President-elect Ursula von der Leyen has presented her team and the new structure of the next European Commission. In addition, EC published, in the Official Journal of European Union, the Council Decision (EU) 2019/1393 that adopts the list of the other persons whom the Council proposes for appointment as members of EC, by common accord with President-elect Ursula von der Leyen. The new EC for 2019-2024 will reflect the priorities and ambitions set out in the Political Guidelines. The new College of Commissioners will have eight Vice-Presidents wherein Executive Vice-President Valdis Dombrovskis (Latvia) will be the Commissioner for financial services, supported by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union. Additionally, EC published the mission letter by Ursula von der Leyen to Valdis Dombrovskis, highlighting the role of Executive Vice-President, which includes preserving and improving financial stability, protecting savers and investors, and ensuring the flow of capital to where it is needed.
As stated in the mission letter, the key tasks with respect to financial services, financial stability, and the Capital Markets Union include the following:
- Completing the Banking Union, notably by finalizing the common backstop to the Single Resolution Fund and agreeing on a European Deposit Insurance Scheme.
- Speeding up the work toward a Capital Markets Union to diversify sources of finance for companies and tackle the barriers to the flow of capital. This includes exploring ways to make cross-border investments easier, improving the supervisory system, and better harmonizing insolvency and tax proceedings.
- Developing a green financing strategy to facilitate transition to a climate-neutral economy.
- Putting forward a fintech strategy to support new digital technologies in the financial system.
- Ensuring a common approach with member states on crypto-currencies to understand how to make the most of the opportunities they create and address the new risks they may pose.
The Council Decision (EU) 2019/1393 shall be forwarded to the European Parliament. As a next step, the European Parliament has to give its consent to the entire College of Commissioners, including the High Representative of the Union for Foreign Affairs and Security Policy/Vice-President of EC. This is preceded by hearings of the Commissioners-designate in the relevant Parliamentary committees, in line with the Rules of Procedure of the Parliament.
Keywords: Europe, EU, Banking, Insurance, Securities, Banking Union, Capital Markets Union, Fintech, Financial Stability, Ursula Von Der Leyen, EC President, European Council, European Parliament, EC
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