In this anniversary book, Deutsche Börse Group rightly turns its gaze to the future, seeking to drive momentum and shape what lies ahead. What this requires is not a new vision, but the will, the resources, the capacity and the courage to sort through what is on the table, set priorities, and actually deliver. It does not call for new buzzwords, but for steady progress. Not grand announcements, but results that build trust.  

I say this as someone who spent a quarter of a century serving on the European Parliament’s Committee on Economic and Monetary Affairs. The IPO of Deutsche Börse AG 25 years ago reminds me of those 25 years in Parliament – of the encounters, the constructive debates and the enduring importance of strong market infrastructure.  

Today, Deutsche Börse Group once again looks ahead, drawing strength from past success: Europe’s future is inseparable from deeper capital markets and a surge of investment in innovation. One cannot exist without the other.  

Sometimes it is wise to pause before celebrating. We live in a Europe whose single market connects hundreds of millions of people, whose rule of law and competitive strength set global standards. The euro is a success story and the world’s second most important currency. Yet monetary policy alone cannot complete Economic and Monetary Union. What matters now is delivery: “determination, solidarity, and at times a measure of boldness,” as former European Commission President Jacques Delors once put it. His words remain as relevant as ever.  

We know what needs to be done  

Europe does not suffer from a shortage of concepts. It suffers from a shortage of implementation. We know what needs to be done: complete the Capital Markets Union; think banking and investment union together coherently; unleash the single market; reduce fragmentation; strengthen majority decision-making. Move beyond the veto culture of unanimity towards a more effective and democratically legitimate system of majority rule.  

The Letta report outlines the political coordinates: speed, security and solidarity – and, building on the existing freedoms of goods, people, services, capital and payments, a “fifth freedom” for knowledge, research and innovation. The Draghi report urges us to close Europe’s productivity and investment gap – not incrementally, but strategically.  

Neither report calls for reinventing Europe. They call for finally completing the Europe that already exists on paper. Not permanent subsidies as a substitute for structural reform, but deep, integrated capital markets. Not national patchwork solutions, but European scale in areas such as financing, energy and digital infrastructure. Not suspicion toward capital, but clear rules, robust supervision and reliable incentives that channel citizens’ savings into Europe’s future.  

This is where Deutsche Börse Group plays its role. It is not an end in itself, but public infrastructure serving the common good. It stands for reliability in price discovery, depth of liquidity, openness to innovation and protection for investors. The better Europe translates “saving” into “investing,” the faster we will accelerate transformation, competitiveness and social cohesion.  

Not a new vision – a clear path  

Those thinking about Europe in 2051 do not need a new vision. They need a clear path: a single market that truly liberates services; a savings and investment union that finances growth and resilience; an energy and digital union that lowers costs and enables scale; a political union that acts as a reliable partner externally and a guarantor of freedom internally.  

These measures may not trigger waves of enthusiasm. But their results would be compelling: more opportunity for entrepreneurs, more long-term capital for innovation, greater security for workers and stronger sovereignty for Europe.  

In Brussels, I learned that Europe rarely fails in defining its objectives. It falters at the finish line. We start with momentum and slow down just before breakthrough. The examples are familiar. The single market remains incomplete to this day – fragmented and burdened by bureaucracy. Billions in private capital sit in savings accounts or are invested outside Europe. Without a genuine savings and investment union, we lack the capital to finance the future programs we have planned and promised.  

Let us approach the next decade differently. Deutsche Börse Group marks its silver anniversary as a listed company. Let us turn that into a golden decade for Europe’s capital markets. The conditions, the ideas and the plans are already there.   

Dr. Othmar Karas served as a member of the European Parliament from 1999 to 2024, most recently also as First Vice President. For 25 years, he was a member of the Committee on Economic and Monetary Affairs, where he played a leading role in shaping the financial market regulations in force today. There, he was primarily involved in shaping the financial market regulations that are in force today. He was chief negotiator for post-2008 banking regulation, EU investment programs and the framework for European financial supervision. Since October 2024, he has served as President of the European Forum Alpbach.