银行如何帮助解决欧洲企业投资缺口

Enabling banks to play a greater role financingEuropeangrowth Why read thisreport? The debate on European competitiveness has entered a decisive phase. With the EuropeanCommission advancing its competitiveness agenda, simplification programme, and Savings andInvestments Union, policymakers have a unique opportunity to strengthen Europe’s capacity Competitive, resilient banks will need to play a larger role in closing the gap. Banks remainthe dominant source of financing for the real economy and are uniquely positioned to connectsavings with productive investment. However, successive layers of regulation, increasing Drawing on analysis of Europe’s financing system and input from the European BankingFederation and its members, this report examines why Europe’s current frameworkis constraining investment, challenges common misconceptions surrounding bank Europe must enable banks to play a greater role financing Europeangrowth Contents Introduction4 EBF priorities for simpler, more efficient and competitive regulation30 Introduction Europe faces a defining economic challenge: reversinga prolonged period of weak growth and decliningcompetitiveness while financing an unprecedented Europe remains heavily reliant on banks to finance itseconomy, yet banks are increasingly constrained intheir ability to expand lending capacity and supportlong-term productive investment. At the same time, The scale of the challenge is substantial. Our analysisestimates Europe needs an additional annual investmentof approximately €1.4 trillion, or around 7% of GDP.This is significantly above the €800 billion originallyestimated in the 2024 Draghi report, reflecting higher This is compounded by persistent fragmentationacross the European financial system. An incompleteBanking Union and constraints on the efficient European policymakers increasingly recognise theurgency of addressing these issues. The Savingsand Investment Union, when implemented, willbe an important step towards deeper and more But the challenge is not only the scale of financingrequired. It is also the nature of the investment. Muchof Europe’s future investment demand is concentratedin long-duration, capital-intensive, and higher-risk European policymakers increasingly recognise theurgency of addressing these issues. The Savingsand Investment Union, when implemented, willbe an important step towards deeper and more Europe’s future prosperity therefore depends not onlyon how much capital it can mobilise, but on whetherits financing system can channel savings towards theinvestments that matter most. As Mario Draghi and Europe’s financing ecosystem should be viewedas an integrated continuum rather than a set ofdistinct funding channels. Achieving this vision Today, that financing continuum is not Following the global financial crisis, regulatorsintroduced major reforms that successfullystrengthened the resilience of the banking sector.These reforms were necessary and successful inrestoring stability and confidence in the financial Major jurisdictions, including the United States andthe United Kingdom, are actively recalibrating andmodernising their regulatory frameworks to supportgrowth, investment, and competitiveness. Europe must The question Europe must now confront is whetherits current financing and regulatory framework is Banks remain central to Europe’s financing model andto the development of a stronger financing continuum.They play a critical role not only in originating anddistributing credit, but also in connecting savings to The decisions taken over the coming years will shapeEurope’s capacity to finance growth, innovation, andstrategic priorities for the next decade. Based onour analysis and input from the European Banking Europe must enable banks to play a greater role financing Europeangrowth Framing the case forchange Europe’s investment gap cannot be closed by today’s financing system alone. Mobilising capitalat the required scale demands a fully functioning financing continuum that connects savingsto productive investment, prices risk effectively and allocates capital efficiently. Competitive Europe’s investment needs are rising andstandat €1.4 trillionannually Europe faces an unprecedented investment challenge. To deliver on its strategic ambitions,remain globally competitive, and reverse a prolonged period of sub-par growth, Europe mustmobilise capital at a scale far beyond historical norms. In 2024, the Draghi report estimatedEurope would need around €800 billion of additional annual investment between 2025 and Our analysis suggests Europe’s additional annual investment needs could now amountto€1.4 trillion, greater than the annual GDP of the Netherlands.This figure reflects increasingdefence needs from rising geopolitical instability and additional environmental and social €BN per year until2030-2031 The issue is not simply one of scale, but of composition. Europe’s investment needs span a widerange of risk, maturity a