Madam Chair,
Honourable Members,
Thank you for the opportunity to exchange views with you today.
A year ago, I came before this Committee seeking your confirmation. Since then, we have worked closely together, and I greatly value the constructive dialogue and the progress we have made turning vision into action.
In this past year, the economic and geopolitical environment has become more volatile.
Russias brutal war in Ukraine continues. Europe faces hybrid threats and uncertainty in cooperation with traditional allies.
It is time for Europe to stand firmly on its own two feet. Difficult decisions can no longer be postponed.
The Savings and Investments Union is central to Europes competitiveness strategy. It will unlock private capital, deepen our markets, and channel savings into growth and resilience.
Just months after announcing the strategy, we tabled our first major initiative — the securitisation package — to make this tool simpler, more efficient, and supportive of the real economy. I expect a Council position by year-end, and I hope to count on the swift adoption of the Parliaments position so we can start trilogues early in 2026.
Building on that momentum, we are now turning from the market architecture to the people it serves. The SIU puts citizens at the centre: Europeans deserve both the knowledge and the access to secure their financial future. That is why, in September, we adopted the recommendations on Savings and Investment Accounts and the EU Financial Literacy Strategy. Member States now need to follow up, and we will monitor implementation closely.
In the coming days, the Commission will present a pensions package to boost supplementary pension coverage across the EU. We will propose tracking systems, dashboards and auto-enrolment, together with revisions to IORP II and PEPP. The goal is clear: stronger and more diversified retirement income for Europes citizens.
In December, we will present our market integration and supervision package — a crucial step to make Europes markets work better together.
We will:
• reduce costs for cross-border business by improving passporting and moving key rules from directives to regulations;
• update the DLT Pilot regime to foster innovation; and
• make supervision of cross-border financial groups more efficient, including the possibility of entrusting ESMA with direct oversight of the largest entities.
I am also encouraged by the very good progress in our negotiations on the Retail Investment Strategy. I am confident we can, along with the Council, get this over the line by year end.
Looking ahead, we will turn to measures that strengthen Europes venture and growth capital ecosystem. The EU needs more large-scale private equity players capable of backing innovative companies. This will be a key priority for 2026. Your active support and engagement will be essential to move forward.
On banking, we will examine how to enhance competitiveness and ensure our banks fully contribute to financing Europes economy.
Thanks to your dedicated work, the Crisis Management and Deposit Insurance review will now soon be adopted, after Junes political agreement. This paves the way to advance on the Banking Union, including on the European Deposit Insurance Scheme.
Honourable members, simplification remains a major focus of this Commission.
Competitiveness demands that we cut complexity without lowering standards.
The Omnibus package on sustainability reporting, adopted in February, is a first step in that direction.
A political agreement by the end of the year is still possible, to provide much needed regulatory certainty.
Later this month, we will also review the SFDR to improve coherence and introduce a clearer, simpler ESG product classification.
Our 2025 Simplification, Implementation and Enforcement Report detail these actions — and reinforces that simplification must go hand in hand with proper implementation. Where barriers persist, we are ready to act. Enforcement proceedings are already under way in areas such as banking consolidation and cross-border investment services.
We are equally active in supporting Member States: from sanctions enforcement to improving the usability of the EU taxonomy through dedicated implementation dialogues.
We have also advanced on financial stability and integrity.
The establishment of AMLA is on track, and by year-end we will deliver our updated list of high-risk third countries.
On sanctions, our 19th package will prevent Russia from using its energy exports to prolong the war, with a new ban on imports of Russian LNG and tightening the ban on two major Russian state-owned oil producers.
The number of listed vessels in Russias shadow fleet now reaches 557 in total. We have also added 5 banks to the transaction ban and have prohibited EU operators from engaging with two Russian payment systems.
And the fight against circumvention remains a top priority.
Last but not least, a few words on digital finance. I see huge opportunities here to make our financial system more efficient, competitive and inclusive. I am looking forward to wrapping up negotiations on FIDA as early as possible.
Stablecoins, and multi-issuance in particular, have been attracting considerable attention and they are high in the agenda of this Committee. Our MiCA framework, into force since the end of 2024, provides a solid regime that enables innovation and addresses potential risks. I look forward to our dedicated discussion on this topic later this month.
Finally, on payments, our negotiations on the PSD3/PSR are progressing well, and I am determined to help find a good agreement soon.
Honourable Members, our cooperation during this first year has been highly valuable, and your engagement has been crucial to maintain ambition and momentum.
Together, we are laying the foundations of a stronger European financial system — one that protects citizens, empowers investors, and gives our companies the capital they need to grow.
I remain fully committed to working with this Committee in the same spirit of openness and partnership, and I now look forward to our discussion.
Thank you.
