In her confirmation hearing held on 6 November 2024, Commissioner‑designate Maria Luís Albuquerque stood before the European Parliament to outline her vision and objectives as the prospective Commissioner for Financial Services and the Savings and Investments Union. With a career spanning over three decades in economics and finance, Ms Albuquerque brings to the table a wealth of experience and a strong commitment to financial stability, competitiveness, and empowerment of EU citizens in the financial system.
Members of the ECON Committee, along with those from the invited IMCO and LIBE committees, engaged in a comprehensive exchange with the Commissioner‑designate. They raised issues such as her approach to regulation and financial stability, as well as her strategy for securing a competitive and innovative economy, including the reduction of regulatory burdens and the creation of an investment‑friendly environment.
Ms Albuquerque’s vision is rooted in the conviction that financial stability is the bedrock of a robust and competitive economy that serves its people. Acknowledging the lessons from the devastating financial crises of the past, she reaffirmed that preserving the stability and integrity of the EU’s financial system would be her main anchor. Her commitment to resist deregulation calls and implement the internationally agreed Basel III standards was a recurrent theme throughout the hearing.
At the same time, the Commissioner‑designate addressed the urgency to rethink the EU’s competitiveness, advocating for a strong and competitive economy that supports innovation and entrepreneurship, commits to sustainability, promotes inclusive growth, and protects and empowers consumers. In this context, Ms Albuquerque focussed strongly on burden reduction for companies, especially SMEs, ensuring rules are fit for purpose and value‑adding and avoiding excessive compliance costs and undue regulatory requirements. She committed to ensuring that EU financial rules contribute to a more competitive economy without undermining financial stability or investor and consumer protection.
Ms Albuquerque also stressed the role of the savings and investments union in boosting demand through greater retail participation, removing barriers to market‑driven consolidation, as well as making cross‑border supervision more coherent. She shared her vision for a savings and investments union that provides more opportunities for everyone: retail investors with only small savings, institutional investors, pension funds, asset managers, insurance companies, banks, the corporate sector, scale‑up companies, start‑up companies. She wants everyone to be able to find the right counterpart, the right opportunity under the savings and investments union umbrella. In other words, a functional financial market that creates a real level playing field for everyone, no matter where they are.
The hearing highlighted Ms Albuquerque’s readiness to continue working on the capital markets union and the banking union, long‑standing priorities for the Commission, now under the umbrella of the savings and investments union. She expressed her understanding of the technical and political challenges ahead but remained resolute in her determination to see these projects through, with a call for political courage.
Regarding sustainable finance, the Commissioner‑designate recognised the EU’s leadership role and pledged to focus policy towards making the framework more usable and more proportionate, particularly for smaller enterprises and for those in transition towards sustainability, while keeping greenwashing at bay. On digital finance, Ms Albuquerque undertook to take a balanced and forward‑thinking approach, ensuring its advantages are harnessed by both citizens and businesses. She underscored the role of the upcoming AI Act in managing risks associated with digital finance and artificial intelligence.
Financial literacy emerged as a significant theme, with Ms Albuquerque outlining her commitment to empowering citizens to make informed financial decisions. Acknowledging the current low levels of trust in the financial system, Ms Albuquerque said she is determined to boost financial literacy. She stressed that she believes that helping EU citizens understand and manage their finances is key to increasing trust and enabling them to capitalise on financial opportunities.
A staunch advocate for European values, Ms Albuquerque also called for continuing the fight against financial crime, including money laundering and terrorism financing, as well as the enforcement of sanctions.
As the hearing concluded, Maria Luís Albuquerque’s responses reflected a comprehensive understanding of the complex landscape of EU financial services, which was widely acknowledged by MEPs. Her emphasis on stability, competitiveness, and consumer empowerment set the stage for a proactive 5 years at the helm of the Commission’s financial services portfolio, should she be confirmed. As the European Parliament considers the confirmation of the entire College of Commissioners, Ms Albuquerque’s pledge to engage openly and regularly with its members underscores her dedication to a shared vision for the financial well‑being of nearly 450 million Europeans.
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