Discours du président de Febelfin, Michael Anseeuw, lors de l'événement 'Febelfin Connect 2025'.

Good evening everyone,

Being the last speaker of the evening is always a challenge. There’s a risk that everything has already been said. But there’s also an advantage: you get to build on the insights of those who spoke before you.

So, let me start by thanking all speakers and panelists for their valuable contributions. I think we can all agree that it has been more than just an interesting discussion.

A special thanks to our Minister of Finance, Jan Jambon, for outlining his priorities for the years ahead. As financial sector, we want to create a positive partnership with the new government. And there’s work to do.

A good example comes from our British colleagues. When the new Chancellor shaped her economic plans, she didn’t do it alone… she had a dialogue with the financial and economic sector.

And that’s exactly how it should be. Because we all know: if you want to go fast, go alone. If you want to go far, go together.

It is time to take the next steps towards a real partnership. A partnership where we join forces around shared goals. And there are plenty: strengthening our industrial base, rolling out a smart sustainability strategy, and making the necessary investments in our security.

At Febelfin, we are eager to make this positive partnership work.

I also want to thank Valérie Urbain and Governor Pierre Wunsch for their insights during the panel discussion. They showed us Belgium’s strengths, but also our challenges and weaknesses.

And of course, a special word of thanks to Benedikt Franke of the Munich Security Conference. Your work in shaping the security debate is invaluable. 

Thank you for being with us tonight and sharing your expertise.

When we chose tonight’s theme and invited you as a speaker - it was the summer of last year – we got the same question over and over: "Why should you put the topic of defense and security on the agenda?"

In the past weeks, as global power dynamics continue to shift, I haven’t heard that question anymore.

Because today, it is crystal clear: without security, there is no stability. Without stability, there is no prosperity.

As the financial sector, our core mission is straightforward: build a strong and resilient economy. Provide families and businesses with financial security. Create opportunities for growth. But for that to happen, one thing must come first: a safe, stable, and secure environment. Because in today’s world, economic strength and security go hand in hand.

Many important points have been raised tonight, so I won’t add unnecessary weight to the cart.

But let me wrap up this Febelfin Connect with three key messages.

My first message is simple: let’s take security for what it really is, an investment, not a cost.

As the former Finnish President Sauli Niinistö pointed out in his recent report: “Europe’s preparedness and readiness require upfront and consistent long-term investment.”

For too long, security and defense budgets have been treated as just another expense. Something that competes with education, healthcare, infrastructure.

Security is not a sunk cost. It’s an investment. And like all good investments, it generates returns. A stable and safe society is the foundation of a strong economy. Of business growth. Of job creation. Of innovation. Without security, everything else falls apart.

We’ve seen what happens when security fails. The war in Ukraine didn’t just redraw the geopolitical map, it disrupted supply chains and sent energy prices skyrocketing. The ripple effects were felt in every household, every company, every financial institution.

The same was true during COVID-19. That crisis didn’t just test our healthcare systems, it tested our economic resilience. The costs of instability were counted in billions of euros.

As the financial sector, we’ve long understood this reality. That’s why our investments in cybersecurity are massive. Because we know that a single cyberattack on critical infrastructure can cripple an entire economy overnight.

But it goes further than that. 

Instability drives businesses away. Investors don’t put money when there’s uncertainty. Companies don’t expand when the risks are too high.

Recent events have made one thing clear: we are living in a time of profound change. Economically and geopolitically.

This is not just another shift. This is a turning point.

If we want to protect our citizens, safeguard our economy, and defend our values and freedoms, then we must be willing to make the necessary investments. Because history shows us: those who hesitate in moments like these always pay the price later.

The investment needs in the coming years will be massive. The European Commission estimates that over the next decade, 500 billion euros will be required just to keep our defense industry competitive.

And this is not just a political priority, it is what Europeans want. More than seven out of ten European citizens (71%) believe the European Union must reinforce its capacity to produce military equipment. Because they see what is happening in the world. And they know what is at stake.

Two weeks ago, the European Commission published its White Paper on European Defense, laying out concrete solutions to strengthen the defense industry, attract investment, and ensure long-term growth.

As the financial sector, we fully understand the scale of what is needed. We are aware, but more importantly, we are ready to act.

And that brings me to my second message: the financial sector is ready to do the job.

As Mario Draghi emphasizes in his report on European competitiveness: Europe’s investment needs in climate, digital and security demands private capital on a historic scale.

We are key enablers. Defense innovation, infrastructure resilience, cybersecurity investments. They require financing. And the financial sector stands ready to provide it.

Every bank will decide for itself where to focus, where to invest, and how to contribute.

Because alongside the crucial investments in security, we cannot lose sight of the two other great transitions of our time: sustainability and the digital revolution.

Some will focus more on sustainable investments and digital innovation. Others will be ready to support the defense industry. Some will embrace multiple priorities - because in reality, they are deeply connected. Think of Silicon Valley, where an ecosystem of military R&D, public and private investment, and entrepreneurship, gave rise to technologies that still power our daily lives: from the first silicon chips, GPS, and even the internet itself.

In this landscape of interconnected investment agendas, we all share one fundamental concern: we must be able to do our job. To do what we do best: finance the future.

And that brings me to my third message tonight: give us the tools to do the job. 

As banks, we are ready. Ready to provide capital where it is needed. Ready to finance innovation. Ready to help build a stronger economy and a more secure Belgium. 

But as Enrico Letta rightly argued in his report: we will only unlock this potential if the right tools are in place and the Single Market is completed. That means a true Savings and Investment Union, where capital flows freely, internal trade barriers are removed and scale becomes possible.

And for the financial sector, that also means: rules and regulations that are straightforward, stable and simple.

Stability is key. Not just for banks. For businesses. For industries. For entire economies. 

No company makes long-term investments in an unpredictable environment. No entrepreneur takes risks when the rules shift every few years. And the same goes for the financial sector. 

Regulatory stability. Fiscal stability. That is what it takes to reinforce our long-term commitment to a stronger economy and a more resilient Belgium and Europe.

Take taxation. 

Of course, we are willing to do our fair share. The financial sector plays a crucial role in society and contributes significantly. But let’s be clear: Belgian banks are taxed more heavily than any of our European counterparts, and that comes at a cost. 

This is not about asking for exemptions. This is about balance. Because when taxation reaches a level where it restricts investment, it doesn’t just affect banks. It holds back businesses, slows down job creation and weakens the broader economy. And in the end, everyone pays the price.

Every euro that is taxed is a euro we cannot invest, we cannot multiply through lending and we cannot put to work for Belgian businesses, Belgian households, and Belgian entrepreneurs. 

If we want banks to step up their efforts and drive investments in innovation, sustainability, and security, then we must stop the clipping of our wings. 

It’s not just taxation.

The EU itself is now pushing to reduce regulatory burdens that limit investments. This is exactly what we have been advocating for: a smarter investment framework that works, not one that holds us back.

Europe is, for instance, failing when it comes to securitization. And that failure is costing us billions in potential investments. 

Together with a true Savings and Investment Union, securitization is one of the most powerful tools for financing growth. It links credit and capital markets, turns loans into tradable securities and allows banks to free up capital so they can reinvest in new lending. The result is more growth, more innovation and a stronger  industrial base. 

And yet, in 2022, securitization issuance in the EU was just 0.3% of GDP against a bold 4% in the US.

That difference matters. This allows the US to channel far more private capital in strategic sectors and R&D, for instance in quantum computing and defense technology. 

If we simply doubled the size of our securitization market, we could unlock billions in additional financing. 

Billions for sustainability. Billions for AI. Billions for defense. 

And that is why we are calling on the Belgian government to push for a smarter investment framework, in Europe and at home. That means competitive tax policies, a modernized securitization framework, and a business environment that encourages, not restricts, long-term investment.

A strong financial sector is in everyone’s interest. If we want banks to invest in the economy, in businesses, in strategic industries, then we need a fiscal system that supports growth, not one that holds it back.

 Someone said to me recently: “You should remind some people that a euro can only be spent once.” That is basic financial logic, which I assume everyone understands.

But what many don’t realize is that when we put capital to work for strategic investments, the leverage effect is many times greater than when we simply pay that same euro in taxes to fill a budget hole. 

That is the difference between short-term thinking and long-term growth. So, give us the right tools to do the job to truly be the long-term partner.

Ladies and gentlemen, 

Let me conclude. 

During the COVID-19 crisis, Commission President von der Leyen said, “This is Europe’s moment.” She repeated it recently when speaking about our defense capabilities. 

Let me add, on behalf of the financial sector: this is also our moment. 

We are at a turning point. The choices we make today will define Belgium’s economy and Europe’s security for decades to come. 

And let me be clear: the Belgian financial sector is ready. Ready to step up. Ready to invest. Ready to be an even stronger partner in building a safer, more resilient Europe. 

But we must get this right. That means investing where it matters. It means removing obstacles, not creating them. And it means working together - government, industry, and finance - to build the future we want and to protect it. 

Because history has shown us time and again that when we stand united, no challenge is too great. When we invest together, innovate together, and act together, we are second to none. 

To quote Otis Redding: “Actions speak louder than words.” So, let’s get to work!

I thank you.