Mag. Dr. Othmar Karas, President of the European Forum Alpbach, MEP from 1999 to 2024 and its First Vice-President from 2022 to 2024, spoke at today’s meeting of the TSI Advisory Board on the topic of ‘Savings and Investment Union – Prospects for Europe’.
In his view, the EU is right to focus on ambitious projects such as the Capital Markets Union (CMU), the Savings and Investment Union (SIU) and the Green Deal. However, in many cases, there is a lack of will to implement these projects clearly. The language used also often sounds technocratic and far removed from everyday life. Impact assessments are lacking and political processes appear difficult to grasp. Dr Karas emphasises that this is where good lobbying comes in: it creates clarity, establishes connections and thus gains support. He advises the EU that a social debate on strategic priorities such as competitiveness and economic stability is still needed.
What needs to change
- Make complex issues understandable
Political projects need simple language and comprehensible goals. This is the only way to build trust.
- Adapt terminology
‘Financial Union’ is gradually replacing the abstract term ‘Capital Markets Union’. It shifts the focus to the real economy.
- Clear framework for investment
There is no strategic plan for how investment in Europe can be directed in a meaningful way.
- Impact before action
Political projects must be based on sound impact assessments.
- Less technology, more realpolitik
The EU needs a realistic view of its resources. Money alone is no substitute for strategy.
Next steps
The SIU should be seen as a central element of a new growth strategy. This requires a broad alliance of politicians, business leaders and civil society. The EU must do more to explain where it wants to go and how it intends to get there. Only through clear communication, firm priorities and measurable progress can confidence in European projects grow.