Director-General Financial Stability, Financial Services and Capital Markets Union at European Commission
As we approach the end of the mandate, it is a good time to reflect on what DG FISMA has been achieving in the past five years, under the steer of EVP Dombrovskis and Commissioner McGuinness. When this Commission took office in 2019, it pledged to make Europe greener, more digital and stronger in the world. Despite events that have occurred in the meantime – a global pandemic and Russia’s unjustified attack on Ukraine – the EU has moved forward in all three areas. We have a European Green Deal with the aim of significantly reducing greenhouse gas emissions in the EU. We have been standing up to Russia’s aggression and offered significant support to Ukraine. And we have advanced on the digital transition. DG FISMA has contributed decisively to these efforts: We have put in place a sustainable finance framework in support of the European Green Deal, including an EU taxonomy for green activities and rules for corporate sustainability reporting. We have adopted 13 sanctions packages to weaken Russia’s economic base, undermining its war efforts. And on digitalisation, we have strengthened the regulation of crypto-assets and proposed a legal framework for a digital euro. We have also moved forward in many other policy areas – always with the aim of ensuring we have a resilient financial sector which supports growth. For the banking sector, we have agreed packages to implement Basel-III and proposed rules to strengthen the framework for resolution and deposit insurance. On anti-money laundering, we will now have stricter rules and we have created the Anti-Money Laundering Authority (AMLA), a new EU-wide Authority for supervision in this area. On consumer finance, we now have rules to make instant payments available to all citizens and businesses in the EU. We have also taken steps to make European capital markets more attractive, for instance by creating a consolidated tape of trading information so that investors have all the necessary data at their fingertips. To illustrate some of our achievements over the past five years, we have produced a series of short simple clips. You can watch them here: https://lnkd.in/e2AWWqdu Of course, more remains to be done. It will be for the next Commission to decide how exactly we will move ahead. Until then, I would like to wholeheartedly thank my dedicated staff here at FISMA for their hard work during this mandate.
Thomas Glaessner
7mo
John. It was always a great pleasure to interact with you over the years as a private market participant and there is no doubt of the importance of the many actions you and the team undertook.
Marzia Traverso
7mo
Amazing Job! Thank you Martin! I had the opportunity to work with you for two years and I was inspired by your motivation, dedication and expertise in successfully running a so complicated topic! Thank you
Great job - great team☺️
Judith Hardt
7mo
Great job John in an increasingly complicated environment! Also, it's great the efforts you and your team make to allow for improved transparency and feedback. Well done!
Carlo Di Maio
7mo
Incredible effort by Fisma in the past 5 years. Mega work
Mark Sobel
7mo
Congrats to John and the entire A+ FISMA team!
Director General - EFAMA | Views are my own
7moI would add the new regulatory framework for ELTIFs. We commend DG FISMA for their excellent work and strong desire to make ELTIF 2.0 a success.