Following a red thread during the discussions, five “trendsetters”, each in their own sector, discussed the major issues that will set the pace for the year ahead.
In the first part of the round table on competitiveness, the speakers recalled one of the foundations of Luxembourg’s attractiveness: its stability. A value that is increasingly being undermined, but one that we absolutely must take care to preserve.
When you read in the newspapers how social dialogue is going, it’s not the country you know or the country you want.
With competitiveness under attack, the speakers all agreed on one point: the need to simplify regulations, without disputing their necessity, but called for greater flexibility.
Bureaucracy is currently the biggest brake on economic growth. My wish is for Luxembourg to be the most flexible country, not just in Europe but in the world!
Beyond the often negative consequences for competitiveness, over-regulation in some ways hinders Europe’s ability to position itself more firmly in an international context dominated by two major powers on either side.
Julie Becker, CEO of the Luxembourg Stock Exchange, detailed several of her expectations for 2026, such as the integration of capital markets and better representation of women in the financial sector. Julian Pierrot / Paperjam
Determination, combined with consistency, proportionality, risk-taking and a modicum of boldness are needed if Europe is to hold its own amid the two powers of China and the United States.
When it comes to technological transition, the second major theme of the round table, Europe could do better in 2026. And if Europe wants to present itself as sovereign in this area, it must move forward with 27 members.
Michèle Detaille (Elora), Yannick Oswald (Mangrove Capital Partner), Julie Becker (Luxembourg Stock Exchange) Nadia Calviño (EIB), Luc Frieden. Julian Pierrot / Paperjam
The train has left the station for fundamental models, the future will lie in applications. But overall, in Europe, there is a lack of real solidarity, and I think that is why we have missed the AI wave a little. In Europe, there was one player with a chance of becoming a global player: Mistral AI. Only two countries bought this product. If we want to create global leaders in a union of 27 countries, we need everyone to play their part. Solidarity must also be economic, not just political.
Another type of transition that will mark 2026 is the ecological transition, the need for which and the complexity of which were emphasised by the speakers.
EIB President Nadia Calviño recalled the main investments supported by the EIB to contribute to a more resilient Europe. Julian Pierrot / Paperjam
Every euro invested in adapting to climate change saves 5 to 7 euros in damage recovery. This is a no-brainer for Europe if we want a more resilient economy in the future.
Defence, like the other topics discussed at the Paperjam Trend Makers 2026 evening, is a major issue and will remain so in the coming years. It requires a collective commitment.
Michèle Detaille, with her transversal vision of the economy, reminded us of the need to be agile in the face of the multiple constraints affecting businesses. Julian Pierrot / Paperjam
Defence is not just industry, it’s not just the State, it’s a commitment from the whole population and there, perhaps we’re not really ready yet because we’ve lived through so many periods when it was so easy and we were convinced that we were going to live in peace for years....
At the end of the panel, each speaker had the opportunity to add a clarification or indicate the element they would like to see come to fruition in 2026.
In 2026, I would like to see a self-confident Europe that feels strong without dependence on the United States.
Arrived late due to a party meeting to validate the appointments of as the new Minister for Labour and of as the new Minister for Sport following the resignation of , Prime Minister joined the other speakers at the end of the roundtable.
Prime Minister Luc Frieden joined the other speakers at the end of the round table. Julian Pierrot / Paperjam
The ministerial reshuffle is a change of person, not a change of policy. Each minister is required to implement the coalition agreement. Each minister has his or her own style and sensibilities. But the coalition agreement will be implemented, that is our firm will.
The round table ended with a “Quickfire Challenge”: five closed propositions and two answers for the speakers to choose from: yes or no. Here are their positions: