On 27 June 2016, we blogged that EU Commissioner Lord Hill, responsible for Financial Stability, Financial Services and the Capital Markets Union had resigned from his post and was to be succeeded by Valdis Dombrovskis.

Mr Dombrovskis has now delivered a speech in which he sets out his approach to the EU financial services portfolio. In particular he mentions that the possibility of the UK exiting the Single Market has made the case for Capital Markets Union (CMU) more stronger and that he will continue to drive forward the CMU Action Plan.

Other comments Mr Dombrovskis makes include:

  • next month the European Commission will present a proposal to encourage more effective arrangements for the restructuring of viable business debt in all Member States;
  • the public consultation launched earlier this summer on a European personal pensions market will be used “quickly” to determine how to support the creation of a competitive EU personal pensions market;
  • the Commission is establishing an expert group to develop a comprehensive European strategy on sustainable finance;
  • this Autumn the Commission will come forward with a proposed revision of the Capital Requirements Regulation and the Capital Requirements Directive IV; and
  • by the end of 2016 the Commission will come forward with a proposal on central counterparty recovery and resolution.

View Speech by Vice-President Valdis Dombrovskis at the Eurofi Financial Forum 2016, Bratislava, 8 September 2016