Newsletter June 2016

Public hearing with Danièle Nouy, Chair of the Supervisory Board of the ECB

At the ECON committee meeting on Monday 13 , the first ordinary public hearing this June at 15.00

year under the Single Supervisory Mechanism (SSM) will take place with Ms Danièle Nouy, Chair of the Supervisory Board of the ECB (see ). This EP briefingwill be the second appearance of Ms Nouy before ECON in 2016, following the presentation of the SSM Annual Report on 22 March 2016. 

Securitisation

The hearing on securitisation of will cover the lessons drawn from the financial crisis Monday 13 June at 16.30but also the potential of the Commission legislative proposals of 30 September 2015 that aim at reviving the securitisation market by establishing a framework for a Simple, Transparent and Standardised (STS) securitisation. Speakers will include Commissioner Hill, ESMA Executive Directive Verena Ross and representatives from the securitisation business and from the civil society.

The debate will continue on when the rapporteurs, Paul Tang (S&D, NL) and Pablo Tuesday 21 June at 10.00Zalba Bidegain (EPP, ES), will present their respective report. The by Mr Tang (proposing 108 draft reportamendments) insists on the market failures in the fields of transparency and moral hazard whereas the draft

by Mr Zalba (proposing 45 amendments) tackles the problems of banks' approaches to calculating their reportcapital requirements and the necessity to support lending to SMEs, including via synthetic securitisation. Those draft reports have been awaited since the Council General Approach of December 2015 as these files could represent the first achievements of the Commission's Action Plan for establishing a Capital Markets Union.

Exchange of view with Lord Hill

Lord Hill will appear on for a Tuesday 14 June at 15.00general exchange of views. Topics that can be expected to be raised include the state of play on the Banking Union and on the Capital Markets Union; the Commission's recent proposal on country-by-country reporting; progress on other legislative files including Money market Funds and the IORPS Directive; and the Commission's 'Call for Evidence' and review of the EU regulatory framework for financial services.

DETAILS OF MEETINGS

Monday 13 June, 15.00 - 18.30

Tuesday 14 June, 09.00 - 12.30 & 15.00 - 18.30

Room: PHS 3C050

Tuesday 21 June, 09.00 – 13.00 & 15.00 - 18.30

Room: PHS3C050

The meetings will be web-streamed

Economic Dialogue and exchange of views with Jeroen Dijsselbloem, ECOFIN President and Minister of Finance of the Netherlands

Mr Jeroen Dijsselbloem Minister of Finance of the Netherlands, is participating in the ECON meeting in his capacity as the current President of the ECOFIN Council during the Dutch Presidency (January - June 2016). This exchange of views on

will also cover an Economic Tuesday 14 June at 9.00Dialogue on the implementation of the 2016 European Semester Cycle.According to the Treaty of the Union, Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council. (see

)EP briefing

Joint ECON-EMPL Economic Dialogue and Exchange of Views with Vice-President Dombrovskis, Commissioner Thyssen and Commissioner Moscovici

On , a Joint meeting EMPL-ECON will take place for an Economic Dialogue and Tuesday 14 June at 16:30Exchange of Views with the European Commission on the Country Specific Recommendations (CSR's) (see EP

). Vice-President Dombrovskis and Commissioners Thyssen and Moscovici will present to the briefingMembers the CSR's resulting of the assessment by the Commission of the National Reforms and Stability Convergence programmes transmitted by the Member-States. The CSR's should be adopted by the ECOFIN next July. This event which concludes the European Semester 2016 is part of the accountability framework laid down in the 6 pack regulations.

Monetary Dialogue with ECB President, Mario Draghi

On , ECON will welcome Tuesday 21 June at 15.00ECB President Mario Draghi for the second Monetary Dialogue of this year. He will present the ECB perspective on economic and monetary developments ahead of a discussion with Members which will also cover the following two topics: "Why has ECB's very accommodative monetary policy not yet triggered a rebound of investment?"; and "Effectiveness of the ECB programme of asset purchases: where do we stand?Mario Draghi will then appear in his capacity of

Chair of the European Systemic Risk Board on .Tuesday 21 June at 17.00

Scrutiny of delegated acts and implementing measures

The monthly ECON scrutiny slot on Tuesday 21 June 2016 at 9:00 will focus on the delegated acts and (Directive and Regulation on regulatory technical standards adopted by the Commission under MiFID II/MiFIR

Markets in Financial Instruments).

Representatives of the Commission (DG FISMA) and the European Securities and Markets Authority (ESMA) will participate in the meeting.

Other items on the agendas of the meetings:

Consideration of the on the protocol to the Agreement between the European draft reportCommunity and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC (A. Schwab, EPP, DE)Consideration of the on Retail Financial Services (O. Ludvigsson, S&D, SV)draft reportECON-EMPL Public hearing on Reasons, repercussions and remedies of economic inequality in the EUVote on the on Access to Finance for SMEs and increasing the diversity of SME draft reportfunding in a Capital Markets Union (O. Karas, EPP, AT)

LOOKING AHEAD : What's on the next meeting?

Monday 27 June, 15.00 - 19.00

    Structured dialogue with Commissioner Vestager

  Public hearing on Macroeconomic, financial and monetary impact of economic developments in China

Room: PHS 3C050

ECON is responsible for:

the regulation and supervision of financial services, institutions and markets including financial reporting, auditing, accounting rules, corporate governance and other company law, matters specifically concerning FS,free movement of capital and payments,taxation and competition policies,international monetary and financial system.

For further information, please contact ECON

Secretariat:

by phone on +32 (0) 2 28 46116by e-mail: Please econ-secretariat@europarl.europa.euvisit also ECON webpage

Recent Publications/ Briefings for ECON Committee can be found here

Disclaimer: The items contained herein are drafted by the ECON Secretariat and are provided for general information purposes only. The opinions expressed in this document are the sole responsibility of the author(s) and do not necessarily represent the official position of the European Parliament. The ECON Newsletter may contain links to websites that are created and maintained by other organisations. The ECON Secretariat does not necessarily endorse the view expressed on these websites.