A. Žigman at the “Financial Market” Conference: Volatility is rising, but the market remains stable and resilient
Opatija, 23 May 2025 – On its second day, the scientific-professional conference “Financial Market” focused on the development of the capital market. According to Tamara Perko, President of the Croatian Banking Association, this was due to the recently adopted Strategic Framework for Capital Market Development 2025 - 2030, which recognised for the first time clearly and structurally the role of capital markets in strengthening the resilience, productivity and long-term growth of the Croatian economy.
Ante Žigman, President of the Hanfa Board, gave a presentation entitled “In a Sea of Global Shocks: How to Navigate Market Risks Successfully?”, analysing a number of key challenges that shape global and domestic financial markets and the regulatory responses.
"Global uncertainty is at its peak – and is still growing", said Žigman, pointing out that market optimism is increasingly coming under the pressure of weak economic fundamentals, and high asset valuations further amplify the risk of sudden corrections in an environment of subdued risk premiums. According to him, the slowdown in the global economy and the long-term challenges to the sustainability of euro area countries’ public finances are some of the main macroeconomic risks. As regards the domestic financial sector, Žigman stressed its resilience despite pressures and volatility: “Market pressures exist, but there is no need to panic – investors have remained in the funds, and diversification of pension fund portfolios has mitigated the market risk.” He warned of increased systemic risks in 2025, recalling that correlations between markets are becoming more pronounced in the crises that are advancing “faster than we think”, making it very difficult to avoid risks completely.
Special emphasis in his presentation was placed on the current regulatory initiatives that will shape the financial landscape in the coming period. He also talked about the so-called Omnibus Package, aimed at simplifying reporting requirements in the field of sustainability through amendments to key European regulations (CSRD, CSDDD, CBAM and EU Taxonomy) with the purpose of reducing the regulatory burden and encouraging sustainable business. "Less complexity, more sustainability", Žigman summarised the point of this initiative.
In conclusion, he addressed an issue that the European Union considers essential for future economic development: “How to boost the development of EU capital markets?” In response, he highlighted the new Savings and Investments Union Strategy, adopted in March 2025, which aims to effectively connect citizens’ savings and investments, make the EU more competitive and strengthen the integration of capital markets. "Without joint action, Europe risks losing talents and capital", he warned, pointing to the importance of reforms despite political resistance and national interests that still hamper the establishment of a truly single European capital market.
The introductory lectures were followed by a panel discussion entitled “From Strategy to Action: What Awaits Us on the Capital Market by 2030?”, which brought together key stakeholders from the public and private sector. The discussion was moderated by Anamarija Staničić, member of the Hanfa Board, and was attended by Davor Zoričić, State Secretary at the Ministry of Finance, Hrvoje Čuvalo, President of the Management Board of the Croatian Bank for Reconstruction and Development (HBOR), Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange, Ivan Kurtović, CEO of InterCapital, Dora Matošić, President of the Management Board of the Central Depository and Clearing Company (SKDD) and Neven Vranković, Member of the Management Board of Atlantic Grupa.
All the participants of the panel expressed great satisfaction with the adopted Strategy, but even more so with the Action Plan, which contains a concrete timeline providing information on what has to be done by who in the upcoming period in order for the implementation of the Plan to start. The discussion gave rise to numerous topics, from the regional integration of stock exchanges, to the introduction of the e-voting system, which will significantly improve communication with small shareholders and their participation in shareholder meetings, to the issue of the tax treatment of investments. One of the theses was that Croatia could impose itself as the European hub for ETFs. The participants also noted that there is a slight return on European investment in the US market, not only due to the current US policy, but also to EU action in this regard, as well as to the joint action and work of eight CSEE region stock exchanges.
