European finance ministers from Germany and France are collaborating to bolster the environment for startups and growing companies across the continent. In a joint opinion piece published in Handelsblatt and Les Echos, Lars Klingbeil and Éric Lombard announced the formation of an expert commission tasked with developing concrete proposals to strengthen the financing of European startups and growth-stage businesses.
The commission, chaired by former Governor of the Banque de France, Christian Noyer and former German Finance Minister Jörg Kukies, will focus on improving conditions for innovative companies to flourish and potentially become global leaders. The initiative reflects a concern about Europe’s declining competitiveness relative to the United States and China over the past two decades.
Klingbeil and Lombard emphasized the need for increased public and private investment in decarbonization and digitalization to fully realize the growth potential of the European market. As part of this effort, they are urging the European Union to significantly reduce reporting requirements for large companies – by 25 percent overall and even more for small and medium-sized enterprises. Further development of the Savings and Investment Union is also prioritized.
Germany and France are taking additional steps to facilitate long-term financial investment. Earlier this year, both nations, alongside five other European countries, agreed to establish “Finance Europe” a certification mark intended to provide clarity for savers navigating long-term investment options.
