Madouros urges stronger foundations for European capital markets
Vasileios Madouros, Deputy Governor of the Central Bank of Ireland, calls for a European strategic response to tokenised finance and expanding non-bank finance. He links capital market innovation to integration, resilience and trust.
Two forces reshape finance
Tokenised finance and the continued expansion of non-bank finance require a strategic response from Europe, Vasileios Madouros said.
The Deputy Governor of the Central Bank of Ireland identified these as two interrelated developments shaping the future of finance.
Speaking at the European Capital Markets Institute (ECMI) Annual Conference in Brussels on November 11, 2026, he framed the task around foundations that support integration, resilience, innovation and trust.
His opening remarks placed both developments within a common agenda for capital markets.
He paired the capacity to connect markets with the need to maintain stability, presenting both as foundations for their development.
Connected bricks must stand
Madouros used LEGO to illustrate the relationship between integration and resilience, citing creations ranging from trucks to 35-meter-tall towers.
He attributed its scope for creativity to how the bricks connect rather than the sophistication of individual pieces.
But connecting pieces is only half the task: an elaborate structure must also remain standing.
His analogy distinguished foundations that enable integration and innovation from those that support resilience and stability.
Integration alone is insufficient
Madouros presents market connectivity and stability as complementary requirements.
His framework links innovation to resilience rather than treating either in isolation.
The supplied opening sets that agenda but gives no specific policy measures or implementation timetable.