NFU News

NFU Press release: State of the European Union (SOTEU) address 2022 – what’s in it for us?

European Commission President Ursula von der Leyen will deliver her third State of the European Union (SOTEU) address on 14 September 2022. Last year, the President announced several important policies in the speech many relating to digital, due diligence as well as sustainable finance. NFU argues for sustainability in the economy and for more climate protection.

“The Nordic financial sector is ready to play a key role in climate protection. More climate protection won’t be possible without the help of the financial sector because they will be financing our way to a climate-friendly economy and society,” said Carin Hallerström, NFU’ General Secretary and added: “ We expect the European Commission President to provide stakeholders with a reliable timeframe for the launch of the upcoming climate package, as this legislation will help the financial industry to develop sustainable finance principles further and prevent further green-washing”. While sustainable investment disclosure requirements are helpful, the climate package will help to put more flesh on the bones of sustainability characteristics.

The Nordic financial services have proven to be one of the most digitalised and thus needs reliable, comparable and meaningful economic data. Most of the data needed are not yet available. The European Commission recognized that an Open Finance Framework should be in place at least by 2024, but so far, the proposal has not yet been published. As this legislative term has entered its final stage, NFU calls on European Commission President Ursula von der Leyen to announce a legislative package, which will promote data-driven innovation. Carin Hallerström reiterates: “Any conflicting potential between the GDPR and future legislation enhancing data access and sharing must be avoided. Alignment and clarity should be the guiding principles for the European legislator.”

Make sure to watch the European Commission President and listen in on how the EU will be tackling huge challenges from within and outside this Wednesday, 14 September 2022.

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