I would like to start with some words on Ukraine.
Today is a dark day for Europe and the democratic world. I had hoped that we would NOT reach the point of marking two years since Russia launched its brutal full-scale assault on Ukraine.
Ukrainians are still subjected to relentless missile strikes from Russia's war machine. They are still dying on the streets and in their homes, in playgrounds and parks.
Their country has been devastated.
Buildings burnt to the ground. Cities reduced to rubble.
Innocent civilians – women and children – forced to leave their homes, running for their lives. The EU has offered temporary protection to over four million people fleeing the war.
The blame for all of this can be laid squarely at Russia's door.
The European Union will do whatever it takes to secure Ukraine's victory.
Our support will continue on every level: political, financial, humanitarian, military and diplomatic.
It is the only way to ensure lasting peace in Europe and to end this brazen assault on our democratic values.
We cannot be naïve about Russia and its intentions.
If Ukraine fails and Russia feels bolstered, it will try to attack other countries.
So, working with our international allies, we will keep up pressure on Russia and hold it accountable.
Not only for its illegal act of war but also for the massive damage and suffering it has caused.
For the EU, Ukraine remains our top priority.
It is clear that Ukraine needs more support, which we should provide quickly.
With the Ukraine Facility now approved, the EU will continue its support for Ukraine through 2024, and beyond.
This means stable payments, coupled with a reform agenda to help Ukraine on its path to EU accession as it integrates more closely with our single market.
Turning now to the informal Ecofin: one theme that has recurred a lot in our discussions in Ghent has been about how the EU can maintain its competitive edge in the world.
Competitiveness is key. It is the engine of the European social market economy.
However, there are certain longstanding and well-known weaknesses that risk making the EU less internationally competitive. We should look at these against the backdrop of the new challenges presented by the green and digital transitions, high energy prices and raised geopolitical tensions.
One example is our low growth in labour productivity.
Another is our relatively low level of spending on research and development – causing our innovative performance to lag behind that of the United States, Japan and China.
In short, the EU is under pressure. We must up our game to keep up with others who are racing ahead.
I see four key areas where we should focus.
Starting with our principal strength, the single market: we are taking action to strengthen it, remove barriers and unlock its full potential for innovation and growth.
Then, maximising the benefits of the EU's trade openness, while minimising our strategic vulnerabilities. This is a key element of our economic security strategy.
We are also taking steps to make sure the EU business environment remains attractive. This is essential. We need skilled workers, a stable regulatory environment and less red tape for companies.
Last, and of particular importance, is the need to attract and generate more investment, especially from the private sector, to meet our ambitions and policy objectives.
An obvious key to unlocking the door to more private investment is, of course, the Capital Markets Union.
The CMU project is central to diversifying sources of funding for EU companies, allocating capital efficiently across the EU and driving capital towards long-term investments.
Deeper and more integrated capital markets would provide a financial environment that supports sustainable economic growth and job creation.
As such, the CMU is vital for the work that we are doing to boost investment and to keep our economy competitive.
And yesterday, we discussed the European Investment Bank's strategic priorities.
The EIB Group continues to play a key role in reinforcing EU policies and priorities on the ground. It guides and catalyses public and private financing accordingly.
Given today's geopolitical tensions, along with new and emerging risks, the EIB's involvement - aligned with the changing needs - is more important than ever.
Before I conclude, I would like to thank Vincent and Belgian Presidency for organising this informal meeting in the beautiful city of Ghent. Thank you for inviting us.
