How to watch the Committee on Economic and Monetary Affairs (ECON)

Committee on Economic and Monetary Affairs Ordinary meeting

Single Market and Customs Union Programme – draft ECON opinion

Nikos Papandreou and 1 other

The Chair launches the item on the 2028–2034 Single Market and Customs Union Programme, rapporteur Boyer outlines governance, tax and statistics priorities, and shadows with the Commission debate flexibility, safeguards, redeployments and protection of Fiscalis and EU statistics within the merged programme.

In this chapter

1. Intro to Single Market and Customs Union Programme opinion
2. Rapporteur Boyer – governance, tax and statistics priorities
3. Shadows and Commission – flexibility, safeguards and competencesNikos Papandreou

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Committee on Economic and Monetary Affairs Ordinary meeting

Digital euro – MEPs’ questions on stability, fees, freedoms and infrastructure

Fernando Navarrete Rojas and 4 others

MEPs raise concerns on financial‑stability risks, merchant fees and small retailers, political acceptance and legal basis, and technical design choices, with Cipollone detailing risk simulations, potential fee caps, privacy and sovereignty arguments, interoperability rationale and competition benefits, before a shorter second round on costs, timetable and strategic resilience closes the item.

In this chapter

1. Q&A – financial stability impacts and LCR stressFernando Navarrete Rojas
2. Q&A – merchant fees, compensation and small retailersNikos Papandreou
3. Q&A – political opposition, freedom, sovereignty and public acceptanceMireia Borrás Pabón

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Committee on Economic and Monetary Affairs Ordinary meeting

Digital euro – Chair’s introduction and ECB project update

The Chair opens the ECON agenda item on the digital euro and ECB Board member Cipollone presents the state of play, including inclusion and innovation use cases, interaction with private schemes and standards, and the planned pilot phase and possible issuance timeline.

In this chapter

1. Opening of ECON meeting and digital euro context
2. ECB update – inclusion, accessibility and innovation use cases
3. ECB update – private schemes synergies and common standards
4. ECB update – 2027 pilot and readiness for possible issuance

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Committee on Economic and Monetary Affairs Ordinary meeting

Neobank hearing: MEP scrutiny and panel replies

Eero Heinäluoma and 4 others

MEPs question N26, BEUC, the ECB and EBA on AML failings, Russia‑related sanctions compliance, automation risks for vulnerable consumers, balancing innovation with prudential safeguards, and the protection of deposits and investment products, leading to detailed exchanges on governance reforms, human support obligations, level playing field, deposit guarantee coverage and consumer counterparty risk, before the Chair closes with shared priorities on robust governance and consumer protection.

In this chapter

1. Q: Heinäluoma: N26 AML shortcomings and Russia sanctionsEero Heinäluoma
2. Q: Kubín: automation, vulnerable consumers and right to human contactTomáš Kubín
3. Q: balance innovation vs risk (ECB, N26, EBA)Gilles Boyer

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Committee on Economic and Monetary Affairs Ordinary meeting

Neobank hearing: opening and expert statements

Aurore Lalucq S&D

The ECON committee opens the hearing on neobanks, with the Chair and representatives from the ECB, N26, BEUC and EBA outlining the digital banking landscape, benefits for competition and inclusion, key supervisory concerns (governance, AML, operational risk, funding models) and the need for stronger supervisory convergence and completion of banking union, including EDIS.

In this chapter

1. Opening of hearing: agenda and expert panelAurore Lalucq
2. ECB: digitalisation, neobank models and benefits
3. ECB: supervisory risks, governance and EDISAurore Lalucq

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Committee on Economic and Monetary Affairs Ordinary meeting

SRB hearing: banking union assessment and Q&A

Enikő Győri and 1 other

Dominique Labourieux presents the Single Resolution Board’s assessment of a decade of banking union and remaining reform needs, then answers detailed MEP questions on EDIS design, MREL and resolution strategy choices, cross‑border cooperation and implications for stability and competitiveness.

In this chapter

1. SRB hearing: opening, banking union progress and reform needs
2. SRB hearing: Q&A on EDIS, MREL, SPE/MPE and stablecoinsEnikő Győri

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Committee on Economic and Monetary Affairs Ordinary meeting

SSM hearing: supervisory outlook and MEP Q&A

Enikő Győri and 1 other

ECON committee holds its Single Supervisory Mechanism accountability hearing, with Claudia Buch outlining the state of euro area banks and supervisory priorities, followed by MEP questions on integration, proportionality, non‑bank risks, competitiveness and the digital euro.

In this chapter

1. SSM hearing: opening and supervisory outlook
2. SSM hearing: bank integration, proportionality and digital euroEnikő Győri

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Committee on Economic and Monetary Affairs Ordinary meeting

EU SME regime, AI, simplification agenda and hearing close

Eero Heinäluoma S&D

The ECON Chair and MEPs explore a potential lighter SME reporting regime, the impact of AI and digitalisation on standard‑setting, and how the EU’s simplification agenda aligns with IFRS/ISSB and CSRD interoperability, before the Chair closes the hearing.

In this chapter

1. Chair’s questions on SME regime, AI and standards
2. EU simplification agenda, ISSB/IFRS positioning and session closingEero Heinäluoma

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Committee on Economic and Monetary Affairs Ordinary meeting

IFRS/ISSB mandate, progress and global geopolitics

Eero Heinäluoma S&D

IFRS and ISSB leadership present their mandate, recent standard‑setting work and cooperation with the EU, followed by MEP questions on geopolitical fragmentation risks, US and Asian engagement, and implications for the global financial and sustainability reporting architecture.

In this chapter

1. IFRS/ISSB leadership: mandate, progress and EU interoperability
2. Geopolitics of global standards: fragmentation risks and US/Asia rolesEero Heinäluoma

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Committee on Economic and Monetary Affairs Ordinary meeting

Eurostat priorities and parliamentary scrutiny

Thomas Bajada and 1 other

Eurostat’s Director‑General outlines strategic priorities on defence, ESA and balance of payments revisions, housing, energy and agriculture statistics and budget needs, followed by MEPs’ questions on going beyond GDP, using private and multi‑source data, and the treatment of housing guarantees in government debt.

In this chapter

1. Eurostat DG Kotseva: priorities and statistical reforms
2. Eurostat Q&A with MEPs: beyond GDP, private data and housing debtThomas Bajada

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Committee on Economic and Monetary Affairs Ordinary meeting

Opening of ECON scrutiny and ESGAB exchange

Fernando Navarrete Rojas and 1 other

The Chair opens the ECON meeting, adopts the agenda and frames the annual scrutiny of European statistics, followed by ESGAB’s presentation on governance, independence, AI and resource needs and a detailed Q&A with MEPs on revising Regulation 223/2009, legal safeguards, budgets and oversight mechanisms.

In this chapter

1. Opening of ECON meeting and ESGAB mandate
2. ESGAB Chair statement: governance, AI and independence
3. ESGAB Q&A with MEPs: legal safeguards, AI and budgetsFernando Navarrete Rojas

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Committee on Economic and Monetary Affairs Ordinary meeting

EIB President Calviño: mandate, priorities and InvestEU

Fernando Navarrete Rojas PPE

President Calviño sets out the EIB Group’s strategic priorities for competitiveness, security and climate, emphasising record financing, key thematic pillars, and the central role of EIB guarantees in InvestEU and the next MFF, before moving into detailed scrutiny by MEPs.

In this chapter

1. EIB President statement: role, priorities and InvestEU
2. Second Q&A round: EIB governance, housing, UkraineFernando Navarrete Rojas

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Committee on Economic and Monetary Affairs Ordinary meeting

Committee votes: European Semester and ECB/EBA appointments

MEPs hold procedural test votes and final votes on the 2026 European Semester report, then conduct secret ballots to approve the ECB Vice‑President and EBA Chair, including the presentation of a minority opinion on investment and climate‑related aspects.

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Committee on Economic and Monetary Affairs Ordinary meeting

Opening and ECB monetary dialogue with Lagarde

Siegbert Frank Droese and 1 other

The Chair opens the ECON meeting, sets out agenda and rules, then conducts a full monetary policy dialogue with President Lagarde covering the euro area outlook, policy stance, transmission of shocks, inflation perceptions, mandate interpretation, financial stability issues and sector‑specific risks, before closing the ECB session and preparing to move to votes.

In this chapter

1. Opening of ECON meeting and ECB monetary dialogue
2. Monetary dialogue round 1: transmission, shocks and inflation perceptions
3. Monetary dialogue round 2: mandate, growth, and financial systemSiegbert Frank Droese

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Committee on Economic and Monetary Affairs Ordinary meeting

Energy Taxation Directive reform: rapporteur and group lines

Johan Van Overtveldt and 6 others

ECON turns to the Energy Taxation Directive file, with the rapporteur outlining procedural constraints, amendment volumes and the need to balance climate goals with competitiveness and regional impacts, followed by political group interventions setting out contrasting positions on fossil‑fuel treatment, minimum rates, exemptions, delegated acts and the overall climate‑versus‑competitiveness orientation ahead of technical talks and compromise drafting.

In this chapter

1. Energy Taxation Directive: rapporteur’s overview and constraintsJohan Van Overtveldt
2. Energy taxation: group positions on climate vs competitivenessHerbert Dorfmann

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Committee on Economic and Monetary Affairs Ordinary meeting

EBA Chair hearing: Michel’s mandate and scrutiny by ECON

Aurore Lalucq and 6 others

Under Article 48 EBA Regulation, François‑Louis Michaud sets out his strategic vision for the EBA (simplification, frontier supervision, shared back‑office and accountability), then faces successive MEP rounds on EU banking strategic autonomy, EBA governance, simplification of the rulebook, consolidation and competitiveness, dialogue with Parliament, his managerial track record, CMDI/EDIS and gender and diversity, before the committee closes the hearing and announces the vote.

In this chapter

1. Opening of EBA chair hearing: Michel’s strategic visionAurore Lalucq
2. First Q&A: EU banking autonomy, EBA governance, simplificationChristophe Gomart
3. Second Q&A (round 1): Consolidation, competitiveness and dialogue with EPStéphanie Yon-Courtin
4. Second Q&A (round 2): EBA track record, CMDI/EDIS, gender and diversityMichalis Hadjipantela

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Committee on Economic and Monetary Affairs Ordinary meeting

Cyprus Ecofin presidency: priorities and ECON Q&A

Aurore Lalucq and 7 others

The Cypriot Finance Minister, as Ecofin President, presents the presidency’s economic and financial priorities (Ukraine financing, new fiscal rules, CMU/Savings and Investment Union, digital euro, tax and CBAM files), followed by MEP questions on the digital euro, InvestEU in the next MFF, common EU debt servicing, the market integration package, and ambitions for CMU versus fragmentation and differentiated integration initiatives.

In this chapter

1. Opening of ECON session: Cyprus Ecofin prioritiesAurore Lalucq
2. Cyprus presidency work programme: Ukraine, governance, CMU, taxationMákis Keravnós
3. Q&A: Digital euro benefits and cost concernsMichalis Hadjipantela

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Committee on Economic and Monetary Affairs Working group Monetary Dialogue prep meeting (EGOV)

Chair’s conclusions: ECB mandate and political responsibility

Aurore Lalucq S&D

Chair closes by criticizing low MEP attendance, reiterating the ECB’s treaty-based, non-political mandate and the limits of monetary policy in addressing energy-price shocks, and calling on elected politicians to better explain these constraints to citizens.

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Committee on Economic and Monetary Affairs Working group Monetary Dialogue prep meeting (EGOV)

Euro area disinflation and ECB communication analysis

Aurore Lalucq S&D

Bottazzi analyses external and internal drivers of euro area disinflation, including energy prices, China and cross-country heterogeneity, presents an LLM-based framework to classify ECB communication by stance and clarity, and in Q&A explains the construction and interpretation of the clarity score for policy assessment.

In this chapter

1. Laura Bottazzi: external and internal drivers of euro area disinflationAurore Lalucq
2. Bottazzi: LLM-based analysis of ECB communication
3. Q&A: definition and interpretation of the clarity score

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Committee on Economic and Monetary Affairs Working group Monetary Dialogue prep meeting (EGOV)

Household inflation perceptions: evidence and heterogeneity

Aurore Lalucq S&D

Experts André and Smets present survey-based evidence on the persistent upward bias in household inflation perceptions and expectations, discuss psychological and socio-demographic drivers, and in Q&A detail the role of income, spending patterns and gendered shopping roles for heterogeneity and policy communication.

In this chapter

1. Peter André: household inflation bias and policy implications
2. Frank Smets (BIS): international survey evidenceAurore Lalucq
3. Q&A: heterogeneity in inflation perceptions

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Committee on Economic and Monetary Affairs Working group Monetary Dialogue prep meeting (EGOV)

Opening: mandate, agenda and policy focus

Aurore Lalucq S&D

Chair opens the EGOV preparatory meeting, sets the agenda for the Monetary Dialogue with President Lagarde, recalls the ECB policy context, and frames the policy relevance of the gap between actual, perceived and expected inflation and the linked background papers.

In this chapter

1. Opening: agenda and expert line-upAurore Lalucq
2. ECB policy stance and inflation-perception gap framingAurore Lalucq

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Committee on Economic and Monetary Affairs Ordinary Meeting – Joint Meeting with Members of the Committee on Civil Liberties, Justice and Home Affairs

Roll‑call votes on proposal and negotiation mandate; closure

Javier Zarzalejos PPE

Committees proceed to a roll‑call vote on the proposal as amended, which is adopted, followed by a roll‑call vote on the mandate to enter into inter‑institutional negotiations, also adopted, after which the session is formally concluded.

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Committee on Economic and Monetary Affairs Ordinary Meeting – Joint Meeting with Members of the Committee on Civil Liberties, Justice and Home Affairs

LIBE Chair: verification, voting method and compromise amendments

Javier Zarzalejos PPE

Chair of LIBE confirms quorum and tested voting system, launches the voting session by show of hands and announces the adoption of compromise amendments 2, 3, 4 and 1 in sequence.

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Committee on Economic and Monetary Affairs Ordinary Meeting – Joint Meeting with Members of the Committee on Civil Liberties, Justice and Home Affairs

Co‑rapporteur statement: scope and SME framework

Co‑rapporteur presents the proposal’s objective to extend simplified SME requirements and guidance to mid‑cap critical infrastructure companies in sectors such as energy, transport and water, and to establish a clear, future‑proof EU definition of small and mid‑cap enterprises as a reference for future EU law while preserving support for SMEs.

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