Speech: V. Dombrovskis (EU Commission)

Objectives European fiscal rules, as enshrined in the Stability and Growth Pact, are currently suspended to allow governments to fight the economic fallout from the pandemic. Under current plans, these fiscal rules will be enacted again in 2024. The EU Commission is expected to put forward its SGP reform proposals based on the principles outlined … Continued

Objectives The session will first assess the economic causes of the recent financial turmoil on the EU financial industry and discuss solutions to get out of the financialization trap. Then the session will focus on the impact of the economic environment on the EU financial industry. Speakers will also be invited to express their views … Continued

“ Objectives The EU benefits from various operational infrastructures able to make instant payments. However instant payments represent in 2022 only one-in-ten credit transfers in euro in the EU. This is even lower in case of transfers between two Member States. To address the situation, the Commission proposed a set of measures aimed at increasing … Continued

Objectives This session will first discuss the potential impact of the measures proposed in December 2022 by the European Commission to strengthen EU clearing (i.e. in terms of competitiveness of the EU clearing ecosystem and of reduction of the exposure of the EU to systemic risks from offshore clearing), potential adjustments that may be needed … Continued

Objectives Despite the rapid innovation made possible by the internet and the rapid development of emerging markets, cross-border payments have remained costly, slow, and insufficiently secure. To address these challenges, the Financial Stability Board is coordinating a 19-building block roadmap. In October 2022 the FSB published a prioritisation plan and engagement model for taking the … Continued

Objectives This session will take stock of the measures of the MiFIR review on which there is an agreement among co-legislators in the context of the on-going negotiations, identify the main pending questions and the issues remaining to be further clarified for preparing the implementation of the MiFIR review measures. The panel will also discuss … Continued

Objectives In an ever-increasing internet and electronic transaction context at the global level, improving and further integrating EU payment services necessitates reflecting on the appropriate infrastructures. Swift and multiple current evolutions raise varied challenges in usability and reliability, cost effectiveness, security, privacy, monetary policy, … not mentioning the likely transformations of the payment industry. In … Continued