Kamenický: Slovakia supports the European Commission’s initiative to strengthen savings and investments in the EU

Bratislava – Slovakia supports the European Commission’s (EC) agenda aimed at creating a union of savings and investments in the EU. This is a historic opportunity to strengthen Europe’s economic resilience, support its competitiveness, and ensure a prosperous future. This was stated on Monday by Finance Minister Ladislav Kamenický (Smer-SD) at a conference dedicated to this topic, organized in Bratislava by the National Bank of Slovakia (NBS), the Ministry of Finance (MF) of the Slovak Republic, and the European think tank Bruegel, TASR reports.

Kamenický pointed out that the global economy is facing uncertain times. It is confronted with several challenges related, among other things, to trade wars and competitiveness. “In this regard, the union of savings and investments is one of the important examples of an effective joint response from the European Union aimed at making the EU stronger and more competitive,” he emphasized. He reminded that according to an analysis by the Bruegel Institute from 2024, Europe faces a significant investment gap estimated at 800 billion euros annually.

For Slovakia, as a small and export-oriented economy, this situation represents both a challenge and an opportunity, according to the minister. “Our small and medium-sized enterprises and technology-oriented sectors, especially in the automotive industry and IT, require extensive financing to expand innovations and maintain competitiveness. However, fragmented capital markets limit access to private investments, as highlighted by the Bruegel analysis,” he explained.

The challenge, therefore, is to enable companies to access pan-European sources of financing, thereby reducing their dependence on traditional bank financing. “By expanding access to non-bank financing, the union of savings and investments can support a more dynamic economy driven by innovation across Europe,” Kamenický added.

He pointed to the project supporting the capital market in Slovakia in the form of retail government bonds worth 500 million euros, launched by the MF in the spring of this year. They were initially sold through the branch network of selected banks, and they can currently be traded on the Bratislava Stock Exchange. They are available to ordinary citizens from across the EU.

“This initiative serves two fundamental goals – diversifying the financing of the state budget and increasing financial literacy in Slovakia. By directly involving the public in financing the future, we not only gain capital but also give citizens the opportunity to confidently participate in financial markets,” Kamenický explained.

He also highlighted the importance of strengthening financial literacy, which is a cornerstone of increasing trust in capital markets. “Slovakia is making significant strides in this area. It is embedding financial education into school curricula and launching public programs that will help citizens acquire the skills necessary for managing finances, responsible saving, and prudent investing,” the minister pointed out.

In March of this year, the European Commission presented a new strategy for creating a union of savings and investments, aimed at directing savings into productive investments. The intention is to increase EU citizens’ participation in capital markets through broader investment opportunities and better financial literacy, support their wealth, and simultaneously strengthen the EU economy. (June 9)