The Big Question: A Europa melhorou a sua competitividade desde o relatório Draghi?

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The Big Question: A Europa melhorou a sua competitividade desde o relatório Draghi?

"Os Estados-Membros sentir-se-iam muito mais confortáveis em ceder poderes a reguladores europeus supranacionais se pensassem que estes são favoráveis ao crescimento", afirmou o antigo Comissário Lord Jonathan Hill.

LEIA MAIS : http://pt.euronews.com/2025/11/17/the-big-question-a-europa-melhorou-a-sua-competitividade-desde-o-relatorio-draghi

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00:00Europe is going slower than it needs to go.

00:03You have to work out if the most important thing to you is politics or economics.

00:07I think that world has gone and I don't think it's coming back.

00:17Welcome to The Big Question, the series from Euronews

00:20where we tackle some of the biggest issues on the business agenda.

00:24I'm Eleanor Butler and today I'm joined by Lord Jonathan Hill,

00:28former EU Commissioner for the Capital Markets Union and Financial Advisor.

00:34So there's been a lot of discussion over the past year about boosting EU competitiveness.

00:40How do you think that's changed since the Draghi report was published at the end of 2024?

00:46I think it hasn't changed enough and I think you need to put the debate in Europe

00:50about competitiveness and growth in the broader context of what's happening in other parts of the world.

00:56And when I see the speed with which in America they are changing their approaches to regulation,

01:02generally on financial services, on industry more broadly,

01:06I think Europe is going slower than it needs to go.

01:10And I think the speed of change in America, to some extent in the UK,

01:15is making this problem for Europe all the more urgent.

01:19Tell me exactly what financial competitiveness means for you when we're talking about the EU.

01:30So first of all, you want to be able to attract more companies to come to the EU and grow in the EU

01:40and employ people in the EU in order to provide more jobs for people,

01:46help them have more savings for their old age and also to generate more wealth.

01:53You can then invest in the growth of the economy.

01:57Most of the finance in Europe for investing in companies,

02:02for lending money to companies so they can grow, comes from the banking sector.

02:07And if you don't have the conditions in Europe that encourage those banks

02:12to lend money to European and other businesses to help start-up businesses

02:19or existing SMEs to grow more,

02:22then you don't get that employment, the wealth, the savings.

02:25When I look at the position of European banks today compared with when I was here 12 years ago,

02:34they're weaker today.

02:36Back then, the European economy was bigger than the US.

02:39We're going back to about 2010, and now it's not.

02:42If you had to pick specific areas of improvement, what would they be?

02:48I think the debate generally about regulation in Europe is a couple of years behind where it needs to be.

02:57So I think the regulators and supervisors in Europe are still behaving as though we're operating in the old world,

03:05where we had one set of rules across the whole world,

03:09and then everyone was going to converge around those rules.

03:12I think that world is being blown up around us in real time by President Trump and the Americans.

03:20Today, where Europe's biggest problem is lack of growth,

03:24are the judgments we'd make today the same as the judgments we made 10 or 12 years ago,

03:29where our biggest worry was about financial stability.

03:33I would argue that we would make some different judgments now because the problems are different.

03:37But too often, I think, in the regulatory world, they don't want to have the discussion.

03:45And both the Capital Markets Union and the Banking Union have been in the works for a very long time.

03:51How far off completion, in your opinion, are we?

03:54So the Banking Union, I think we're nearer completion.

03:58There's the European Deposit Insurance Scheme, which has still not been put in place,

04:02and we were talking about that when I was here 10 years ago.

04:04And that is politically very difficult.

04:07The Capital Markets Union, in order to make it happen,

04:10you have to tackle some of the things that go to the very heart of the rules and laws that individual countries have.

04:19And so those speak to things about identity and nationhood.

04:25And as we know, right across Europe and in my own country,

04:30issues of identity and nation are what are driving a huge amount of the politics in all our countries.

04:40Do you think that one of the solutions to this could be promoting the idea of being European

04:47as opposed to, or I suppose in conjunction with feelings of nationalism?

04:51Member States would feel much more comfortable about ceding power to supranational European regulators and supervisors

05:02if they thought those regulators and supervisors were basically pro-growth and there was proper accountability.

05:11I think their fear is, what if the regulator is a nightmare to work with?

05:17And what if they're very heavy and they make it difficult for us to do our business?

05:22So that's why I would argue that how you think about regulation, supervision, deregulation, simplification,

05:31is actually part of how you take forward the savings and investment union and the banking union.

05:38If people feel confident, the centre, there'll be people who are operating in a responsible way,

05:47but in a way that can facilitate growth and understands the importance of competitiveness.

05:52I think the argument about centralisation becomes easier to make.

05:56And you're a European commissioner before Brexit and you are a British politician.

06:02What type of relationship would you like to see between the UK and the EU's capital markets union?

06:08You have to work out if the most important thing to you is politics or economics.

06:13So from an economic point of view, I think having a strong capital markets in London

06:19has proved still helpful to European businesses because they're able to get investment at lower costs through London

06:31than they would if you didn't have a strong deep capital markets on your doorstep.

06:37It makes sense for Europe, I think, and the UK, London to cooperate

06:44because it doesn't seem to me likely that Europe is going to be able to develop a single centre

06:50that is going to be able to challenge the New York any time soon.

06:54The story of the last 10 years has been no one else in Europe, I'm afraid, has become a global financial centre.

07:01The main beneficiary of Brexit from a financial centre point of view

07:05and financial service point of view has been New York.

07:08It's not been anyone in Europe.

07:10Some centres in Europe have done a little bit better.

07:13London has done a little bit worse.

07:15The big winner has been America.

07:17So I think there is a clear practical case for UK and EU to carry on working together more closely.

07:26The politics of that are not straightforward

07:28and I think it will take some time before I think people in Europe feel that they can take that step.

07:38Certainly from a British point of view, they'd be very keen to talk about that starting tomorrow.

07:43That's all we have time for, but thank you so much for sharing your insights and for coming on The Big Question.

07:49Thank you very much.

07:50Thank you very much.

07:57Just an

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