On Wednesday 24 September at the European Parliament, Denmark’s Finance Minister Stephanie Lose said that the legislative proposal to revitalise the financial securitisation market in the European Union was “a decisive test” that would determine the extent to which the Member States were willing to deepen the integration of Europe’s capital markets.
I will do my utmost to push ahead with the Savings and Investment Union (SIU), and we have made the proposal on “prioritising securitisation to send a signal to the Council”, said Ms Lose, in response to a question from Markus Ferber (EPP, German). Presenting the priorities of the Danish Presidency of the EU Council in the fiscal and financial fields, she said she hoped to reach a political agreement in principle “before the end of the year” on this issue. In her view, mobilising “pension savings” to invest in the green and digital transitions is another area where progress is possible.
The Danish minister also said that she was ready to initiate discussions in the EU Council on strengthening financial supervision at EU level, once the European Commission had made proposals along these lines.
Simplification. A few days after the informal meeting of European finance ministers (see EUROPE 13714/11), Ms Lose reiterated the Danish Presidency’s commitment to working towards simplifying financial rules to strengthen economic competitiveness, without jeopardising financial stability or consumer protection.
And “we are committed to having discussions on future legislative proposals”, with a view to minimising the costs and administrative burden involved, she added, in response to a question from Enikő Győri (PfE, Hungarian).
Digital euro. Jonás Fernández (S&D, Spanish) wanted to know more about the Eurogroup’s agreement in inclusive format on the decision-making process for the ECB’s launch of the digital euro (see EUROPE 13713/7).
Ms Lose reiterated the Danish Presidency’s determination to reach a political agreement in the Council “before the end of our Presidency”. The digital euro, which will not replace cash, will make up for “the current lack of a European solution for cross-border payments”, she noted.
“‘Shake us up’ on the digital euro, and we’re counting on you to ‘shake up’ the Member States on the Capital Markets Union”, said the Chair of the European Parliament’s Committee on Economic and Monetary Affairs, France’s Aurore Lalucq..
REArm Europe. Finally, Ms Lose underlined the “absolute priorities” for the EU to invest in its rearmament and to play a leading role in macro-financial aid to Ukraine in 2026 and 2027 (see EUROPE 13713/2).
For her, European fiscal rules allow Member States to strike “a balance” between increasing military spending, through the ‘SAFE’ instrument and the Stability Pact’s escape clause, and consolidating public finances and carrying out structural reforms. (Original version in French by Mathieu Bion)