there are a large number of national operators with relatively few customers. nor do we have a common energy market. the energy shock following russia's attack on ukraine has made this weakness plain to see. a more integrated market for grid - dependent energy sources would improve efficiency. a good network infrastructure would also help to integrate renewable energy into the electricity system and thus achieve the eu's climate policy objectives. what is more, the green transformation of the economy requires substantial investment. which is, by the way, one reason why we need the capital markets union so urgently. when it comes to trade in services and the digital sector, there is also a lot to do. services are by nature more difficult to trade over long distances than goods. but the high level of national regulation is another reason why there is so much less crossborder trade in services than in goods. however, digitalisation provides a great opportunity to overcome the hurdles of physical distance. it has the potential to give the single market a fresh boost. i congratulate you, enrico, on your report. it contains many valuable suggestions – not least regarding digitalisation. i hope that it will provide impetus for necessary and meaningful measures. 1 speech by federal chancellor olaf scholz at the 23rd german banking congress on 23 april 2024 in berlin 3 / 3 bis - central bankers'speeches

joachim nagel : remarks on enrico letta's report " much more than a market " remarks by dr joachim nagel, president of the deutsche bundesbank, on enrico letta's report " much more than a market ", at the panel discussion " empowering the single market – opportunities and challenges ", frankfurt am main, 7 may 2024. * * * check against delivery 1 introduction ladies and gentlemen, thank you very much for giving me the opportunity to respond to enrico's excellent presentation. enrico, early on in your report, you describe the " most glaring paradox of eu infrastructure : the impossibility of travelling by high - speed train between european capitals ". despite this shortcoming, you managed to criss - cross the continent to hold hundreds of meetings with thousands of people : thanks a lot for that! and i was very happy that you also stopped in to talk with me along the way. the result of your journey is an impressive report on how to strengthen the single market for the benefit of all europeans. reducing barriers to entry, strengthening research and innovation, and supporting market funding for the necessary green and digital transformation should be at the top of the eu's economic policy agenda. many of the proposals and roadmaps presented in the report lay key groundwork for the next commission's work programme. 2 capital markets union when the two of us met in march, our discussion centred around the capital markets union ( cmu ) – or as you call it, the " savings and investments union ". indeed, i have been advocating for the cmu for many years. unfortunately, progress is very slow. there have been calls for capital market integration for so long ( since 2015, in fact ), and virtually no one is against the cmu. one reason why the cmu has not yet been achieved is that there is not just one measure that will give us a single european capital market. rather, a whole package of measures is needed, which would, in some cases, have a strong impact on national law. 1 / 3 bis - central bankers'speeches let me give you an example. corporate insolvency rules are a matter of national law. however, the coexistence of 27 national insolvency laws is an impediment to crossborder investment. of course, it would be good if we could at least harmonise the rules. but that would require a greater willingness to compromise and to put national