Hearing of Commissioner-designate Michael McGrath
Brussels, 05-11-2024 – The European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a hearing with Commissioner-designate Michael McGrath, responsible for Financial Stability, Financial Services and Capital Markets Union, on Wednesday, 2 November.
During the hearing, Commissioner-designate McGrath presented his vision and priorities for the financial sector in the European Union. He highlighted the importance of financial stability, consumer protection, and the development of a Capital Markets Union.
Mr McGrath emphasized the need to ensure that the financial sector is resilient and able to withstand shocks. He stressed the importance of prudential regulation and supervision, as well as the need to address risks such as climate change and cyber threats.
The Commissioner-designate also spoke about the importance of consumer protection. He said that consumers must be confident in the financial system and that they must be protected from fraud and abuse. He pledged to work to strengthen consumer protection measures.
Finally, Mr McGrath highlighted the importance of the Capital Markets Union. He said that the CMU would help to create a more integrated and efficient financial market in the EU. He pledged to work to remove barriers to investment and to make the CMU a reality.
MEPs questioned the Commissioner-designate on a wide range of issues, including the future of banking regulation, the role of the European Stability Mechanism, and the development of sustainable finance.
Mr McGrath responded to the questions in detail and demonstrated a deep understanding of the financial sector. He also showed a willingness to work with the European Parliament to find solutions to the challenges facing the EU financial sector.
The hearing was followed by a vote in the ECON Committee. The Committee voted in favour of recommending that the European Parliament approve the appointment of Mr McGrath as Commissioner for Financial Stability, Financial Services and Capital Markets Union.
The final decision on whether to approve the appointment of Mr McGrath will be taken by the European Parliament in a plenary vote. The vote is expected to take place in the coming weeks.
Press release – Hearing of Commissioner-designate Michael McGrath
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