The European Parliament’s Committee on Economic and Monetary Affairs (ECON) is preparing for the hearings, starting beginning November, of the European Commissioners-designate whose portfolios affect its prerogatives. Here is an overview of the questions they will be asked.
Finance. MEPs will question Maria Luís Albuquerque, appointed by President-elect Ursula von der Leyen to lead the Capital Markets Union (CMU) project, on her vision for the development of the CMU and the creation of a genuine savings and investment union, in line with the objectives set out in her mission statement (see EUROPE 13485/12).
According to the draft questions, of which Agence Europe has received a copy, Ms Albuquerque will be asked about the concrete measures envisaged and the timetable for implementing the CMU, as well as the integration of the recommendations of the ‘Letta’, ‘Noyer’ and ‘Draghi’ reports.
MEPs would also like to know the Commissioner-designate’s position on “the Union’s post-trade market infrastructure as a foundation for further market integration” of European capital markets and on initiatives that will improve the financial culture of citizens and help attract the clearing business of derivatives denominated in euro to EU financial centres.
MEPs are also awaiting clarification of Ms Albuquerque’s strategy for the creation of a “simple and low-cost saving and investment product”, designed to increase retail investor participation in financing the economy while ensuring adequate protection.
Finally, they will question Ms Albuquerque on the need to reform the rules on financial securitisation while guaranteeing financial stability, and to adapt the framework for supervising capital markets by taking the example of the Single Supervisory Mechanism (SSM) within the Banking Union.
On sustainable finance policy, the committee will ask Ms Albuquerque what measures are needed to mobilise capital for the digital and green transition and to strengthen the regulatory framework for sustainable finance at European and international level. The committee will also question her on the Sustainable Finance Disclosure Regulation (SFDR) (see EUROPE 13466/17).
Banks. In the area of banking, MEPs will question Ms Albuquerque on how she plans to take the initiative to facilitate the completion of the Banking Union in the euro area. They will ask her as well what she thinks about the macroeconomic risks inherent in the links between the traditional banking sector and the non-bank financial institutions known as shadow banks that contribute to financing the economy.
Competition. In addition, the committee will want to know more about the plans of Commissioner-designate Teresa Ribera Rodríguez, who, as part of her Competition Policy portfolio, will be responsible for developing a new regulatory framework for State aid aimed at fostering the development of Europe's ‘net-zero’ industry.
“How do you intend to find the right balance between supporting industrial policy, maintaining fair competition and a level playing field? will be the MEPs question. In this context, they will also be asking how to avoid distortions of competition to the detriment of EU countries with less fiscal capacity.
On mergers within the internal market, Ms Ribera will be invited to comment on how the European rules work and to set out how a new approach in this area would be better aligned with EU industrial policy. She will also have to set out her ideas on the creation of ‘New Competition Tool’, as suggested in the ‘Draghi’ report (see EUROPE 13478/1) on competitiveness and the ‘Letta’ report on the internal market (see EUROPE 13393/3).
Economy. The ECON Committee will also address a number of fiscal issues. It will be asking Stéphane Séjourné how he intends to apply the revised Stability and Growth Pact “fully, impartially and independently” in order to guarantee “equal treatment” between Member States.
The public finances of France, where Mr Séjourné hails from, are a first test of the credibility of the European fiscal rules that will apply from January 2025 (see EUROPE 13498/1).
Mr Séjourné will also be asked to comment on the implementation of the Next Generation EU Recovery Plan and to explain how the European Commission intends to boost competitiveness at European level, in particular through the creation of a dedicated European fund. To note that MEPs will also be putting the question, this time to the Commissioner-designate for Cohesion Policy, Raffaele Fitto, of possibly proceeding with a claw-back of funds transferred to Member States in cases where investments regarding their post-Covid-19 recovery plan are unlikely to be finished by 2026.
Taxation. The ECON Committee will hear from Wopke Hoekstra, Commissioner-designate for Taxation, on his strategy for the adoption of EU corporate tax initiatives such as DEBRA, HOT and BEFIT, and anti-avoidance proposals such as the fight against abusive shell companies within the EU (UNSHELL) (see EUROPE 13438/26).
In their questions, MEPs will ask the Commission what it intends to do if a critical mass of countries fails to ratify the multilateral convention of the Pillar I agreement (see EUROPE 13422/16). Finally, they will discuss environmental taxation, the Energy Taxation Directive (see EUROPE 13481/4), the revision of the directive on greenhouse gas emissions and aviation and maritime taxation.
To see the parliamentary committee’s questions: https://aeur.eu/f/dr7 (Original version in French by Anne Damiani, Bernard Denuit and Mathieu Bion)