Brussels (Brussels Morning Newspaper) – MEPs questioned Maria Luis Albuquerque, designated commissioner for the Financial Services and the Savings and Investments portfolio.
In her introductory words, to the EU Parliament’s Monetary and Economic Affairs Committee, Maria Luis Albuquerque from Portugal promised to focus on the stability and integrity of the EU financial system as the basis for a healthy and competitive European economy.
How will Maria Luis Albuquerque ensure EU financial stability?
Ms Albuquerque said if she is elected, she will actively support innovation and inclusive development while encouraging social mobility and authorising consumers. She promised to deliver on the Savings and Investment Union, coherent cross-border supervision, and more opportunities to fund investment. Ms Albuquerque is committed to ensuring a balanced approach in digital finance, building trust in the financial system, and empowering European citizens to partake in the financial system legally, taking control of their financial futures.
How will Maria Luis Albuquerque ensure EU financial stability?
Regarding enhancing the competitiveness of the EU, the Commissioner-designate intends to focus on ensuring a seamless flow of capital and the deduction of regulatory burden, especially for SMEs. In addition, she revealed she would advance the fight against financial crime, especially money laundering and financing terrorism, by concentrating on launching the EU’s Anti-Money Laundering Authority. Ms Albuquerque also dedicated to fostering a collaborative association with the European Parliament, by holding regular and open exchanges.
How will Albuquerque address the stalled Basel III implementation?
MEPs asked the Commissioner-designate about financial stability in the EU and the competitiveness of the banking system in light of the stalled implementation of the Basel III international standards and deposit protection (European Deposit Insurance Scheme). In answer, Ms Albuquerque said she would enable international partners to enforce Basel III. She pledged to enhance the protection of European deposits and look for a compromise on the Crisis Management and Deposit Insurance (CMDI) framework. She is also dedicated to fostering a sustainable finance framework, fit for smaller market participants, with fewer reporting conditions and administrative burdens.
In the next steps, the chair and political group coordinators will assemble without delay to evaluate 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 assigned to conduct the final evaluation and declare the hearings closed on 21 November.Â
