In her introductory statement, Maria Luis Albuquerque from Portugal pledged to focus on the stability and integrity of the EU financial system as the basis for a strong and competitive European economy.
If confirmed, Ms Albuquerque said she intends to actively support innovation and inclusive growth while encouraging social mobility and empowering consumers. She promised to deliver on the Savings and Investment Union, coherent cross-border supervision, and more opportunities to finance investment. Ms Albuquerque pledged to ensure a balanced approach in digital finance, to build trust in the financial system, and empower European citizens to participate in the financial system in a fair way, taking control of their financial futures.
When it comes to improving the competitiveness of the EU, the Commissioner-designate plans to focus on ensuring a seamless flow of capital and the reduction of regulatory burden, especially for SMEs. In addition, she announced she would advance the fight against financial crime, especially money laundering and financing terrorism, and by focusing on launching the EU’s Anti-Money Laundering Authority.
Ms Albuquerque also committed to fostering a collaborative relationship with the European Parliament, by holding regular and open exchanges.
Financial stability, deposit protection and sustainable finance
Several MEPs questioned the Commissioner-designate on financial stability in the EU and the competitiveness of the banking system in the light of the delayed implementation of the Basel III international standards and deposit protection (European Deposit Insurance Scheme). They also asked about sustainable finance and properly labelled green investment products stressing the importance of private investments in green and digital transitions.
In response, Ms Albuquerque said she would encourage international partners to implement Basel III. She pledged to improve the protection of European deposits and look for a compromise on the Crisis Management and Deposit Insurance (CMDI) framework. She also committed to promoting a sustainable finance framework, fit for smaller market participants, with less reporting requirements and administrative burdens.
Other issues raised by MEPs were a level playing field while deepening the capital markets union, giving equal investments opportunities to all citizens, and making sure that the digital transformation in payment systems does not leave anyone behind. Many speakers were concerned about the growing role of non-bank financial institutions in the EU and urged for the mitigation of this risk. They also asked about the risks of securitisation and how to use it safely to reduce the business dependence on the banking system for financing projects. Asked to give practical examples of how to boost the Capital Market Union, Ms Albuquerque responded with suggestions for more converged supervision and promised to remove barriers to market-driven consolidation with a more harmonised tax treatment.
Watch the video recording of the full hearing.
Press point
At the end of the hearing, the Chair of the Economic and Monetary Affairs Committee, Ms Aurore Lalucq held a press point outside the meeting room: watch it here.
Next steps
The chair and political group coordinators will meet without delay to assess the performance and qualification of the Commissioner-designate. Based on the committee recommendations, the Conference of Presidents (EP President Metsola and political group chairs) is set to conduct the final evaluation and declare the hearings closed on 21 November. Once the Conference of Presidents declares all hearings closed, the evaluation letters will be published.
The election by MEPs of the full college of Commissioners (by a majority of the votes cast, by roll-call) is currently scheduled to take place during the 25-28 November plenary session in Strasbourg.
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