European finance ministers from Germany and France are collaborating to bolster conditions for entrepreneurs and foster the growth of innovative businesses across the continent. In a joint statement published in Handelsblatt and Les Echos, Federal Finance Minister Lars Klingbeil (SPD) and his French counterpart, Éric Lombard, announced the establishment of a dedicated expert commission to develop concrete proposals for strengthening financing for startups and growing companies within Europe.
The commission, co-chaired by former Governor of the Banque de France, Christian Noyer and former German Finance Minister, Jörg Kukies, will focus on tangible steps to improve the European business landscape. Klingbeil and Lombard highlighted concerns that Europe’s competitiveness has lagged behind the United States and China in recent decades, emphasizing the need for increased public and private investment directed towards decarbonization and digitalization to unlock the full potential of the European market.
Among the proposed reforms, the ministers are advocating for a swift reduction of reporting obligations for large corporations – by 25 percent – with an even greater reduction targeted for small and medium-sized enterprises. They also stress the importance of advancing the Savings and Investment Union initiative.
Germany and France are taking a further step forward by spearheading the creation of “Finance Europe” a new certification system intended to provide clarity and guidance for savers choosing long-term financial investments. This program, launched in collaboration with five other European nations, seeks to promote transparency and confidence in the financial market.