Online speech by Commissioner Albuquerque at the Nordic Financial Unions Conference: Resilience in an era of uncertainty and change

I very much wish I could be with you in beautiful Reykjavík this morning. Hopefully we will be able to make that happen in the near future.

I would like to start by thanking the Nordic Financial Unions for bringing us together.

There is something particularly fitting about discussing Europe's economic future in Iceland.

A country that knows what it means to be geographically distant from Europe's main economic centres, but also what it means to be connected to them.

A country that has experienced the consequences of financial instability, but also the importance of rebuilding trust, strengthening institutions and embracing reform.

And a country that reminds us that resilience is not simply about withstanding difficult times.

It is about learning from them. Adapting. And emerging stronger.

That is precisely the challenge facing Europe today.

Climate change, digitalisation, geopolitical uncertainty and demographic pressures are transforming our economies and societies.

And here in Reykjavik, as in other Nordic capitals, these changes are particularly tangible.

The North Atlantic and the Arctic have moved to the forefront of Europe's strategic attention, reminding us that economic resilience and geopolitical security are increasingly interconnected. In this context, the European Commission adopted earlier this week the Joint Communication “Europe's Northern Neighbourhood: A New Strategy for the Arctic”.

We need to invest in our competitiveness, strengthen our economic security and ensure that our financial sector can support the transformations ahead.

The question is not whether Europe will change. The question is whether we will shape that change or simply react to it.

And shaping that change requires more than strategies and legislation.

It requires strong institutions, cooperation and the involvement of those who will be directly affected.

This is why organisations such as the Nordic Financial Unions are so important.