Students Raise Strategic Questions on Barriers to Cross-Border Investment and Access to Finance in the EU

Apr. 07, 2025

During a recent event hosted by Swedish House of Finance (SHoF) Maria Luís Albuquerque, the European Commissioner for Financial Services and the Savings and Investments Union, engaged in a highly relevant discussion on the capital markets of Europe with students at the Stockholm School of Economics (SSE).

A Timely Conversation in a Time of Crisis  

The event was moderated by Jan Starmans, Researcher at Swedish House of Finance and Assistant Professor at Department of Finance at SSE. He referenced Jean Monnet’s quote that “Europe will be forged in crises,” suggesting that this moment could be crucial for shaping Europe and the EU.  
 
In response, Albuquerque said:  
 
“When we have a crisis and we have to react, we typically find ways of addressing the problems and taking leaps forward.” 
 

Student Questions Reflect Real-World Challenges 

Questions from the students spanned a wide range of topics. They asked how financial markets could be made more accessible to both investors and retail savers, and how savings and investment channels might be better integrated and developed across the EU.  
 
Several students focused on the main barriers to cross-border investments within the Union, while others raised questions about sustainable finance—specifically, how to promote environmentally and socially responsible investments.  
 
One question addressed what concrete measures the EU is considering to improve access to financing for start-ups and innovative companies —particularly those in the growth phase — and how such initiatives will enhance the competitiveness and long-term growth of European start-ups. 
 

Albuquerque: Regional Integration as a First Step 

Albuquerque discussed the Savings and Investments Union, which aims to integrate Europe's fragmented financial markets for retail savers and investors. The strategy, she said, is inspired by Sweden's best practices, particularly its strong pension industry and the active participation of retail savers in equity markets, both directly and indirectly.  
 
She argued that while markets in countries like Sweden are already well developed, many parts of Europe still lag and require further development. 
 
“Europe needs to join forces to gain scale, depth, and liquidity. Regional integration is a great first step. Developing local and regional markets and then making them interoperable that is already happening here in Sweden, partially integrating the Nordic and the Baltic markets,” she said. 
 
“If we must start integrating by regions we will start by regions and gradually we will integrate the rest.” 
 

Beyond Economic Integration 

Albuquerque also emphasized the need for a change in mindset to reduce regulatory burdens and enhance market integration. Barriers like different corporate laws, taxation rules, insolvency law and different interpretations of regulation and non-harmonized supervision must be handled.  
 
She highlighted the importance of balancing sustainability objectives with competitiveness and the need for political will to achieve market integration. Other specific measures included simplifying sustainability reporting, allowing partial alignment with the taxonomy, and recommending member states to adopt savings and investments accounts.