Frank Elderson: Strengthening operational resilience for the age of AI
Keynote speech by Mr Frank Elderson, Member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the European Central Bank, at the Goldman Sachs European Financials Conference 2026, Zurich, 3 June 2026.
Thank you for inviting me to speak today.
Europe is facing a set of unprecedented challenges.
The geopolitical environment is becoming increasingly fragmented. Europe remains overly dependent on external providers for energy, technology, security and key financial infrastructures such as payment systems and capital markets. Reducing these dependencies is no longer a choice, but a necessity to safeguard the European way of life.
Ensuring that our future is not determined elsewhere demands investment on an unprecedented scale. Consider that the green, digital and defence transitions will require an additional €1.2 trillion of spending per year between now and 2031.
No single actor, no single sector and no single country can meet these challenges alone.
As fiscal space tightens, much of Europe's investment needs will have to come from private investment, with capital markets playing a pivotal role.
In a bank-based financial system like Europe's, strong, competitive and resilient banks are even more indispensable than they are elsewhere. They sustain the flow of finance to businesses, households and the broader real economy. It is therefore no surprise that the competitiveness of European banks has moved to the heart of the policy debate.
Yet the competitiveness of the banking sector is not solely determined by capital, market integration, scale or regulation. It also hinges on whether banks can continue to serve their clients and provide critical services when disruption strikes. That is why today I will focus on operational resilience.