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Albuquerque pide aprovechar el impulso para la unión de los mercados de capitales
La responsable de servicios financieros de la UE, Maria Luís Albuquerque, insta a los legisladores a aprovechar lo que describió como un "momento de urgencia" para finalizar los instrumentos necesarios y crear una auténtica unión de los mercados de capitales europeos.
MÁS INFORMACIÓN : http://es.euronews.com/2025/12/19/albuquerque-pide-aprovechar-el-impulso-para-la-union-de-los-mercados-de-capitales
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La responsable de servicios financieros de la UE, Maria Luís Albuquerque, insta a los legisladores a aprovechar lo que describió como un "momento de urgencia" para finalizar los instrumentos necesarios y crear una auténtica unión de los mercados de capitales europeos.
MÁS INFORMACIÓN : http://es.euronews.com/2025/12/19/albuquerque-pide-aprovechar-el-impulso-para-la-union-de-los-mercados-de-capitales
¡Suscríbete a nuestro canal! Euronews está disponible en 12 idiomas
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03:22No, es no becoming a problem
03:24It is a part of the problem
03:25We have identified
03:26We keep hearing about gold plating
03:28That's it
03:29Gold plating is putting another layer
03:31Over common rules
03:33And that makes it more complicated
03:35Especially to navigate cross border
03:37And for our viewers of course
03:39And urine is a gold plating
03:40Of course this is a rather technical term
03:42But what it means is
03:43You have the European legislation
03:45And then you'd have the national legislation
03:47You have additional rules
03:49That are applied in the national context
03:52So something comes agreed
03:54At the European level
03:55And you make it more burdensome
03:57And complicated at national level
03:59Yes, a part of the problem also lies there
04:03So this has to be a joint effort
04:04We all have to have the same objective
04:06And work at the European and national level
04:10To eliminate unnecessary burdens
04:12For an investor
04:13For a capital that wants to move into Europe
04:16And put money to work
04:17When they hear this they go
04:18Wow, this is crazy
04:20I don't even know where to start
04:21What's the pitch that you make?
04:23We are addressing that
04:25I have only last week
04:26The Commission has adopted
04:28The market integration and supervision package
04:31Which is part of our strategy
04:33For the savings and investments union
04:35And we are exactly addressing
04:37The problems we have identified
04:39On the fragmentation in our capital markets
04:42To make sure that we address the problems
04:44We find the right solutions
04:46And we make going cross border
04:49In our capital markets seamless
04:51So you can go anywhere
04:53Following the same rules
04:55That is the purpose of the package
04:56We have adopted last week
04:57And you mentioned doing business cross border
04:59And that is something that we see
05:01Businesses say we want and we need
05:02Yet when you look at the landscape
05:04And at times political decisions
05:06There is a very strong national instinct
05:08That kicks
05:08I'm thinking of banks
05:10Cross merger operations
05:13Potential acquisitions
05:14That have been blocked
05:15Is this a single market
05:17That is simply not working?
05:19This part of the single market
05:20That is not working
05:21So we are talking about
05:22Allowing our businesses
05:24To have a true European scale
05:26Because if you look at Europe
05:28Europe is big
05:29It's powerful
05:30And it's rich
05:31So how money is going away from Europe?
05:33Because we are keeping this money
05:35In 27 different pockets
05:36And that's what's not working
05:38So we really need to work
05:40And address these barriers
05:41That keep us fragmented
05:43Because if we pool our resources together
05:45Look, we have 450 million citizens
05:48We have the highest level of income per capita
05:51As a region in the world
05:53We have an educated population
05:55If we bring all these resources together
05:58And we really deliver the single market
06:00We are a global powerhouse indeed
06:04And you point to, of course, the numbers
06:07And 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
06:14Wealthy, rich by all international standards
06:17Highly educated
06:19With a market, as you say, that has issues
06:21But is deeply integrated compared to other areas
06:23And yet we see that we cannot compete
06:26On capital markets
06:27Of companies going public
06:29Listing in the stocks change
06:30Compared to the United States
06:31There are some who say
06:33This is impossible
06:34You will never be able to overtake the U.S.
06:36But the focus should be on
06:38At least stopping those outflows
06:39Into or outside of the European Union
06:42How are you planning to do this?
06:43I'm being way more ambitious
06:44Than stopping the outflows
06:46I really think that we have the resources
06:49And the ability in Europe
06:51That's exactly the focus of the package
06:53We have presented last week
06:54On market integration
06:55But that is part of a strategy
06:58Which we're broader on the Savings and Investments Union
07:01But what the Savings and Investments Union
07:03Tries to deliver is exactly this
07:05Is looking at what we have in Europe
07:07What is currently preventing us
07:10From benefiting to the full scale
07:12Of the resources we have
07:14And address those barriers
07:16And work to eliminate them
07:17And we need to act as Europeans
07:19Because there is this perception
07:23That we have small member states
07:25And big member states
07:26They're all small
07:27For the level of competition
07:29For the kind of positioning
07:32We should want to have
07:34And I believe that we Europeans
07:35Really want to have
07:36Individually we're all small
07:39But together we are actually quite big
07:41You said you want to be more optimistic
07:43Do you really realistically think
07:44It gets to a point
07:45Where the European capital markets
07:46Can't compete with the US
07:48Because the numbers are not pointing
07:49In that direction
07:50And some would argue
07:51Wall Street
07:52You look at the biggest bank
07:53It outdoes all of the banks in Europe
07:55It's impossible to do
07:56Do you really think it gets to a point
07:58Where the European Union
07:59Can't 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 not Wall Street
08:05I don't like to put things
08:08As we want to be like the US
08:09No
08:10We want to be equally competitive
08:13Following our own model
08:14We are different
08:14And that's a good thing
08:15But we can be equally efficient
08:18Why is it a good thing?
08:19Because we have different standards
08:22Different patterns
08:24We are different as a population
08:26There is room for diversity
08:28But that should not prevent us
08:30From getting to our common objectives
08:31So when we look at our European markets
08:35We have room for local dynamic markets
08:38But with interoperability
08:40We can actually have our resources connected
08:44So you can find the right
08:46The sweet spot in Europe
08:47Either you want to be local
08:49More regional
08:49Or fully pan-European
08:51If we implement this package
08:53That we have adopted
08:54We can get to that kind of setting
08:57That is equally supportive
09:00For the different business models
09:03You want to have
09:03But yes
09:04We are also looking forward
09:05To have some significantly big players
09:10Pan-European players
09:11That can compete at the global scale
09:13And of course
09:15The key however
09:16Are the co-legislators
09:18As you mentioned
09:19So that means
09:20The European Parliament
09:21Has to be involved
09:21But also the different capitals
09:23Then you need to reach out
09:24To investors
09:24And then of course
09:25You need to reach out
09:25To the consumers
09:26And the savers
09:27So I want to ask you
09:29First specifically
09:29When you have done
09:30This European tour of countries
09:32What feedback do you get
09:33Not just from capitals
09:35And the politicians
09:36But really those
09:36With skin in the game
09:38And money to deploy
09:39Has anything changed
09:40In the past year
09:41Barrier Draghi
09:42Talked about radical change
09:43Or decline
09:44What has changed?
09:46What has changed
09:47I think it was
09:48The awareness
09:48And the realisation
09:51That we really have
09:52To work together
09:53To deliver meaningful results
09:54In terms of outcomes
09:56We have put forward
09:57Lots of proposals
09:58But proposals
09:59By the commission
10:00And in themselves
10:02Deliver nothing
10:03We need the co-legislators
10:05The European Parliament
10:06And the different governments
10:08To also share
10:10Our sense of urgency
10:11Agree on what we propose
10:13And implement on the ground
10:14And when I go
10:15We are working on that
10:17We have already managed
10:18To agree on some relevant decisions
10:20But we still have
10:22A lot of work ahead of us
10:24But we do need to
10:25Keep that sense of urgency
10:27And move fast
10:28I keep asking that
10:29From the co-legislators
10:30And yes
10:32There is a lot happening
10:33There is a lot
10:34That needs to be done
10:35But truly
10:36We have this sense of urgency
10:38When I go to the different
10:40Member states
10:40I talk to a wide range
10:43Of stakeholders
10:44From innovators
10:46To social partners
10:47To financial sector participants
10:50Industry representatives
10:53And I do find a lot of support
10:56So there is a significant
10:57Understanding
10:58That we need
11:00To really benefit
11:01From the scale
11:02That Europe together
11:03Can bring us
11:04And beyond the understanding
11:05There needs to be a horizon
11:07There needs to be dates
11:08I've spoken to
11:09Many market players
11:11Who say the idea
11:12Of the banking union
11:13Complete and the capital markets union
11:15We've heard this
11:15Repeatedly for years
11:17And years
11:18And it has not been able
11:19To deliver
11:20This year
11:20Some would argue
11:21Was not even as fast
11:22As they were expecting
11:23And this was a lot of momentum
11:25And a lot of concerns
11:26To about the European economy
11:27Specifically
11:28What can you deliver
11:29Going into 2026
11:30In terms of
11:32Our responsibility
11:33As the commission
11:33We are delivering
11:34Very very fast
11:35Capital markets union
11:36You see a completion
11:37By the end of
11:38Next year
11:39I think that
11:40The package we have submitted
11:41I think it's possible
11:43To have a discussion
11:44In agreement
11:45Within one year
11:46We just need
11:47For our co-legislators
11:49To share
11:49The same
11:50Sense of urgency
11:51And level of ambition
11:52That we have
11:53I think it is possible
11:55It is a big package
11:56But the challenge
11:58Is to not lie
11:59On the number
12:00Of legislative pieces
12:01It's about
12:01The political willingness
12:03We have to put to it
12:04And that is not
12:05A question of time
12:06It's a question
12:07Of willingness
12:07So I think it is possible
12:09To have it
12:10And then we have
12:11To deploy it
12:12I find it a bit difficult
12:13To say
12:14Delivering the capital
12:15Markets union
12:16Delivering the measures
12:18That complete
12:20The single market
12:21And yes
12:21That would lead us
12:23To the capital markets union
12:24But as long as
12:25We anchor the expectations
12:27As we start delivering
12:28We can start seeing results
12:30Right away
12:31Because markets do work
12:33On expectations
12:34They will want to
12:35Position themselves
12:36For what they see coming
12:37How much do you think
12:38This can turn
12:39How much
12:40Actual
12:41Figures funding
12:42Can this deploy
12:43Overall
12:44When you say
12:45If I look at the state of Europe
12:46This is the money
12:46On the sidelines
12:47And this is the money
12:48That we can activate
12:49Beyond the abstract
12:50If all of these manifests
12:52Well we have
12:53This identified number
12:55It started with
12:56The Draghi report
12:57Talking about
12:58300 billion investment
12:59Per year
13:00Then those estimates
13:01Were updated
13:02To 1.2 trillion
13:03We know that we have
13:05Just from the retail side
13:09We have about
13:0911 trillion euros
13:11In bank deposits
13:12I'm not saying
13:13That it should all come out
13:15But a part of that
13:16Could be mobilized
13:16We also see that
13:18There are 300 billion
13:19Living for the US
13:21Every year
13:22A part of that
13:23If there were
13:24Good investment opportunities
13:26Would stay here
13:27And beyond that
13:28There is actually
13:29A lot of money
13:30Out there
13:31In the world
13:31Looking for a home
13:33If we anchor
13:34The expectations
13:35If we start delivering
13:36On this ambitious project
13:38A lot of that money
13:39Will definitely consider
13:41Coming to Europe
13:42We need to have
13:43The dynamism
13:45That the market
13:46Is still
13:46A bit
13:47Expecting to see
13:49The United States
13:50Talks in terms
13:51Of trillions
13:52Is that a figure
13:53That you say
13:54It's also feasible
13:55For us
13:56Of course
13:57We have
13:57If we have
13:581.2 trillion
13:59Investment needs
14:01Per year
14:02That is the
14:04Kind of size
14:04We should be talking
14:05So you also want to
14:05Talk in trillions
14:06Yes
14:07I want to talk
14:07About
14:08I want to talk
14:09About achievements
14:09And I want to talk
14:10About
14:11And it's not just
14:12About the investment
14:13In the capital markets
14:14And the banks
14:15It's about our citizens
14:17It is about giving
14:18Them opportunities
14:19To put their money
14:20To work
14:20And have higher returns
14:21It's about building
14:23Pension funds
14:23That guarantee
14:24Adequacy of pensions
14:26For the next generations
14:27It is about
14:29Building an integrated
14:30Ecosystem
14:31Where every citizen
14:33In Europe
14:33And every company
14:34In Europe
14:35Have the same opportunities
14:36No matter where
14:38You are located
14:38And Commissioner
14:39I'm happy
14:40You mentioned
14:41The real aspect
14:42Of a lot of this
14:43Which has to do
14:44With the people
14:45Citizens
14:45They have to be
14:46Active players
14:47Otherwise you're building
14:47A capital markets union
14:48For silos
14:50Everything we do
14:51Is for the people
14:52Even if we don't
14:53Say it every time
14:54This is for the
14:54European citizens
14:55Every single decision
14:56Is about improving
14:58The lives of the Europeans
15:00Otherwise it would be pointless
15:01And still some would say
15:02That doesn't really translate
15:03And financial literacy
15:05In Europe
15:06Compared to other jurisdictions
15:07Is just very low
15:09A 25 year old
15:10Again I don't want to go back
15:11To the United States
15:12But a 25 year old
15:13Knows how to invest
15:14Has a conception of money
15:15Is interested in
15:16Making more money
15:17That is something
15:18That simply doesn't seem
15:19To resonate as much
15:20In Europe
15:21How can you change that
15:22And do you think
15:23There is a problem
15:23With the European culture
15:24That simply doesn't like
15:26Taking risks
15:27First I would argue
15:29That there are parts of Europe
15:30Where you find
15:31Exactly that same spirit
15:32So this is not
15:33The same picture
15:35You find everywhere
15:36I don't think
15:37It's so much about culture
15:38It's about incentives
15:41And opportunities
15:41People are very much
15:43The same wherever
15:44You go in the world
15:44You give them
15:45The right incentives
15:46And the right opportunities
15:47And they will react accordingly
15:50What we are trying to do
15:51Namely with the savings
15:53And investment account blueprint
15:55We have presented
15:56In late September
15:56With the financial literacy strategy
16:00The first EU financial literacy strategy
16:02Is trying to facilitate
16:04That people are better informed
16:07That they have more knowledge
16:09But then they also have
16:10The opportunities
16:10To put their money to work
16:12We have suggested
16:13And recommended
16:14That member states
16:15Follow the design
16:18Of these savings
16:18And investments accounts
16:20With some tax incentives
16:21Because again
16:22You give people
16:23The right opportunities
16:24The right incentives
16:25The right knowledge
16:26And we will find out
16:28I'm pretty sure
16:29That people are the same
16:30Wherever you go
16:31And when it comes to risk
16:33However
16:33We recently interviewed
16:34The Nobel Prize winner
16:36Philippe Agon
16:37Who said
16:38Yes
16:39But there remains
16:40This idea of risk
16:41And failure
16:42And that is
16:43A sort of shame
16:44In Europe
16:44In the United States
16:45And other places
16:46In the world
16:47It is just part
16:48Of the process
16:48Is there a bigger conversation
16:50To be had
16:50In which Europeans
16:51Have to become
16:52More comfortable with
16:53The idea of risk
16:54Become less risk averse
16:56That comes with knowledge
16:58As well
16:58So
16:58I think we all know
17:01Intuitively
17:02Or just
17:03This common sense knowledge
17:05That if you want reward
17:07You have to take some risks
17:08That is basic knowledge
17:10That everyone understands
17:11What we need to make sure
17:13Is that people also have
17:14Enough understanding
17:15So that they can find
17:17The level of risk
17:18They feel comfortable with
17:19We are all different
17:21So
17:21What we need to give
17:22Is people
17:23Give people opportunities
17:26To choose
17:26How they want to position
17:28Themselves
17:29In this risk reward relation
17:31And if we give people
17:33Opportunities
17:34You see for example
17:35Crypto growing
17:36Very very fast
17:37It is a very risky area
17:38And yet people are investing
17:40Because they are eager
17:41To get returns
17:42So
17:42I think there is
17:43There is this
17:44I know what you are talking about
17:47This perception
17:48About failure
17:49And this kind of
17:50Social
17:50I wouldn't say
17:53It is a cliché
17:53I think it is something
17:55That in terms of
17:56Public perception
17:57We probably should work on
17:58But again
17:59If we give people
18:01The opportunities
18:02The knowledge
18:03The incentives
18:04They will follow this
18:06Because they are eager
18:08To get return
18:09And approaching risk
18:11Appropriately
18:12Is what is giving them
18:14That return
18:15And yes
18:15We need to develop
18:16Maybe I wouldn't call it
18:18Culture
18:18I'd call it
18:19The habit
18:20Making this something
18:22That people normally do
18:23Investing
18:24And you find this
18:26In parts of Europe
18:27In the Nordics
18:28For example
18:28You find a very
18:29Different setting
18:30So Europe is
18:32Not all the same
18:33It's different
18:34That is also part
18:35Of our richness
18:36And lastly
18:37You have been described
18:38As a commissioner
18:39That is very compatible
18:41With Mario Draghi
18:43I've seen you described
18:44As the Draghi
18:46Yanni commissioner
18:47Is that something
18:48That you say
18:48Yes I recognize myself
18:50In his words
18:51Or would you say
18:51Yes I'm part of this
18:52Draghi school of economics
18:54How would you define it
18:55I would say
18:57That we
18:57The first thing
18:59We have approved
18:59As a commission
19:00So the whole commission
19:02Was the competitiveness compass
19:04Which translates
19:06The Draghi report
19:07Into a set of actions
19:08So I would argue
19:09We are all Draghians
19:11In that sense
19:12We are all
19:13We all understand
19:14The diagnosis made
19:16The need to provide solutions
19:17And we are all committed
19:18To delivering those solutions
19:20The whole commission
19:21And that's the compass
19:22The competitiveness compass
19:24Is actually translating
19:26Into action
19:27What were the recommendations
19:28And Draghi is the compass
19:28Of that compass
19:29Would you say
19:30Draghi was the inspiration
19:32Of that compass
19:33And the fact that
19:35He was the one
19:36Presenting the report
19:37Was actually
19:38Very very good
19:39Because he's very
19:41Recognized as someone
19:43Credible
19:44Knowledgeable
19:45So it is
19:46A very
19:47A significant help
19:48That he says it
19:50Well Commissioner
19:51Albuquerque
19:51Thank you so much
19:52For joining us
19:52On the Europe Conversation
19:53On Euronews
19:54We'll see you next time
19:55Humgeh
19:56So
19:58I'm
19:59No
19:59I'm
20:00I'm
20:00Let's
20:04I'm
20:05I'm
20:05I'm
20:06I'm
20:06I'm
20:07I'm
20:07I'm
20:08I'm
20:08I'm
20:09I'm
20:10I'm
20:10I'm
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