On Tuesday 8 April, Aurore Lalucq (S&D, French) presented her draft report (see EUROPE 13601/7) on European competitiveness and the creation of a capital markets union (CMU) to members of European Parliament’s Committee on Economic and Monetary Affairs (ECON). The MEPs gave their comments on this basic text, drafted concisely by the French socialist, a brevity justified by format constraints, she explained.
Isabel Benjumea (EPP, Spanish) said she would table amendments reflecting the priorities of the Christian Democrats, namely: administrative simplification; mobilising private investment, including from third countries; promoting attractive taxation, financial education for citizens and transparent markets; excluding a call for an increase in the common debt; strengthening the banking union.
Stressing the need to re-industrialise Europe, Hungary’s Enikő Győri (Pfe) warned that her group would not support a text advocating greater Community integration for this purpose. The MEP pointed out the failure to complete the CMU in recent years, which she blamed on red tape at supranational level. “Guiding savings toward investments has to be strictly market driven, [it] must not be [hampered] by politics or ideology”, she said.
Giovanni Crosetto (ECR, Italian) welcomed the simplification proposals launched by the European Commission, calling for a flexible European regulatory framework favourable to EU business and innovation.
On the left of the Chamber, Rasmus Andresen (Greens/EFA, German) stressed the need to combine public and private investment to achieve environmental objectives and stimulate innovation. However, he stressed the importance of protecting consumers and preserving financial stability, arguing in particular for enhanced supervision at EU level.
Jussi Saramo (The Left) welcomed the draft text. The Finnish politician stressed the need to protect retail investors and mobilise joint public investment, particularly in the face of the current trade shock. The MEP also opposed any revival of securitisation.
At the end of the discussions, Ms Lalucq emphasised the “constructive spirit” of the parliamentary committee she chairs.
The deadline for tabling of amendments is noon on 30 April. A final text is expected to be put to a vote in the ECON Committee on 23 or 24 June. (Original version in French by Bernard Denuit)