Unlocking Europe’s capital potential
Europe stands at a critical juncture in its quest to translate innovation into global leadership. While the continent boasts a vibrant early-stage ecosystem and world-class research base, a persistent scale-up financing gap continues to hinder the emergence of large-scale technology champions. Addressing this structural challenge is central to strengthening Europe’s competitiveness, productivity and strategic autonomy.
The authors of the Financing Innovative Ventures in Europe report, Jörg Kukies and Christian Noyer, join OMFIF to discuss policy recommendations aimed at mobilising capital, deepening financial integration and enhancing the effectiveness of public and private investment frameworks. The discussion explores pension reform, institutional capital allocation, public financing mechanisms and capital market development in bridging Europe’s funding gap.
This is a timely forum to consider how Europe can build deeper capital pools, foster scale-ups and compete in an increasingly capital-intensive global innovation landscape.
Speakers
Jörg Kukies
Federal Minister of Finance
Germany (2024-25)
Jörg Kukies
Federal Minister of Finance
Germany (2024-25)
Jörg Kukies is a German economist and politician who served as Minister of Finance in the government of Chancellor Olaf Scholz from November 2024 to May 2025. He is a member of the Social Democratic Party. Kukies spent 17 years working at investment bank Goldman Sachs, where he rose to become co-chief of Germany Austria and head of the securities division in the region. From 2018 to 2021, Kukies served as State Secretary at the Ministry of Finance under minister Olaf Scholz, in the government of Chancellor Angela Merkel. From 2021 to 2024, Kukies was a State Secretary in the German Chancellery; in this capacity, he also served as Chancellor Scholz’s sherpa for G7 and G20 summits.
David Marsh
Chairman
OMFIF
David Marsh
Chairman
OMFIF
David Marsh is Chairman and Co-Founder of OMFIF. Before starting at OMFIF in late 2009, he worked for City merchant bank Robert Fleming, corporate finance boutique Hawkpoint, German management consultancy Droege and London investment firm London & Oxford. Marsh took over the chairmanship from John Plender on 1 January 2018 having been Managing Director since 2014. He moved to a non-executive role following John Orchard’s appointment as Chief Executive effective 1 January 2020.
Christian Noyer
Governor
Banque de France (2003-15)
Christian Noyer
Governor
Banque de France (2003-15)
Christian Noyer was born on 6 October 1950 in Soisy-sous Montmorency, near Paris. He studied law and subsequently graduated from the Institut d’études politiques de Paris and the École nationale d’administration.
Appointed to the Treasury in the Ministry of the Economy and Finance in 1976, he then spent two years (1980-1982) at France’s permanent representation to the European Communities in Brussels. Back at the Treasury, he held a range of posts (government cash and debt
management, banking affairs, financing of industry and state-owned enterprises,
multilateral issues and export financing). He was appointed Head of the
Treasury in 1993. His experience includes working closely with several
Ministers of Finance: he was Advisor to Edouard Balladur (1986-1988), and
Chief of Staff for two other Ministers of Finance, Edmond Alphandéry and Jean
Arthuis (1993, and 1995-1997 respectively).
He was appointed Vice-President of the European Central Bank in Frankfurt
when the institution was set up in 1998.