| European Commissioner for Financial Stability, Financial Services and the Capital Markets Union | |
|---|---|
| Appointer | President of the European Commission |
| Term length | Five years |
| Salary | €19,909.89 per month [2] [3] |
| Website | European Commission |
The European Commissioner for Financial Stability, Financial Services and the Capital Markets Union is the member of the European Commission responsible for banking and finance. The current officeholder is Mairead McGuinness. [1]
The post is responsible for the ensuring that financial markets are properly regulated and supervised so that they are stable, competitive and transparent, at the service of jobs and growth. This includes the full implementation of the Banking Union. They are also responsible for establishing a Capital Markets Union by 2019 for all 28 Member States of the EU, [4] [5] and maximising the benefits of capital markets and non-bank financial institutions for the rest of the economy, and in particular SMEs.
In addition, the post is responsible for proposing measures to make financial services work better for consumers and retail investors, and promoting global consistency in regulation and the implementation of agreed standards and principles in cooperation with international partners. [6]
| Name | Country | Period | Commission | Portfolio actual name | |
|---|---|---|---|---|---|
 | Christopher Tugendhat |  United Kingdom | 1977–1981 | Jenkins Commission | Budget and Financial Control, Financial Institutions |
| 1981–1985 | Thorn Commission | Budget and Financial Control, Financial Institutions and Taxation (vice-president) | |||
 | Henning Christophersen |  Denmark | 1985–1989 | Delors Commission I | Budget, financial control, personnel and administration |
 | Abel Matutes |  Spain | 1986–1989 | Credit, investments, financial instruments and small & medium-sized enterprises | |
 | Sir Leon Brittan | United Kingdom | 1989–1992 | Delors Commission II | Competition and financial institutions (vice-president) |
| Peter Schmidhuber |  Germany | 1993–1994 | Delors Commission III | Budget, financial control and the cohesion fund | |
| Anita Gradin |  Sweden | 1995–1999 | Santer Commission | Immigration, Justice & Home Affairs, Financial Control, Anti-fraud and Relations with the European Ombudsman. | |
 | Charlie McCreevy |  Ireland | 2004-2010 | Barroso Commission I | Internal Market and Services |
 | Michel Barnier |  France | 2010-2014 | Barroso Commission II | Internal Market and Services |
 | Lord Hill of Oareford | United Kingdom | 2014–2016 | Juncker Commission | Financial Stability, Financial Services and Capital Markets Union |
 | Valdis Dombrovskis |  Latvia | 2016–2019 | Juncker Commission | Euro and Social Dialogue and Financial Stability, Financial Services and Capital Markets Union (vice-president) |
| 2019–2020 | Von der Leyen Commission | Financial Markets | |||
 | Mairead McGuinness | Ireland | 2020–present | Von der Leyen Commission | Financial Stability, Financial Services and Capital Markets Union |
Charles McCreevy is an Irish former Fianna Fáil politician who served as European Commissioner for Internal Market and Services from 2004 to 2010, Minister for Finance from 1997 to 2004, Minister for Tourism and Trade from 1993 to 1994 and Minister for Social Welfare from 1992 to 1993. He served as a Teachta Dála (TD) for the Kildare constituency from 1977 to 2004.
The Central Bank of Ireland is the Irish member of the Eurosystem and has been the monetary authority for the Republic of Ireland from 1943 to 1998, issuing the Irish pound. It is also the country's main financial regulatory authority, and since 2014 has been Ireland's national competent authority within European Banking Supervision.
The Australian financial system consists of the arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims in Australia, comprising:
Mairead McGuinness is an Irish politician serving as the European Commissioner for Financial Stability, Financial Services and the Capital Markets Union since October 2020. A member of Fine Gael, she previously served as First Vice-President of the European Parliament from 2017 to 2020. She served as a Member of the European Parliament (MEP) for East from 2004 to 2014 and for Midlands–North-West from 2014 to 2020, making her Ireland's longest serving MEP. In the European Parliament, she sat with the European People's Party (EPP).
Valdis Dombrovskis is a Latvian politician serving as Executive Vice President of the European Commission for An Economy that Works for People since 2019 and European Commissioner for Trade since 2020. He previously served as European Commissioner for Financial Stability, Financial Services and Capital Markets Union from 2016 to 2020 and Prime Minister of Latvia from 2009 to 2014.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP estimated to be around $18.35 trillion (nominal) in 2023 representing around one sixth of the global economy. Germany has by far the biggest national GDP of all EU countries, followed by France and Italy.
The Directorate-General for Financial Stability, Financial Services and Capital Markets Union is a Directorate-General (DG) of the European Commission. It is one of the thirty three DG's that are created and named to reflect their functions.
The Executive Vice President of the European Commission for An Economy that Works for People is the member of the European Commission responsible for economic and financial affairs. The position was previously titled Commissioner for Economic and Monetary Affairs and the Euro and European Vice President for the Euro and Social Dialogue from 2014 to 2019. The current executive vice president is Valdis Dombrovskis (EPP).
The Commissioner for Internal Market is a member of the European Commission. The post is currently held by Commissioner Thierry Breton.
The Freedom to Provide Services or sometimes referred to as free movement of services along with the Freedom of Establishment form the core of the European Union's functioning. With the free movement of workers, citizens, goods and capital, they constitute fundamental rights that give companies and citizens the right to provide services without restrictions in any member country of the EU regardless of nationality and jurisdiction.
In politics, a revolving door is a situation in which personnel move between roles as legislators and regulators, on one hand, and employees or lobbyists of the industries affected by the legislation and regulation, on the other. It is analogous to the movement of people in a physical revolving door. Political analysts claim that an unhealthy relationship can develop between the private sector and government, based on the granting of reciprocated privileges to the detriment of the nation, and can lead to regulatory capture.
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users. The key objectives of the PSD2 directive are creating a more integrated European payments market, making payments more secure and protecting consumers.
The National Securities Market Commission is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy.
The Irish Payment Services Organisation Limited (IPSO) was established in June 1997. IPSO was a company limited by guarantee owned by its member banks.
European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is referred to as ECB Banking Supervision. EU member states outside of the euro area can also participate on a voluntary basis, as was the case of Bulgaria as of late 2023. European Banking Supervision was established by Regulation 1024/2013 of the Council, also known as the SSM Regulation, which also created its central decision-making body, the ECB Supervisory Board.
The Capital Requirements Regulation(EU) No. 575/2013 is an EU law that aims to decrease the likelihood that banks go insolvent. With the Credit Institutions Directive 2013 the Capital Requirements Regulation 2013 reflects Basel III rules on capital measurement and capital standards.
The Capital Markets Union (CMU) is an economic policy initiative launched by the former president of the European Commission, Jean-Claude Junker in the initial exposition of his policy agenda on 15 July 2014. The main target was to create a single market for capital in the whole territory of the EU by the end of 2019. The reasoning behind the idea was to address the issue that corporate finance relies on debt (i.e. bank loans) and the fact that capital markets in Europe were not sufficiently integrated so as to protect the EU and especially the Eurozone from future crisis. The Five Presidents Report of June 2015 proposed the CMU in order to complement the Banking union of the European Union and eventually finish the Economic and Monetary Union (EMU) project. The CMU is supposed to attract 2000 billion dollars more on the European capital markets, on the long-term.
The Association for Financial Markets in Europe (AFME) is an industry advocacy organization that represents wholesale market participants in Europe, including the European Union and the United Kingdom. It was formed in 2009 by the merger of the London Investment Banking Association (LIBA) and the European activities of the U.S.-based Securities Industry and Financial Markets Association. At the same time, the Global Financial Markets Association was created to represent the securities and financial markets industry at the international level.
| |
Executive Vice Presidents: | |
Vice Presidents:
|
Euro topics | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| General | |||||||||
| Administration | |||||||||
| Fiscal provisions | |||||||||
| Economy | |||||||||
| International status | |||||||||
| Denominations |
| ||||||||
| Coins by country with minting rights |
| ||||||||
Potential adoption by other countries | |||||||||
| |||||||||
| History |
| ||||||||
