Politico Pro - Albuquerque confirmed as fs chief - 06.11.2024

The EU has its next financial services commissioner in the shape of Portugal’s Maria Luís Albuquerque. The former finance minister was approved after her confirmation hearing in the European Parliament Wednesday, with only the Left and Europe of Sovereign Nations groups voting against her. Catch up on all the twists and turns in our live blog here, and on her scorecard here. The main takeaways: It was a dense discussion, and Albuquerque showed her knowledge of both the legislation and the sector. But we didn’t learn much new information, beyond what we’d already heard in the mission letter and her written responses to MEPs’ questions. What we know: We know that Albuquerque wants the EU to focus on financial stability to avoid another economic crash, to stay the course on already-decided rules for banking and green finance, and for everyone to know that she’s really, really into the savings and investments union. What we don’t: We don’t know the concrete policy options she’s taking, or her specific stance on EU legislation that’s currently under negotiation, or where she stands on live issues like extending EU equivalence for U.K. clearing, which is a decision she’ll need to make soon once in the job. BRUSSELS REACTS TO ALBUQUERQUE: MEPs generally backed the Portuguese nominee’s performance in the hearing. Centrist MEP Stéphanie Yon-Courtin told MFS that Albuquerque “replied to questions successfully and convinced her audience.” Fellow European People’s Party lawmaker Markus Ferber said Albuquerque gave an “all-around solid performance … [and] brings the necessary political experience to succeed in the role.” ECON committee vice-chair Damian Boeselager told MFS Albuquerque “did a very competent job” and “seems knowledgeable on her topic.” NGOs weigh in: The NGO Finance Watch backed Albuquerque’s stance on financial stability as foundational to competitiveness, saying it “fully supports her firm and repeated view that prudential rules are not an obstacle to competitiveness.” But it wasn’t so convinced by Albuquerque’s “worryingly out of touch view on financial inclusion and consumer protection,” it said. And on green finance: Sustainable investment NGO ShareAction said it is “encouraged by Albuquerque’s acknowledgment that the EU must stay at the forefront of sustainable finance,” but said “her silence on the urgency of the climate crisis is concerning.”