Navigating Global Challenges: What’s in it for Europe? | ICMA Annual General Meeting & Conference

1. Introduction 2. Global threats: Weak growth and high debt 3. Uncertainty causes high volatility in financial markets 4. Europe has benefited so far 5. How can Europe benefit in the future?6. Conclusion 1. Introduction Ladies and gentlemen. I don’t know what your early morning routine looks like, but mine has changed significantly. Every morning when I get up, the first thing I do is to check the news for developments that I would not have expected even some months ago. Global uncertainty and tectonic shifts are everywhere. Today, I would like to take a closer look at what this means for Europe. More specifically: how can Europe make the most of the current circumstances, where many international investors look for new investment opportunities? 2. Global threats: Weak growth and high debt Let me recap some of the challenges our world is facing. First, the global economy is experiencing a longer period of relatively weak growth. The reasons for this are manifold:Growing trade barriers, overcapacity in China and concentration risks along the supply chain. All these factors are becoming a more pressing issue. Trade barriers, such as tariffs and export restrictions, fragment international markets and reduce the efficiency of global trade. Overcapacity in China in key industries can lead to further price pressure, especially in Europe. Concentration in either critical industries like the chip industry or commodities, such as rare earths, can create economic dependencies....