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Mme Albuquerque veut profiter de l’élan donné à l’union des marchés de capitaux
Maria Luís Albuquerque, commissaire européenne aux services financiers, appelle les législateurs à tirer parti de ce qu’elle qualifie de « situation d’urgence » pour mettre en place les outils nécessaires à la création d’une véritable union européenne des marchés de capitaux.
LIRE L’ARTICLE : http://fr.euronews.com/2025/12/19/mme-albuquerque-veut-profiter-de-lelan-donne-a-lunion-des-marches-de-capitaux
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Maria Luís Albuquerque, commissaire européenne aux services financiers, appelle les législateurs à tirer parti de ce qu’elle qualifie de « situation d’urgence » pour mettre en place les outils nécessaires à la création d’une véritable union européenne des marchés de capitaux.
LIRE L’ARTICLE : http://fr.euronews.com/2025/12/19/mme-albuquerque-veut-profiter-de-lelan-donne-a-lunion-des-marches-de-capitaux
Abonnez-vous à notre chaine. Euronews est disponible sur Dailymotion en 12 langues
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NewsTranscription
00:00Welcome to the Europe Conversation.
00:10My guest today is Maria Luisa Alburquerque.
00:12She is Commissioner for Financial Services and the Savings and Investments Union.
00:18Commissioner, thank you very much for joining us on Euronews.
00:22It's quite a portfolio that you have.
00:24But before we get into the details, I do have to ask you about the U.S. administration and President Trump.
00:31Some very heavy remarks.
00:34They argue the European Union at this point is weak.
00:38The economy is not doing well.
00:39You're regulating too much.
00:41And that could lead to civilizational erasure in Europe.
00:45How do you respond?
00:47Well, you probably know that we have made competitiveness the core of our mandate.
00:52This is the main focus, competitiveness of Europe since we began, so already over a year ago.
01:01We are aware of the competitiveness challenges that Europe faces.
01:04But we are also very much aware of the potential that Europe has.
01:08The single market is probably the most revolutionary thing created in Europe, but it still needs to be completed.
01:15And we are working very hard on that to actually allow for the full potential of Europe to bring us to the competitiveness level that we need.
01:24And that's on us.
01:26It depends only on us.
01:28And you talk about the single market, and we will get there in a moment.
01:31But I do want to, again, just focus on the idea of a United States that looks at Europe as a continent that is in decline.
01:39Is this continent in decline?
01:41Has regulation killed the European economy?
01:43Again, we have a lot of potential.
01:46And, of course, the international landscape is changing.
01:49And that led us to look at ourselves probably in a bit of a different light.
01:55And we have this need to find our own open strategic autonomy.
02:00We continue to be an open economy.
02:02We continue to be open to the world.
02:04But we need to do a lot for ourselves because it is true we have lacked somewhat on competitiveness.
02:11And we also have understood the need for simplification.
02:15We have lots of rules on many different areas.
02:19And given the way that we have built them, and especially given the fragmented way we have implemented them,
02:26it became possibly a little too complicated.
02:29But we are addressing that.
02:30So you do say it got too complicated.
02:32The focus now is to undo that.
02:35I wouldn't call it undo.
02:37I would say go through the acquis and understand how can you preserve the purpose without undue complication.
02:45But that is not just about what we do at the commission level.
02:49It is also how these rules are then debated with the co-legislators during the negotiation
02:55and how they are implemented in the member states.
02:58A significant part of the complexity emerges from that, from the fragmented landscape of how we implement or even just interpret the same rule across the 27 member states.
03:11So I think I hear what you are saying, and it is not just down to the commission.
03:15There is also an issue perhaps with memberships and the way that they apply things.
03:19And before we move on, that is becoming a problem, you would see.
03:22No, it is not becoming a problem.
03:24It is a problem.
03:24A part of the problem we have identified, we keep hearing about gold plating.
03:28That's it.
03:29Gold plating is putting another layer over common rules, and that makes it more complicated, especially to navigate cross-border.
03:38And for our viewers, of course, and your news, a gold plating, of course, this is a rather technical term,
03:42but what it means is you have the European legislation and then you'd have the national legislation.
03:47You have additional rules that are applied in the national context.
03:52So something comes agreed at the European level, and you make it more burdensome and complicated at national level.
03:59Yes, a part of the problem also lies there.
04:03So this has to be a joint effort.
04:05We all have to have the same objective and work at the European and national level to eliminate unnecessary burdens.
04:12For an investor, for a capital that wants to move into Europe and put money to work, when 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, the 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 on the fragmentation in our capital markets
04:42to make sure that we address the problems, we find the right solutions,
04:46and 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.
04:57And you mentioned doing business cross-border,
05:00and that is something that we see businesses say we want and we need yet when you look at the landscape.
05:04and at times political decisions, there is a very strong national instinct that kicks.
05:09I'm thinking of banks, cross-marger operations, potential acquisitions that have been blocked.
05:16Is this a single market that is simply not working?
05:19It'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 good 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, we 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.
06:24And yet we see that we cannot compete on capital markets, of companies going public, listing in the stocks change compared to the United States.
06:31There are some who say this is impossible, you will never be able to overtake the U.S.,
06:36but the focus should be on at least stopping those 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.
06:55But that is part of a strategy which we brother on the Savings and Investments Union.
07:01But what the Savings and Investments Union tries to deliver is exactly this,
07:05is looking at what we have in Europe, what is currently preventing us from benefiting of the full scale of the resources we have
07:14and address those barriers and work to eliminate them.
07:17And we need to act as Europeans because there is this perception
07:23that we have small member states and big member states.
07:27We're all small.
07:28For the level of competition, for the kind of positioning we should want to have,
07:34and I believe that we Europeans really want to have,
07:37individually 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 it gets to a point where the European capital markets
07:46can't compete with the U.S. because the numbers are not pointing in that direction?
07:50And some would argue Wall Street, you 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 where the European Union can't be as equally competitive?
08:00Oh, absolutely.
08:01I think that if we do the right thing...
08:03It can be at Wall Street.
08:04Can be...
08:04Not Wall Street.
08:05I don't like to put things as we want to be like the U.S.
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.
08:38But with interoperability, we can actually have our resources connected.
08:44So you can find the right, the sweet spot in Europe.
08:48Either 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.
09:14And 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.
09:23Then 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?
09:41Barrio Draghi talked about radical change or decline.
09:44What's changed?
09:46What has changed?
09:47I 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.
10:15And we are working on that.
10:17We have already managed to agree on some relevant decisions, but we still have a lot of work ahead of us.
10:24But we do need to keep that sense of urgency and move fast.
10:28I keep asking that from the co-legislators.
10:31And, yes, there is a lot happening.
10:34There is a lot that needs to be done.
10:36But, 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.
10:56So 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.
11:07There needs to be dates.
11:08I have spoken to many market players who say the idea of the banking union complete and the capital markets union, we'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.
11:24And this was a lot of momentum and a lot of concerns, too, about the European economy.
11:27I mean, specifically, what can you deliver going into 2026?
11:31In 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.
11:55It is a big package, but the challenge is to not lie on the number of legislative pieces.
12:01It's about the political willingness we have to put to it.
12:04And that is not a question of time.
12:06It's a question of willingness.
12:08So I think it is possible to have it, and then we have to deploy it.
12:12I find it a bit difficult to say delivering the capital markets union, delivering the measures that complete the single market.
12:21And 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.
12:53Well, we have this identified number.
12:55It started with the drug reports talking about $300 billion investment per year.
13:00Then those estimates were updated to $1.2 trillion.
13:03We know that we have, just from the retail side, we have about €11 trillion in bank deposits.
13:13I'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 U.S. every year.
13:22A 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,
13:38a 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 talks in terms of trillions.
13:52Is that a figure that you say it's also feasible for us?
13:56Of course we have.
13:57If we have 1.2 trillion investment needs per year, that is the kind of size we should be talking about.
14:05So you also want to talk in trillions?
14:06Yes.
14:07I want to talk about achievements.
14:10And 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.
14:17It is about giving them opportunities to put their money to work and have higher returns.
14:22It'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
14:35have 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.
14:47Otherwise, 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.
14:54This is for the European citizens.
14:55Every single decision is about improving the lives of the Europeans.
15:00Otherwise, 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.
15:09A 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,
15:16is interested in making more money.
15:17That is something that simply doesn't seem to resonate as much in Europe.
15:21How 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.
15:33So, this is not the same picture you find everywhere.
15:36I don't think it's so much about culture.
15:39It'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,
16:00the first EU financial literacy strategy, is trying to facilitate that people are better informed, that they have more knowledge,
16:09but 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,
16:27and we will find out, I'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 Bagon,
16:37who said, yes, 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.
16:49Is 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.
16:58So I think we all know intuitively or just this common sense knowledge that if you want reward, you have to take some risks.
17:09That is basic knowledge that everyone understands.
17:12What 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.
17:20We are all different.
17:21So what we need to give is people, give people opportunities to choose how they want to position themselves in this risk-reward relation.
17:31And if we give people opportunities, you see, for example, crypto growing very, very fast.
17:37It's a very risky area.
17:39And yet people are investing because they're eager to get returns.
17:42So I think there is this, I know what you're talking about, this perception about failure and this kind of social, I wouldn't say it's a cliche.
17:54I think it's something that in terms of public perception we probably should work on.
17:59But again, if we give people the opportunities, the knowledge, the incentives, they will follow this because they are eager to get return.
18:09And approaching risk appropriately is what is giving them that return.
18:15And 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.
18:27In the Nordics, for example, you find a very different setting.
18:30So Europe is not all the same.
18:33It's different.
18:34That is also part of our richness.
18:36And lastly, you have been described as a commissioner that is very compatible with Mario Draghi.
18:43I've seen you described as the Draghi-Yani commissioner.
18:47Is that something that you say, yes, I recognize myself in his words?
18:51Or would you say, yes, I'm part of this Draghi school of economics?
18:54How would you define it?
18:55I would say that the first thing we have approved as a commission, so the whole commission, was the competitiveness compass, which translates the Draghi report into a set of actions.
19:08So I would argue we are all Draghians in that sense.
19:12We all understand the diagnosis made, the need to provide solutions, and we are all committed to delivering those solutions, the whole commission.
19:21And that's the compass?
19:22The competitiveness compass is actually translating into action.
19:27And 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.
19:45So it is a very significant help that he says it.
19:50Well, Commissioner Albuquerque, thank you so much for joining us on the Europe Conversation on Euronews.
19:54Thank you.
19:56And therefore we are going to have a break.
19:58So...
19:58So...
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