tech companies? Nobody really knows that today. One thing is certain, and as you recalled, the emergency mechanisms and rules put in place after the 2008 financial crisis are strong dikes to ensure the resilience of our European banks. In Europe, we regularly test our banks’ resilience to various risks, including inflation. The announcements made in recent days by several European economic ministers reassure us about our strong system in Europe. But let’s face it, the bankruptcy of these US banks concerns the digital industry, a fast-moving sector that knows no borders. So let's stay vigilant. Vigilants to protect the competitiveness of small tech companies. Vigilants to avoid any systemic risk in Europe that would affect banks, European citizens. It is about responsibility, financial stability as well and the confidence of our market, the resilience of this European market. It is up to the European Banking Authority, as you reminded us, in conjunction with the national authorities, to ensure that this is the case. The European Parliament, for its part, representing more than 450 million European citizens, must continue to protect them.

Madam President, Commissioner, ladies and gentlemen, tomorrow, in this Chamber, we, the Members of the European Parliament, will vote on the 2023 European Semester. This annual cycle coordinates economic policies between Member States and assesses their compatibility with our European priorities. So far, it has been misunderstood by our European citizens because it is too complex. It needs to be simplified, but not only. For democracy, national parliaments and the European Parliament must have a say. This report is part of a pivotal moment, the revision of the economic governance rules that aim to monitor and reduce Member States’ debt and government deficits. In the current context of runaway inflation, we are not entitled to error. These rules, which need to be revised in the coming months, need to be simplified, pragmatic, ambitious to address today’s challenges of strategic autonomy and the green and digital transition, in a context of major uncertainty.

Mr President, Commissioner, finally, put to the test by our trading partners, we are mobilising the necessary means to strengthen the competitiveness of our industry! First, then, let us urgently respond to the situation, with State aid, to facilitate investment and industrial projects for decarbonisation in Europe. Second, let us provide sustainable means to invest, sustainably and together, in strategic priorities for Europe. Today, the urgency is the green transition, but digital, defence, health, agri-food are all challenges ahead of us. So let's use and simplify all existing tools to strengthen and protect our businesses and households, in particular. Let us activate our new instrument to combat foreign subsidies in order to put an end to unfair competition in our internal market. Let us rethink public procurement to ensure our European sovereignty, and – the nerve of war – let us ensure a capital market to incentivise savers, our savers, to invest in the real economy and in our European industries, which are doing the jobs of today and tomorrow.