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The geopolitical environment is becoming increasingly challenging to navigate for financial services firms and their clients. In 2024, financial services firms will be confronted with a record number of elections, ongoing conflicts, and an increasing focus by governments on ensuring their economic security and building supply chain resilience in strategic sectors.

Given the upcoming elections it is vital to underline the economic and social progress that has been made in Europe over the past sixty years and to stress the benefits that the EU has brought to consumers and businesses.

To advance these benefits further, coordinated action is needed to strengthen the Single Market and the competitiveness of the European financial sector with a consistent policy agenda and to encourage innovation for effective climate, digital, and security transitions.

The European economy needs significant levels of private investment to support the climate and digital transitions and the build-up of European resilience. The financial services sector will play a key role in channelling these funds to support Europe's competitiveness. However, European capital markets still fragmented along national borders and without a proper capital market, it will not be possible to finance all the investments required to address this ambitious agenda.

We think that there is a significant opportunity for policymakers and the private sector to work together on solutions to advance the single market agenda and to meet the challenges of all three transitions.

The EFR Report 2024 addresses the importance of

  1. Geopolitical challenges and their impact on the European financial sector
  2. Financial sector regulation to support a competitive European economy
  3. Competitiveness of the European Financial Sector in the Digital Context

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