- 6 weeks ago
Albuquerque wzywa do wykorzystania impetu unii rynków kapitałowych
Szefowa służb finansowych UE Maria Luís Albuquerque wzywa prawodawców do wykorzystania tego, co określiła jako „pilny moment”, aby sfinalizować narzędzia do stworzenia prawdziwej europejskiej unii rynków kapitałowych.
CZYTAJ WIĘCEJ : http://pl.euronews.com/2025/12/19/albuquerque-wzywa-do-wykorzystania-impetu-unii-rynkow-kapitalowych
Zasubskrybuj nasz kanał.Euronews jest dostępny na Dailymotion w 12 językach
Szefowa służb finansowych UE Maria Luís Albuquerque wzywa prawodawców do wykorzystania tego, co określiła jako „pilny moment”, aby sfinalizować narzędzia do stworzenia prawdziwej europejskiej unii rynków kapitałowych.
CZYTAJ WIĘCEJ : http://pl.euronews.com/2025/12/19/albuquerque-wzywa-do-wykorzystania-impetu-unii-rynkow-kapitalowych
Zasubskrybuj nasz kanał.Euronews jest dostępny na Dailymotion w 12 językach
Category
🗞
NewsTranscript
00:00Wszelkie prawa zastrzeżone.
00:30Wszelkie prawa zastrzeżone.
01:00Wszelkie prawa zastrzeżone.
02:32Wszelkie prawa zastrzeżone.
02:34Wszelkie prawa zastrzeżone.
03:06Wszelkie prawa zastrzeżone.
03:08Wszelkie prawa zastrzeżone.
03:10Wszelkie prawa zastrzeżone.
03:12Wszelkie prawa zastrzeżone.
03:14Wszelkie prawa zastrzeżone.
03:16Wszelkie prawa zastrzeżone.
03:18Wszelkie prawa zastrzeżone.
03:20Wszelkie prawa zastrzeżone.
03:22Wszelkie prawa zastrzeżone.
03:24Wszelkie prawa zastrzeżone.
03:26Wszelkie prawa zastrzeżone.
03:28Wszelkie prawa zastrzeżone.
03:30Wszelkie prawa zastrzeżone.
03:32Wszelkie prawa zastrzeżone.
03:34Wszelkie prawa zastrzeżone.
03:36Wszelkie prawa zastrzeżone.
03:38Zwa casa Price Hedira na européenę.
03:40I self- 구 RICH Biraz w mitä ta degrees za alltid.
03:42chos, czy Europy monuments państwa też jako nasz.
03:46WSzelkie prawa zastrzeżone.
03:48Wszelkie prawa zastrzeżone na laylaj.
03:51Wszelkie prawa zastrzeżone.
03:54Wszelkie prawa zastrzeżone.
03:56Wszelkie prawo zastrzeżone liter Mightечат내 i juntami.
03:59Wszelkie prawa dosta.
04:03Wszelkie prawa zastrzeżone.
04:05to have the same objective and work at the European and national level
04:10to eliminate unnecessary burdens.
04:12For an investor, for capital that wants to move into Europe and put money to work,
04:17when they hear this they go, wow, this is crazy, I don't even know where to start.
04:21What's the pitch that you make?
04:23We are addressing that. I have only last week,
04:26the Commission has adopted the Market Integration and Supervision Package,
04:31which is part of our strategy for the Savings and Investments Union,
04:35and we are exactly addressing the problems we have identified
04:39on the fragmentation in our capital markets
04:42to make sure that we address the problems, we find the right solutions,
04:47and we make going cross-border in our capital markets seamless.
04:52So you can go anywhere following the same rules.
04:55That is the purpose of the package we have adopted last week.
04:58And you mentioned doing business cross-border,
05:00and that is something that we see businesses say we want and we need yet,
05:03when you look at the landscape, and at times political decisions.
05:06There is a very strong national instinct that kicks.
05:08I'm thinking of banks, cross-border operations,
05:13potential acquisitions that have been blocked.
05:16Is this a single market that is simply not working?
05:18It's part of the single market that is not working.
05:21So we are talking about allowing our businesses to have a true European scale.
05:26Because if you look at Europe, Europe is big, it's powerful, and it's rich.
05:31So how money is going away from Europe?
05:33Because we are keeping this money in 27 different pockets, and that's what's not working.
05:38So we really need to work and address these barriers that keep us fragmented.
05:43Because if we pool our resources together, look, we have 450 million citizens.
05:48We have the highest level of income per capita as a region in the world.
05:53We have an educated population.
05:55If we bring all these resources together and we really deliver the single market,
06:00we are a global powerhouse indeed.
06:04And you point to, of course, the numbers and the figures going for the European Union.
06:09But in reality, Europe has become an anomaly in a way.
06:13It's a continent that is big, wealthy, rich by all international standards, highly educated,
06:19with a market, as you say, that has issues but is deeply integrated compared to other areas.
06:23And yet we see that we cannot compete on capital markets of companies going public,
06:29listing in the stocks change compared to the United States.
06:31There are some who say this is impossible.
06:34You will never be able to overtake the U.S.
06:36But the focus should be on at least stopping this outflows into or outside of the European Union.
06:42How are you planning to do this?
06:43I'm being way more ambitious than stopping the outflows.
06:46I really think that we have the resources and the ability in Europe.
06:51That's exactly the focus of the package we have presented last week on market integration.
06:56But that is part of a strategy which way broader on the Savings and Investments Union.
07:01But what the Savings and Investments Union tries to deliver is exactly this, is looking at what we have in Europe,
07:07what is currently preventing us from benefiting to the full scale of the resources we have and address those barriers and work to eliminate them.
07:17And we need to act as Europeans because there is this perception that we have small member states and big member states.
07:26We are all small.
07:27For the level of competition, for the kind of positioning we should want to have and I believe that we Europeans really want to have, individually we are all small.
07:38But together we are actually quite big.
07:41You said you want to be more optimistic.
07:43Do you really realistically think it gets to a point where the European capital markets can compete with the US because the numbers are not pointing in that direction?
07:50And some would argue Wall Street, you look at the biggest bank, it outdoes all of the banks in Europe.
07:55It's impossible to do.
07:56Do you really think it gets to a point where the European Union can be as equally competitive?
08:00Oh, absolutely.
08:01I think that if we do the right thing…
08:02Can be in Wall Street.
08:03Can be…
08:04Not Wall Street.
08:05I don't like to put things as we want to be like the US.
08:09No.
08:10We want to be equally competitive following our own model.
08:14We are different and that's a good thing.
08:16But we can be equally efficient.
08:18Why is it a good thing?
08:19Because we have different standards, different patterns.
08:24We are different as a population.
08:26There is room for diversity, but that should not prevent us from getting to our common objectives.
08:32So when we look at our European markets, we have room for local dynamic markets, but with interoperability we can actually have our resources connected.
08:44So you can find the right, the sweet spot in Europe, either you want to be local, more regional or fully pan-European.
08:51If we implement this package that we have adopted, we can get to that kind of setting that is equally supportive for the different business models you want to have.
09:03But yes, we are also looking forward to have some significantly big players, pan-European players that can compete at the global scale.
09:13And, of course, the key, however, are the co-legislators, as you mentioned.
09:19So that means the European Parliament has to be involved, but also the different capitals.
09:22Then you need to reach out to investors.
09:24And then, of course, you need to reach out to the consumers and the savers.
09:27So I want to ask you first, specifically, when you've done this European tour of countries, what feedback do you get, not just from capitals and the politicians, but really those with skin in the game and money to deploy?
09:39Has anything changed in the past year? Barrier Draghi talked about radical change or decline? What's changed?
09:45What has changed? I think it was the awareness and the realization that we really have to work together to deliver meaningful results.
09:54In terms of outcomes, we have put forward lots of proposals, but proposals by the Commission and in themselves deliver nothing.
10:03We need the co-legislators, the European Parliament and the different governments to also share our sense of urgency, agree on what we propose and implement on the ground.
10:14And do they?
10:15We are working on that. We have already managed to agree on some relevant decisions, but we still have a lot of work ahead of us.
10:23But we do need to keep that sense of urgency and move fast. I keep asking that from the co-legislators.
10:30And yes, there is a lot happening. There is a lot that needs to be done. But truly, we have this sense of urgency.
10:39When I go to the different member states, I talk to a wide range of stakeholders from innovators to social partners to financial sector participants, industry representatives.
10:53And I do find a lot of support. So there is a significant understanding that we need to really benefit from the scale that Europe together can bring us.
11:04And beyond the understanding, there needs to be a horizon. There needs to be dates. I've spoken to many market players who say the idea of the banking union complete and the capital markets union.
11:15We've heard this repeatedly for years and years, and it has not been able to deliver.
11:20This year, some would argue, was not even as fast as they were expecting. And this was a lot of momentum and a lot of concerns about the European economy specifically.
11:28What can you deliver going into 2026? In terms of our responsibility as the commission, we are delivering very, very fast.
11:35Capital markets union, you see a completion by the end of next year?
11:39I think that the package we have submitted, I think it's possible to have a discussion and agreement within one year.
11:46We just need for our co-legislators to share the same sense of urgency and level of ambition that we have.
11:53I think it is possible. It is a big package. But the challenge is to not lie on the number of legislative pieces.
12:00It's about the political willingness we have to put to it. And that is not a question of time. It's a question of willingness.
12:07So I think it is possible to have it. And then we have to deploy it. I find it a bit difficult to say delivering the capital markets union,
12:16delivering the measures that complete the single market. And yes, that would lead us to the capital markets union.
12:24But as long as we anchor the expectations, as we start delivering, we can start seeing results right away because markets do work on expectations.
12:34They will want to position themselves for what they see coming.
12:37How much do you think this can turn? How much actual figures funding can this deploy overall?
12:44When you say, if I look at the state of Europe, this is the money on the sidelines.
12:47And this is the money that we can activate beyond the abstract if all of these manifests.
12:52Well, we have this identified number. It started with the drug reports talking about 300 billion investment per year.
13:00Then those estimates were updated to 1.2 trillion. We know that we have just from the retail side,
13:08we have about 11 trillion euros in bank deposits. I'm not saying that it should all come out, but a part of that could be mobilized.
13:16We also see that there are 300 billion living for the US every year. A part of that, if there were good investment opportunities would stay here.
13:27And beyond that, there is actually a lot of money out there in the world looking for a home.
13:33If we anchor the expectations, if we start delivering on this ambitious project, a lot of that money will definitely consider coming to Europe.
13:42We need to have the dynamism that the market is still a bit expecting to see.
13:49The United States stocks in terms of trillions. Is that a figure that you say it's also feasible for us?
13:55Of course we have. If we have 1.2 trillion investment needs per year, that is the kind of size we should be talking about.
14:04So you also want to talk in trillions?
14:05Yes, I want to talk in about, I want to talk about achievements and I want to talk about, and it's not just about the investment in the capital markets and the banks.
14:15It's about our citizens. It is about giving them opportunities to put their money to work and have higher returns.
14:21It's about building pension funds that guarantee adequacy of pensions for the next generations.
14:28It is about building an integrated ecosystem where every citizen in Europe and every company in Europe have the same opportunities no matter where you are located.
14:38And Commissioner, I'm happy you mentioned the real aspect of a lot of this which has to do with the people, citizens.
14:45They have to be active players, otherwise you're building a capital markets union in silos.
14:50Everything we do is for the people, even if we don't say it every time. This is for the European citizens.
14:55Every single decision is about improving the lives of the Europeans, otherwise it would be pointless.
15:01And still, some would say that doesn't really translate and financial literacy in Europe compared to other jurisdictions is just very low.
15:08A 25 year old, again, I don't want to go back to the United States, but a 25 year old knows how to invest, has a conception of money, is interested in making more money.
15:17That is something that simply doesn't seem to resonate as much in Europe. How can you change that?
15:22And do you think there is a problem with the European culture that simply doesn't like taking risks?
15:27First, I would argue that there are parts of Europe where you find exactly that same spirit, so this is not the same picture you find everywhere.
15:36I don't think it's so much about culture, it's about incentives and opportunities.
15:42People are very much the same wherever you go in the world.
15:45You give them the right incentives and the right opportunities and they will react accordingly.
15:50What we are trying to do, namely with the savings and investment account blueprint we have presented in late September with the financial literacy strategy, the first EU financial literacy strategy,
16:02is trying to facilitate that people are better informed, that they have more knowledge, but then they also have the opportunities to put their money to work.
16:12We have suggested and recommended that member states follow the design of these savings and investments accounts with some tax incentives,
16:21because, again, you give people the right opportunities, the right incentives, the right knowledge, and we will find out.
16:28I'm pretty sure that people are the same wherever you go.
16:31And when it comes to risk, however, we recently interviewed the Nobel Prize winner, Philippe Agon, who said,
16:38yes, but there remains this idea of risk and failure, and that is a sort of shame in Europe and the United States and other places in the world.
16:47It is just part of the process. Is there a bigger conversation to be had in which Europeans have to become more comfortable with the idea of risk become less risk averse?
16:56That comes with knowledge as well. So I think we all know intuitively or just this common sense knowledge that if you want reward,
17:07you have to take some risks. That is basic knowledge that everyone understands.
17:11What we need to make sure is that people also have enough understanding so that they can find the level of risk they feel comfortable with.
17:19We are all different. So what we need to give is people that give people opportunities to choose how they want to position themselves in this risk reward relation.
17:30And if we give people opportunities, you see, for example, crypto growing very, very fast.
17:36It's a very risky area. And yet people are investing because they're eager to get returns.
17:41So I think there is there is this I know what you're talking about, this perception about failure and this kind of social social.
17:51I wouldn't say it's a cliche. I think it's something that in terms of public perception, we probably should work on.
17:58But again, if we give people the opportunities, the knowledge, the incentives, they will follow this because they are eager to get return and approaching risk appropriately is what is giving them that return.
18:14And yes, we need to develop. Maybe I wouldn't call it culture. I'd call it the habit, making this something that people normally do investing.
18:24And you find this in parts of Europe in the Nordics, for example, you find a very different setting.
18:30So Europe is not all the same. It's different. That is also part of our richness.
18:36And lastly, you have been described as a commissioner that is very compatible with Maria Draghi.
18:43I've seen you described as the Draghi-Yani commissioner. Is that something that you say?
18:48Yes, I recognize myself in his words. Or would you say, yes, I'm part of this Draghi school of economics.
18:54How would you define it? I would say that we had the first thing we have approved as a commission.
19:00So the whole commission was the competitiveness compass, which translates the Draghi report into a set of actions.
19:07So I would argue we are argue we are all dragons in that sense.
19:11We are all we all understand the diagnosis made, the need to provide solutions.
19:16And we are all committed to delivering those solutions, the whole commission.
19:20And that's the compass. The competitiveness compass is actually translating into action.
19:26And Draghi is the compass of that compass, would you say?
19:30Draghi was the inspiration of that compass and the fact that he was the one presenting the report was actually very, very good
19:39because he's very recognized as someone credible, knowledgeable.
19:44So it is a very significant help that he says it.
19:49Well, Commissioner Albuquerque, thank you so much for joining us on the Europe Conversation on Euronews.
19:54Thank you so much for joining us.
Comments