Speech at the EIB Group Forum | "A strong Europe in a changing world" | 03/03/2026

Madam President,

Excellencies,

Ladies and gentlemen,

You may wonder why a constitutional monarch is addressing a forum devoted to our most pressing political challenges. Yet perhaps this is precisely the moment when a long-term perspective might be welcomed.

My role has shaped me to always acknowledge a sense of continuity that stretches across generations, a continuity that mirrors Europe’s own journey as well as my own family’s history.

My grandfather fought for Europe’s freedom on the beaches of Normandy and lived as a Head of State through the birth of what would become the European Union. My father accompanied the steady progress toward an ever-closer Union. These experiences shaped my understanding of Europe - not as an abstract project, but as a living commitment passed from one generation to the next.

Europe’s journey has never been linear, but it has always been purposeful.

This sense of purpose gives perspective and, above all, it gave hope to many generations. This should serve as a reminder to look beyond the headlines that confront us daily and that perhaps give rise to indignation, mistrust and even disbelief. This is the reason why that very purpose - which has inspired so many generations - must be paired with honesty and responsibility.

It should remind us that Europe has always advanced by pairing realism with ambition, always trying to put the human being at the centre of its decisions. Today, as we face renewed geopolitical rivalry, a war of aggression on our continent, an escalation of hostilities in the Middle East, and the rise of extremist and Eurosceptic movements, we must once again lift our gaze beyond the immediate.

Recent debates at Davos and Munich have shown how sharply the world is questioning the role of values in international affairs. Some argue that partnerships should rest solely on interests. Yet Europe’s strength has always come from something deeper.

As Enlightenment thinkers - such as Immanuel Kant - once rightly said, lasting peace is built not on power, but on cooperation among free states bound by law. That conviction also shaped the foundations of our Union, and it remains essential today. Europe’s strength has always come from this shared moral compass - not as an abstract ideal, but as a guide through uncertainty. 

It meant therefore so much to me and all the members of my family to have the head of two major European institutions at our side last October when I took my oath as new Grand Duke.

Ladies and gentlemen,

I am honoured to take the floor at the European Investment Bank’s Annual Forum. This institution fully embodies the ambition and solidarity of the European project. The EIB is not only a vital source of financing that drives economic development: it has also consistently shown foresight and vision. Through its ability to adapt, to innovate and anticipate the challenges ahead, it has become an indispensable pillar of our common endeavour.

Today, the EIB strengthens European economic resilience, accelerates our transition towards a sustainable and climate-secure future, and underpins our collective security by directing investment where it is most strategically needed. Its work is a powerful expression of what Europe can achieve when we align our resources with our shared purpose.

Investment is indeed the defining word here. Investment is never merely financial: it is strategic, it is human, and above all, it is a collective endeavour. The great thinkers who shaped the foundations of Europe’s values, our economic principles, and the functioning of our societies remind us that true investment extends far beyond capital.

Investment in people, in knowledge, and in the institutions that safeguard our freedoms is the bedrock of a stable, prosperous and peaceful society. It is this deeper, more enduring form of investment that has allowed Europe to thrive; and it must continue to guide us as we navigate the challenges of our time.

Investing in our competitiveness means reinforcing the very foundations of Europe’s economic resilience. If we want the European Union to remain the place where our young people can envision their future and where businesses can innovate and thrive, then strengthening our competitiveness is nothing short of essential.

Competitiveness is indeed not simply an economic imperative; it is the foundation that enables the Union to protect its social model, uphold its values, and offer opportunities to all its citizens.

At the heart of this endeavour lies our greatest strategic asset: the Single Market. It is the engine of our prosperity, the platform that enables scale, innovation and opportunity across our continent. Keeping the internal market at the centre of our actions is not simply an economic choice - it is a commitment to Europe’s long-term vitality and global relevance.

In May, Mario Draghi will be awarded the Karlspreis in Aachen in recognition not only of the clarity and conviction with which he has guided Europe’s thinking on competitiveness and its long‑term future, but also of his pivotal role as President of the European Central Bank in safeguarding the euro at a moment of profound uncertainty. I greatly look forward to this ceremony. His works are a powerful reminder that Europe’s ability to prosper and to ensure a bright future for our children depends on our willingness to act decisively today. 

Investing in research and innovation is essential to strengthening Europe’s competitiveness. Through strategic investment in research, digital transformation and talent, we are equipping our economy not only to meet the demands of today, but also to flourish in tomorrow’s landscape.

Innovation and research matter a lot to me, and I have had the privilege of engaging directly with many of those who are pushing the boundaries of knowledge. Time and again, I have seen how they must persevere in a challenging and complicated environment.

Innovation and research thrive in an environment that celebrates courage and self-confidence. I am certain that Europe can give rise to true pioneers. We need consciously to foster a culture of creativity and innovation.

Investing in social cohesion is essential to safeguard the unity and stability of our Union. It is also one of the core values the EU has inherited from its Franco-Luxembourgish founding Father, Robert Schuman, and a value that is essential to a country like Luxembourg with its multicultural and multilingual society.

The European Union has succeeded in building a true community – one grounded in a sense of belonging, mutual respect and solidarity. This has never been a simple task. Yet by fostering an environment where people meet, connect and build trust, we have achieved something remarkable: a Europe in which diverse communities can engage fully, participate confidently, and thrive together.

At the heart of this success lies the Schengen Treaty. By removing internal borders, it created a space where freedom of movement is not an abstract principle but a lived reality. It has profoundly shaped daily life, enabling millions to live, work and travel across borders with ease.

This openness strengthens our social fabric, deepens our interactions, and ensures that talent can flourish wherever in Europe it is most needed. It sustains our competitiveness and reinforces the trust that binds our nations to one another. Schengen is more than a policy; it is a powerful expression of the confidence we place in our shared future. And the beauty of it all is that when people ask me if Luxembourg is in Schengen, I can respond with a big smile that Schengen is in Luxembourg! 

Investing in Peace and security

Let us return to the essence. The European Union is the most ambitious and successful peace project of modern times - not because it sought to eliminate differences, but because it turned them into collective strength. Nations that once stood opposed stand together as partners, allies, friends. Borders that once instilled fear have become bridges of connection. And the idea of “never again” took shape in institutions, laws and everyday practices of cooperation.

As we remember that peace was the EU’s first and greatest achievement, we must also recognise that it can never be taken for granted. Each generation has a duty to protect it, to renew it, and to cherish it. The conflict on our Eastern borders reminds us with painful clarity that peace is fragile, and that the values on which our Union was built are as indispensable today as they were at its birth. 

Investing in multilateralism is investing in peace

At a time when global tensions rise and international norms have come under increasing strain, the European Union continues to stand as one of the world’s most committed champions of multilateralism.

We must remember that cooperation is not a constraint but a catalyst - one that enables us to confront the challenges no Member State can face alone, and to grasp the opportunities that only a shared ambition can unlock. Europe is neither an island, nor should it become a fortress. Our prosperity has never grown in isolation but in the exchanges and partnerships that have shaped our continent for centuries. 

When the international rules-based order is attacked, it is not the moment to retreat or waver. On the contrary: it is precisely then that we must reaffirm Europe’s role as a responsible and reliable actor on the global stage - an actor committed to upholding international law, strengthening cooperation, and building bridges. When the foundations of order are challenged, our resolve to defend them must only grow stronger.

For any country in the world, like Luxembourg, that cannot rely on sheer force to protect itself and to thrive, multilateralism is not a theoretical ideal; it is a strategic imperative. Our security, prosperity and the well-being of our people depend on strong international rules, reliable partnerships and a multilateral system that functions effectively and fairly.

Investing in Sustainability and our Climate Future is a firm commitment. It is not a short-term undertaking; it is a solemn responsibility to the generations that will follow us. Investing in our climate future means accelerating the transition to clean energy, fostering innovation in green technologies, and the responsible use of our natural resources. These efforts are essential not only to safeguard our planet, but to ensure that young Europeans inherit an economy that is competitive, resilient and prosperous.

In this common endeavour, the European Investment Bank plays a key and strategic role. As the EU’s climate bank, the EIB has the unique capacity to mobilise the investments required to drive the green transition, to support breakthrough technologies and to accompany regions and industries through the transformations that lie ahead. Our collective ambition must be clear: no generation should be left to shoulder the burden alone.

And this leads me to my last point which is particularly dear to me:

Investing in young people

The spirit of cooperation that lies at the heart of the European project is carried forward most powerfully by our young people. They embody the hope, energy and determination required to build a better future for Europe. While we - heads of State, governments, institutions and businesses - take today’s decisions, it is they who will shape the Europe of tomorrow. 

Their aspirations, their creativity and their profound sense of justice are indispensable to keeping the European project alive in a world undergoing rapid change. It is therefore our collective responsibility to offer them a European Union worthy of their expectations, one that provides the opportunities and the future they deserve. Born into the European Union, today’s young people are truly European citizens. As they study, work and travel across borders through programmes such as Erasmus+, they grow into a generation shaped by openness, curiosity and opportunity. Their lives remind us of the true meaning – and the enduring value – of European unity.

And they do not hesitate to hold us to account when we fall short. They challenge our institutions to live up to the values the European Union proclaims and to respond with courage and integrity to injustice and intimidation. We must ensure not only that they are heard, but that they also participate meaningfully in shaping public policy. Their engagement will enrich our decisions, strengthen our democracies, and fortify the European Union as a whole, as long as we, European leaders, continue to inspire them to do so. 

We cannot let them down!

Ladies and gentlemen,

Ultimately, all these efforts converge toward a single, shared ambition: investing in our common European project to ensure a peaceful and prosperous life for our citizens. A project built on cooperation, on mutual respect, and on the conviction that our collective strength is far greater than the sum of our individual endeavours.

The European Investment Bank, and the institutional and private partners gathered here today, have laid the stones of this path and you are giving it strength and direction. I am proud to be the Head of State of the country that hosts the European Investment Bank, and I thank you for your trust in my country that is your home.

Even in today’s challenging international climate, I remain convinced that progress can only be achieved through cooperation. This is why we must reaffirm our unwavering commitment to multilateralism, to international partnerships and to European integration. 

This is the path that has brought us here, and it is the path that will carry us forward.

Thank you.