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

Afternoon session opening and EU macroeconomic outlook

The Chair opens the afternoon session and swiftly adopts the agenda and minutes, then the Commissioner for Economic and Financial Affairs presents the latest EU macroeconomic outlook, highlighting persistently uncertain conditions due to geopolitics and tight monetary policy alongside labour‑market resilience, easing energy tensions and falling inflation, and underlining the need to balance investment support with fiscal sustainability.

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EU performance framework opinion: scope and horizontal principles

Aurore Lalucq and 2 others

The rapporteur presents his approach to the performance regulation framework as a results‑oriented tool without duplicating horizontal principles like DNSH, climate and gender provisions, while S&D and ECR shadows clash over keeping or rolling back these requirements, and Renew and the EESC advocate a balanced line that retains horizontals as expressions of EU values but with proportional implementation and clearer guidance, before the rapporteur reiterates his position and the Chair confirms the vote date.

In this chapter

1. Introduction of ECON opinion on performance regulation frameworkAurore Lalucq
2. S&D and ECR shadows: defence vs rollback of horizontalsAurore Lalucq
3. Renew and EESC: nuanced support for horizontal principlesAurore Lalucq

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PEPP reform: rapporteur priorities and political groups’ positions

Aurore Lalucq and 3 others

Rapporteure Yon‑Courtin sets out political priorities for revising PEPP, followed by initial reactions from EPP, S&D and The Left on fees, interaction with public and occupational pensions, automatic enrolment and tax incentives, after which the Commission clarifies PEPP’s life‑cycle design, complementary role to state pensions and approach to sub‑accounts and fiscal incentives, before the rapporteur and Chair close the item and announce the legislative calendar.

In this chapter

1. Rapporteure Yon-Courtin: enjeux politiques et priorités PEPPAurore Lalucq
2. Political groups’ initial reactions to PEPP reformJanusz Lewandowski
3. Commission’s reply on PEPP design and fiscal incentives
4. Rapporteure’s closing on PEPP and legislative calendarAurore Lalucq

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Morning opening, agenda and PEPP launch

Aurore Lalucq S&D

The Chair opens the ECON meeting, adopts the agenda and minutes, reports on trilogue progress on the economic governance simplification package, and then launches the first exchange of views on the Commission’s PEPP 2.0 review proposal, outlining its main design features and tax‑related expectations for Member States.

In this chapter

1. Opening of meeting, agenda and coordinators’ decisionsAurore Lalucq
2. Introduction of PEPP review and Commission’s PEPP 2.0 proposalAurore Lalucq

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Opinion on NRPP regulation – Conditionality, governance and Parliament’s role

Damian Boeselager and 3 others

Rapporteur’s presentation of concerns on macroeconomic conditionality, governance and stakeholder involvement in the NRPP regulation, followed by political group reactions on conditionality, transparency, rule‑of‑law criteria and strengthening the European Parliament’s role, including indications on compromise work.

In this chapter

1. Opinion on NRPP regulation – Rapporteur’s concerns on conditionality and governanceDamian Boeselager
2. NRPP – Group reactions on conditionality, transparency and EP roleIsabel Benjumea Benjumea

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Digital assets own‑initiative report – Scope, group positions and follow‑up

Damian Boeselager and 6 others

Presentation of the draft report on digital assets and tokenisation, followed by political group positions on MiCA implementation, stablecoin multi‑issuance, AML/KYC and monetary stability, and concluding remarks on convergence, remaining differences and next procedural steps.

In this chapter

1. Own-initiative report – Digital assets: scope and principlesDamian Boeselager
2. Political groups – Positions on MiCA implementation, multi‑issuance and stablecoinsStefan Berger
3. Conclusion on digital assets report – Next stepsJohan Van Overtveldt

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MISP Q&A – Centralised supervision, DLT and SFR

Markus Ferber and 11 others

MEP Q&A with experts on the balance between ESMA and national supervisors, protection of smaller markets, DLT experimentation and interoperability, Settlement Finality Regulation changes, depository passports, ESMA resources and the package’s role in closing Europe’s investment gap, ending with key implementation messages.

In this chapter

1. Q&A – Centralised supervision vs. NCAs, ESMA capacity, market structureMarkus Ferber
2. Q&A – National vs EU roles, DLT, SFR and depository passportJaroslava Pokorná Jermanová
3. Q&A and conclusions – Resources, Draghi ‘billions’ gap, key messagesDamian Boeselager

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Public hearing – Market Integration and Supervision Package (MISP)

Damian Boeselager and 4 others

Opening of the public hearing and expert statements from market infrastructures and ESMA on the Commission’s MISP proposals, focusing on centralised supervision, pan‑EU market operator status, DLT, open access and the need for scale and coherent EU‑level supervision.

In this chapter

1. Hearing opening – Market integration and supervision package (MISP)Damian Boeselager
2. Expert statements – Nasdaq, LSE and Euroclear on MISPNikolaj Kosakewitsch
3. ESMA’s view – Need for scale, central supervision and coherent packageVerena Ross

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Eurogroup – Crisis lessons, fiscal rules and EU sovereignty

Pierre Pimpie and 8 others

Further Q&A with the Eurogroup president on lessons from the Greek crisis, application of new fiscal rules in crises, diversification away from Russian energy, AI’s labour‑market impact, and EU‑level action on energy union, defence spending and windfall profits, concluding with a political exchange on Greece and wrap‑up.

In this chapter

1. Q&A – Lessons from Greek crisis, fiscal stability, sovereigntyPierre Pimpie
2. Q&A – Fiscal rules in crises, diversification and AI labour impactsAnouk Van Brug
3. Q&A round 2 – Energy union, defence spending and windfall profitsGeorgios Aftias
4. Closing Eurogroup exchange – Critique of national policies and wrap‑upLefteris Nikolaou-Alavanos

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Exchange with Eurogroup president – Economic outlook and fiscal stance

Aurore Lalucq and 3 others

Introductory statements and first Q&A with the Eurogroup president on the macroeconomic outlook, energy shock, fiscal stance and the Eurogroup work programme, including priorities on energy, savings and investment union, digital euro and AI governance.

In this chapter

1. Opening – Context and role of Eurogroup presidentAurore Lalucq
2. Eurogroup president – Economic outlook, energy shock and fiscal stanceKyriakos Pierrakakis
3. Eurogroup work programme – Energy, savings and investment union, digital euroKyriakos Pierrakakis
4. Q&A round 1 – Quick wins, digital euro process, AI governanceLuděk Niedermayer

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De Masi proposal and item 8 procedural wrap-up

Aurore Lalucq and 7 others

Non-attached MEP De Masi raises concerns on opaque defence procurement pricing and proposes an EU price benchmarking tool, followed by the rapporteur’s closing remarks and the Chair’s clarification of the amendment deadline, ECON vote date and upcoming joint meeting schedule for item 8.

In this chapter

1. Non-attached MEP De Masi: proposal on price benchmarking and oligopoly risksFabio De Masi
2. Item 8 wrap-up: rapporteur openness, amendments and vote calendarAurore Lalucq

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Shadows’ positions on DNSH, indicators and delegated powers

Claire Fita and 5 others

Shadow rapporteurs from S&D, Left, ECR, Renew and Greens set out contrasting lines on preserving DNSH, climate and social targets, use of ‘ideological’ indicators, flexibility for Member States and the scope of delegated acts, indicating fault lines for amendments and coalition building.

In this chapter

1. Shadow (S&D/left-of-centre): support for DNSH, social and territorial focusClaire Fita
2. Shadows (Left and ECR): criticism of ‘ideological’ indicators and defence focusMireia Borrás Pabón
3. Shadow (Renew): defend DNSH and Commission flexibility via delegated actsĽudovít Ódor
4. Shadow (Greens): red lines on DNSH, social conditionality and delegated actsRasmus Andresen

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Item 8 opened: mandate and rapporteur’s priorities

Aurore Lalucq and 1 other

Chair opens Item 8 on the new performance regulation and gives the floor to rapporteur Lewandowski, who outlines his draft opinion and flags key concerns on simplification, deletion of DNSH, delegated acts and defence exemptions within the MFF framework.

In this chapter

1. Item 8 opened: context of performance regulationAurore Lalucq
2. Rapporteur Lewandowski: main concerns on simplification, DNSH and delegated actsJanusz Lewandowski

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EPPO/OLAF access to VAT data – safeguards and resources

Aurore Lalucq and 4 others

The Chair and shadows introduce the file on granting EPPO and OLAF access to EU‑level VAT data, converging on amendments that strengthen data‑protection safeguards, logging and proportionality of access while stressing the need for sufficient human and IT resources and confirming the 3 June ECON vote target.

In this chapter

1. Access by EPPO and OLAF to EU‑level VAT data – file introductionAurore Lalucq
2. Shadows on VAT data access – data protection and resourcesAurore Lalucq
3. Additional safeguards and implementation design for VAT data accessAurore Lalucq

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Single Market and Customs Programme – ECON opinion

Aurore Lalucq and 3 others

The rapporteur and political groups present their positions on the Single Market and Customs Programme, focusing on simplification, monitoring, democratic control, comitology and the role of statistics, with broad support for the draft opinion and a vote scheduled for 3 June.

In this chapter

1. Single Market and Customs Programme – rapporteur’s overviewAurore Lalucq
2. Political groups’ positions on Single Market and Customs ProgrammeAurore Lalucq

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Digital finance, non‑bank sector and cyber resilience

Luis de Guindos and 3 others

De Guindos sets out the ECB’s stance on stablecoins, tokenised assets and the digital euro, responds to concerns about systemic geopolitical uncertainty, and details ECB priorities on AI‑enabled cyber‑risk, private credit growth and macroprudential oversight as emerging financial‑stability challenges.

In this chapter

1. ECB view on stablecoins and tokenised assetsLuis de Guindos
2. Chair’s questions: cyber‑risk, MITOS and ECB resilienceAurore Lalucq
3. Private credit risks and macroprudential oversightLuis de Guindos

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Monetary policy, inflation dynamics and market risks

Aurore Lalucq and 5 others

MEPs question De Guindos on lessons from the recent inflation episode, perceived delays in tightening, the disconnect between buoyant markets and underlying risks, and the implications of persistent geopolitical shocks, to which he defends a cautious, data‑dependent meeting‑by‑meeting approach given current uncertainties and supply‑side pressures.

In this chapter

1. EPP – Navarrete: lessons from inflation episodeAurore Lalucq
2. Question on market optimism vs economic risksJonás Fernández
3. ECR – concerns on late tightening and inflationAurore Lalucq

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Opening of ECON meeting and ECB statement

Aurore Lalucq and 1 other

The Chair opens the ECON meeting, adopts the agenda and introduces ECB Vice‑President De Guindos, who presents the ECB’s 2025 Annual Report focusing on the macro outlook, monetary policy stance, EMU deepening, digital euro and the ECB’s accountability to Parliament.

In this chapter

1. Opening of ECON meeting and ECB accountability sessionAurore Lalucq
2. ECB 2025 macro outlook and monetary policy stanceLuis de Guindos
3. ECB contribution to EMU deepening and digital euroLuis de Guindos
4. ECB mandate, euro area resilience and EP relationsLuis de Guindos

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IORP II review: Objectives, legal basis and stakeholder concerns

Marlena Maląg ECR

After closing the euro panel, the committee turns to the IORP II review, with the rapporteur outlining reform goals for supplementary pensions, MEPs debating EU added value versus national prerogatives and spillovers for pension adequacy, and closing remarks committing to refine the proposal in light of trust, governance and prudential concerns.

In this chapter

1. Transition to IORP II review and pension adequacy context
2. Rapporteur’s introduction: Objectives for IORP II reform
3. Shadows’ first reactions: Protecting national schemes and questioning EU added valueMarlena Maląg

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Q&A: Euro internationalisation, safe assets and strategic autonomy

Michalis Hadjipantela and 4 others

MEPs question the experts on how to build a unified EU safe asset, respond to the euro’s declining share, manage dollar stablecoins, assess costs and benefits of a stronger global euro, and use concrete legislative files and own resources to support a multipolar monetary system and greater EU autonomy.

In this chapter

1. Q&A: Unified issuer and safe assets (Hadjipantela)Michalis Hadjipantela
2. Q&A: Euro’s declining share, Eurobond swaps and dollar stablecoinsNikos Papandreou
3. Q&A: Costs/benefits of a global euro and ECB flexibilityEnikő Győri

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Hearing opening: Global role of the euro

The Chair opens the ECON meeting, adopts the agenda and introduces the public hearing on the global role of the euro, followed by expert presentations on US/China currency strategies, ECB swap lines, stablecoins, digital euro design, EU safe assets and structural drivers of the euro’s weaker international role.

In this chapter

1. Opening of meeting and euro hearing agenda
2. Expert Valle: US/China strategies vs EU’s lack of plan
3. Expert Valle: ECB swap lines, stablecoins and digital euro

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FSB with Andrew Bailey: systemic risk priorities and digital finance

Aurore Lalucq and 6 others

Opening exchange with the FSB Chair on the state of global financial stability, focusing on non‑bank financial intermediation, private credit, stablecoins and digital money, plus related issues on AML/CFT, sanctions evasion and climate‑related systemic risks.

In this chapter

1. FSB exchange: opening and systemic risk agendaAurore Lalucq
2. FSB Q&A: NBFIs, private credit and stablecoinsMarkus Ferber
3. FSB Q&A: digital money, AML/CFT and climateAuke Zijlstra

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Second Q&A and expert reactions on pensions package

Michalis Hadjipantela and 1 other

MEPs question how to shift household savings into pensions while protecting consumers, followed by expert responses on transparency, advice quality, product design and the balance between EU‑level rules and national systems in closing the pension gap.

In this chapter

1. Second Q&A round: convincing savers, advice, trust and benchmarksMichalis Hadjipantela
2. Panel experts: key closing messages on pensions package

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First Q&A round: IORP II, PEPP and investment rules

Francisco Assis and 2 others

MEPs from EPP, S&D, ECR, Renew, Greens and the Left question the witnesses on whether IORP II reforms deter new schemes, the weak performance of PEPP, social and political acceptance of pension reforms, risk limits and branding for PEPP, DB versus DC models, investment rules and the mobilisation of pension capital for SMEs and innovation, eliciting differentiated responses on supervision, incentives, product design and market depth.

In this chapter

1. Q&A: EPP: will IORP II reforms deter new schemes?
2. Q&A: S&D and ECR: PEP failure, inequality and reform stabilityFrancisco Assis
3. Q&A: Renew: redesigning PEPP and EU ‘Europe pensions’ label

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