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

Committee on Economic and Monetary Affairs Joint meeting Committee on Budgets CJ16 - BUDG-ECON (Rule 59)

InvestEU steering board mandate and programme state of play

Johan Van Overtveldt ECR

The chair opens the joint BUDG‑ECON item and Ms Berger, as incoming InvestEU steering board chair, presents InvestEU’s mandate, governance model, implementing partners, financial products, Omnibus II reinforcement, Member State compartments and performance metrics, positioning a reinforced InvestEU as a central de‑risking tool within a future European Competitiveness Fund.

In this chapter

1. Opening and InvestEU steering board mandateJohan Van Overtveldt
2. Commission: InvestEU governance, partners and open architecture
3. Commission: financial products, Omnibus II boost and Member State compartments
4. Commission: performance metrics, leverage and link to ECF

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Committee on Economic and Monetary Affairs Ordinary meeting

SRB annual report: resolution framework and competitiveness

Aurore Lalucq and 2 others

The committee opens a hearing with SRB Chair Laboureix on the SRB’s annual report, progress on bank resolvability and CMDI, and the balance between competitiveness and strong resolution rules, followed by questions on the SRB’s input to the Commission’s competitiveness work, possible simplification of MREL and TLAC, and the architecture for an EU‑level liquidity backstop, where Laboureix argues for holistic, non‑deregulatory reforms and completion of Banking Union including an SRF‑backed ECB liquidity model.

In this chapter

1. Opening: Single Resolution Board annual report and prioritiesAurore Lalucq
2. Q: Ferber (EPP): SRB input on competitiveness, MREL and liquidity backstopsMarkus Ferber
3. Q: Fernández (S&D): Simplifying MREL and TLAC without weakening standardsJonás Fernández

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Committee on Economic and Monetary Affairs Ordinary meeting

ESMA powers, pensions package and SIU deliverables

Giovanni Crosetto and 5 others

The exchange turns to the scope and phasing of ESMA’s direct supervision under MISP, the Presidency’s handling of political divides to reach an October deal, priorities in the supplementary pensions package and competition policy, and concrete deliverables for the Savings and Investment Union and digital euro, with Harris advocating gradual but meaningful centralisation where value‑adding, advancing pensions and securitisation files, and building public trust in an optional, privacy‑respecting digital euro.

In this chapter

1. Q: Crosetto (ECR): ESMA powers and gradual central supervisionGiovanni Crosetto
2. Q: Yon‑Courtin (Renew): Pensions package and competition pressuresStéphanie Yon-Courtin
3. Q: Doherty (EPP): Achieving an October MISP dealRegina Doherty
4. Q: Penkova (S&D): SIU concrete steps and digital euro trustTsvetelina Penkova

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Committee on Economic and Monetary Affairs Ordinary meeting

MISP supervision, fiscal rules and energy financing

Markus Ferber and 3 others

MEPs question Harris on the October deadline for a Council general approach on the market integration and supervision package, the balance between speed and quality of financial supervision reform, use of escape clauses and fiscal space for energy and defence, stronger conditionality on EU funds, and how to mobilise large‑scale investment for the Energy Union while maintaining fiscal sustainability, with Harris emphasising proportional central supervision, the SIU as a financing tool and the MFF ‘negotiating box’ process.

In this chapter

1. Q: Ferber (EPP): MISP timeline vs quality of supervisionMarkus Ferber
2. Q: Fita (S&D): Energy crisis, escape clauses and EU budgetSimon Harris
3. Q: Győri (PFE): Conditionality, Energy Union funding, fossil subsidiesAurore Lalucq

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Committee on Economic and Monetary Affairs Ordinary meeting

Irish ECOFIN Presidency: mandate and priorities

Aurore Lalucq and 1 other

The Chair opens the session and Minister Harris, as ECOFIN President, sets out the Irish Council Presidency’s overall motto, three main pillars and key workstreams, including the Savings and Investment Union, competitiveness, supervision, securitisation, pensions, tax, CBAM and implementation of the new economic governance framework and RRF.

In this chapter

1. Opening: Irish ECOFIN Presidency prioritiesAurore Lalucq
2. Harris: Presidency pillars, SIU and simplification agendaSimon Harris

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Committee on Economic and Monetary Affairs Ordinary meeting

ESMA mandate reforms: political positions and negotiation framework

Eero Heinäluoma and 5 others

Debate on expanding ESMA’s direct supervision over key market infrastructures, asset managers and crypto‑asset services, with S&D, ECR and other groups outlining differing positions on centralisation versus national competences, technological neutrality, investor protection and market integration, followed by Commission and rapporteurs detailing negotiation scope, ESMA resources and the legislative timetable for MiFIR, MiFID and SFAR.

In this chapter

1. ESMA central supervision, Settlement Finality and stablecoins: S&D and ECR perspectivesEero Heinäluoma
2. Political groups: positions on ESMA mandate and market integrationEnikő Győri
3. Commission and rapporteurs: negotiation scope, ESMA capacity and timetableAurore Lalucq

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Committee on Economic and Monetary Affairs Ordinary meeting

ECB hearing closure and launch of MiFIR/MiFID package

Aurore Lalucq and 1 other

The committee closes the ECB hearing and formally opens the agenda point on the market integration and supervision package, with Rapporteur Ferber outlining his strategy on the ESMA data platform, expanded ESMA powers over CCPs/CSDs, a competitiveness mandate and a permanent, technology‑neutral DLT regime aligned with existing market legislation.

In this chapter

1. Conclusion of ECB hearing and shift to market integration fileAurore Lalucq
2. Rapporteur Ferber: MiFIR data hub, ESMA powers and DLT regimeMarkus Ferber

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Committee on Economic and Monetary Affairs Ordinary meeting

ECON hearing: ECB banking supervision and AI risks

Aurore Lalucq and 7 others

The committee hears ECB Supervisory Chair Buch on bank resilience, AI and climate risks, followed by MEP Q&A on supervisory harmonisation, cross‑border integration, prudential rules, proportionality and digital euro safeguards, including detailed exchanges on climate‑related, AI‑driven and cyber‑security risks and their treatment in the EU capital and banking union framework.

In this chapter

1. Opening of ECON hearing and ECB supervisory prioritiesAurore Lalucq
2. Q&A: MEP Navarrete: supervisory harmonization and scaleFernando Navarrete Rojas
3. Supervisory approach to climate and AI risksAurore Lalucq
4. MEP Q&A: digital euro, prudential rules and AI risksPierre Pimpie

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Committee on Economic and Monetary Affairs Ordinary meeting

FRTB delegated act: institutional assessments and MEP scrutiny

Aurore Lalucq and 2 others

The Chair launches scrutiny of the third FRTB delegated act, EU institutions justify its temporary level‑playing‑field design, and MEPs question competitiveness, capital impact, legal basis and financial‑stability trade‑offs before the item is closed.

In this chapter

1. FRTB delegated act scrutiny: introduction and formatAurore Lalucq
2. Institutional assessments: FRTB delegated act and timing
3. Ferber (EPP): impact of FRTB on EU bank competitivenessAurore Lalucq
4. MEPs: level playing field versus financial stability in FRTB delegated actJonás Fernández

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Committee on Economic and Monetary Affairs Ordinary meeting

Global role of the euro: mandate, party positions and timetable

Aurore Lalucq and 6 others

Parliament frames its own‑initiative report on the euro’s global role, with rapporteur and groups setting out priorities on euro sovereignty, safe assets, fiscal and digital architecture, and agreeing on the process and timing for ECON’s vote.

In this chapter

1. Global role of the euro: opening and mandateAurore Lalucq
2. Global euro strategy: safe asset debate and party linesMichalis Hadjipantela
3. Global euro report: procedural next stepsRasmus Andresen

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Committee on Economic and Monetary Affairs Ordinary meeting

Committee voting session: retail investment and single currency package

Aurore Lalucq and 1 other

The Chair opens the voting session, with the committee first adopting the retail investment strategy package to reinforce investor protection and then completing the single currency legislative package, including the digital euro, non‑euro area service provision and the legal tender status of cash, while recording a minority statement on the legal basis. Negotiation mandates are granted across the files, closing work on savings, investment and the digital euro framework at committee level.

In this chapter

1. Opening of voting session and retail investment strategyAurore Lalucq
2. Single currency package: digital euro, legal basis concerns and related filesAurore Lalucq

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Committee on Economic and Monetary Affairs Ordinary meeting

Macroeconomic governance, fiscal rules and monetary policy Q&A

Catarina Martins and 4 others

MEPs question the Commission, ECB and OECD on EU fiscal rules, energy‑related fiscal risks, low‑income households and the design of temporary energy support, linking these to strategic autonomy, green investment and the impact of Middle East instability on inflation and investment. The institutions defend the current fiscal framework, explain guidance on targeted energy measures, and outline how climate and geopolitical factors are integrated into monetary policy and business investment analysis.

In this chapter

1. Israel association agreement, fiscal rules and impact on low‑income householdsCatarina Martins
2. Energy vulnerability, fiscal risks and support designKinga Kollár
3. Monetary policy Q&A: strategic autonomy and investmentJonás Fernández

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Committee on Economic and Monetary Affairs Ordinary meeting

Q&A: targeted support, state aid and fiscal rules

Thomas Bajada and 2 others

MEPs question asymmetric impacts of energy shocks, especially on islands, the flexibility of state aid and consumer support, and the effectiveness of ECB rate hikes, then move to concerns about financing the Energy Union and Ukraine under tight fiscal space and repeated escape clauses, with institutions defending targeted support, medium‑term debt sustainability and disciplined use of fiscal flexibility.

In this chapter

1. Island vulnerabilities, state aid and ECB rate policyThomas Bajada
2. Energy Union funding, Ukraine support and fiscal escape clausesEnikő Győri

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Committee on Economic and Monetary Affairs Ordinary meeting

Commission and OECD assessments: fiscal space and energy risks

Luděk Niedermayer PPE

The Commission and OECD set out revised growth and inflation forecasts, constrained fiscal space and possible extension of the defence escape clause to energy security, before the Q&A opens with a first set of questions on why energy prices evolved more moderately than feared and how remaining risks are assessed by the Commission, OECD and ECB.

In this chapter

1. Commission and OECD: fiscal space and energy scenarios
2. Q&A launch: energy price shock assessmentLuděk Niedermayer

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Committee on Economic and Monetary Affairs Ordinary meeting

Procedural transition and ECB macro outlook

Valdis Dombrovskis and 2 others

The ECON Chair closes the previous EMPL/ECON exchange and opens the dedicated ECON session, with the ECB presenting its assessment of growth resilience, inflation dynamics and a data‑driven monetary policy stance in light of the Middle East crisis.

In this chapter

1. Commission replies and closure of EMPL/ECON sessionValdis Dombrovskis
2. ECON Chair opening and ECB macro assessmentAurore Lalucq

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Committee on Economic and Monetary Affairs Ordinary meeting

ESM Q&A – treaty reform, euro architecture and backstops

Markus Ferber and 4 others

MEPs debate with Gramegna the blocked ratification of the amended ESM Treaty and SRF backstop, the ESM’s role versus NGEU grants and unconventional ECB policies, potential evolution into a euro‑area debt agency or safe‑asset issuer, options for liquidity in bank resolution, and the prudent but active use of the ESM toolkit before the Chair closes the exchange.

In this chapter

1. Q&A – Ferber: treaty reform blockage and climate risk poolMarkus Ferber
2. Q&A – Fernández: ESM loans vs NGEU grants and future roleJonás Fernández
3. Q&A – Odor: ESM relevance amid ECB balance sheet and common debtĽudovít Ódor

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Committee on Economic and Monetary Affairs Ordinary meeting

Exchange with ESM – mandate and 2025 annual report

Aurore Lalucq S&D

The Chair introduces ESM Managing Director Gramegna, who presents the ESM’s mandate, its 2025 annual report with profit, capital and lending capacity figures, and its crisis‑prevention role based on resilience, solidarity and credibility.

In this chapter

1. Introduction to exchange with ESM Managing DirectorAurore Lalucq
2. Gramegna’s presentation of ESM 2025 annual reportAurore Lalucq

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Committee on Economic and Monetary Affairs Ordinary meeting

Monetary dialogue – second Q&A round, fiscal stance and digital euro

Luděk Niedermayer and 11 others

MEPs focus on EU growth prospects and energy policy, distributional and gender impacts of monetary policy, fiscal derogations and monetary autonomy, the transmission from short to long rates and QE, inflation dispersion and ECB–Fed relations, euro safe assets versus stablecoins, AI dependence and valuation risks, workers’ burden from inflation and rates, conditions for further hikes and fiscal support, the state of the digital euro and coexistence with cash, and the Chair closes the dialogue linking to the upcoming digital euro vote.

In this chapter

1. Second round – Niedermayer: EU growth prospects and energy policyLuděk Niedermayer
2. Q&A – Regner: distributional and gender effects of monetary policyEvelyn Regner
3. Q&A – Gotink: fiscal derogations, energy spending and ECB spaceDirk Gotink

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Committee on Economic and Monetary Affairs Ordinary meeting

Monetary dialogue – first Q&A round on inflation, growth and financial stability

Markus Ferber and 6 others

MEPs question Lagarde on stagflation risks, strategic autonomy and prices, the neutral rate, criticism of the rate hike, food and energy price channels, the euro’s global role and a common safe asset, regulatory treatment of sovereign risk and securitisation, and the constraints of energy shocks and public debt on ECB tools.

In this chapter

1. Q&A – Ferber: stagflation risk and TPI safeguardsMarkus Ferber
2. Q&A – Fernández: strategic autonomy and inflationJonás Fernández
3. Q&A – Zijlstra: neutral rate and public debt pressureAuke Zijlstra

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Committee on Economic and Monetary Affairs Ordinary meeting

Monetary dialogue – ECB outlook and policy stance

Aurore Lalucq and 1 other

The Chair introduces the monetary dialogue with President Lagarde, who presents the ECB’s assessment of growth, inflation and geopolitical risks, explains the June rate hike, and outlines the strategy for handling recurrent supply shocks.

In this chapter

1. Introduction to monetary dialogue with ECB PresidentAurore Lalucq
2. Lagarde’s economic outlook and inflation assessmentChristine Lagarde
3. Rationale for June rate hike and supply‑shock strategyChristine Lagarde

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Committee on Economic and Monetary Affairs Ordinary meeting

Opening of ECON meeting and agenda

Aurore Lalucq S&D

The Chair opens the ECON meeting, confirms the agenda and interpretation, and reports on recent and upcoming trilogues on the Midcaps Omnibus, economic governance package and securitisation before moving to the monetary dialogue.

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Committee on Economic and Monetary Affairs Ordinary meeting

SFDR revision: disclosure focus and political fault lines

Aurore Lalucq and 5 others

Rapporteur Gerbrandy sets out a streamlined, disclosure‑only SFDR aimed at retail‑friendly transparency and reduced greenwashing, while political groups clash over data quality, the transition category, fossil exclusions, PAIs, sovereign debt treatment and competitiveness, with broad support for simplification but diverging views on the ambition of sustainable product standards.

In this chapter

1. SFDR revision: Herbrand’s draft report and objectivesAurore Lalucq
2. SFDR: political groups’ positions and key fault linesJonás Fernández

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Committee on Economic and Monetary Affairs Ordinary meeting

Market Integration and Supervision Package (MiSP): scope, ESMA role and timetable

Aurore Lalucq and 4 others

The Chair and rapporteurs introduce the MiSP master regulation and related proposals to deepen capital market integration, reduce liquidity fragmentation and reform supervision, with political groups and Commission/EESC representatives debating the strength of ESMA’s central role, proportionality and the ‘One Europe, One Market’ roadmap, before rapporteurs close on next steps and the end‑2026 deadline.

In this chapter

1. Market integration & supervision package: introduction and master regulationAurore Lalucq
2. Heinäluoma & Karas: master directive, ESMA and settlement finality; Commission/EESC viewEero Heinäluoma
3. MiSP rapporteurs: closing remarks and timetableMarkus Ferber

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Committee on Economic and Monetary Affairs Ordinary meeting

Digital euro and cash legal tender: ECB mandate, design and use cases

Aurore Lalucq and 6 others

Piero Cipollone presents the ECB’s plans for the digital euro and cash protection, detailing legal‑tender proposals, standardisation strategy, pilot design and timeline, and responds to MEPs’ questions on wholesale versus retail use, interaction with stablecoins, legal basis, citizens’ awareness, cash access, and the practical user interface and payment rails by 2027–2029.

In this chapter

1. Digital euro session opened: ECB mandate and timelineAurore Lalucq
2. Cipollone: cash protection, standards strategy and pilot designAurore Lalucq
3. Q&A: standards reuse, Agora project and citizen communicationFernando Navarrete Rojas

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