Joachim Nagel: Acting together for a sovereign and competitive Europe
Speech by Dr Joachim Nagel, President of the Deutsche Bundesbank, at the meeting with the European ambassadors' delegation on the occasion of Ireland's Presidency of the Council of the European Union, Frankfurt am Main, 21 July 2026.
Dr. Joachim Nagel, President of the Deutsche Bundesbank, addressed the European ambassadors delegation during Ireland's EU Presidency, discussing the importance of collective action for a sovereign and competitive Europe. He highlighted Frankfurt as this year's World Design Capital, showcasing the city's capability to develop innovative solutions for present-day challenges.
Nagel emphasized the need for Europe to initiate changes and come together in addressing significant challenges. He mentioned the Irish Presidency's commitment to action and delivery, stating that it is crucial to start working on these issues collectively.
The central bank president focused on two key areas for progress: the digital euro, which would form the foundation of a sovereign European payment system, and the savings and investments union, which would drive a competitive Europe. He noted that while the European single market has proven successful, there is still room for improvement, particularly in capital markets where businesses struggle to access capital.
To promote European competitiveness, Nagel proposed leveraging the high levels of savings in the EU by channeling them into productive investments and innovative firms. He supported the One Europe, One Market Roadmap agreed upon by the Council, Parliament, and Commission, which includes a new EU Inc. regime, a revised securitisation framework, and a comprehensive market integration and supervision package. The Bundesbank endorsed these initiatives, advocating for a proportionate design and central bank involvement.
Nagel highlighted the importance of a more centralized supervisory architecture for securities and non-banks to ensure consistent supervision and a level playing field for all market participants. He also supported the adoption of a 28th regime for digital securities, which would contribute to a more cohesive European financial market and increase global investors' confidence in EU countries and euro assets.
Addressing the digital payments landscape, Nagel stressed the need for Europe to create its own digital ecosystem, as reliance on non-European payment providers is increasing. He called for technological advancements and innovation in the payments sector to ensure Europe's autonomy and security in this critical infrastructure domain.
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