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Brussels – The political group Renew Europe (RE) in the European Parliament (EP) has selected Slovak MEP Ľudovít Ódor (RE/PS) as the shadow rapporteur for the report on facilitating the financing of investments and reforms to support European competitiveness and the creation of a union of savings and investments. The MP confirmed this to the TASR correspondent in Brussels on Thursday.
Under the new term “union of savings and investments,” the European Commission continues to develop the capital markets union. As the shadow rapporteur, Ódor will focus on the report that evaluates progress in implementing selected recommendations from the so-called Draghi report on the future of European competitiveness.
The main rapporteur for this report has become the French MEP from the camp of the Socialists and Democrats (S&D) and head of the EP Committee on Economic and Monetary Affairs (ECON) Aurore Lalucq, of which Ódor is also a member. Several MPs from the ECON committee were vying for the role of shadow rapporteur. Ódor will propose comments on the mentioned part of the Draghi report.
“I appreciate the trust my colleagues have shown me with this nomination. The Draghi report is a key priority for the European Commission. This nomination shows that we from Slovakia can also significantly contribute to the formation of European policies,” said the MEP.
The report by former European Central Bank (ECB) President Mario Draghi identifies the main challenges in the area of competitiveness and the availability of business financing faced by the EU. According to it, the Union needs an additional 750 to 800 billion euros annually to catch up with global competition, support innovation, and ensure ecological and social transformation.
One of the main responses is the creation of a true capital markets union, which will allow the savings of European citizens and businesses to be transformed into investments within Europe, instead of going into funds outside the EU.
“The capital markets union means easier access to money for investments by small and medium European companies. It’s more opportunities for people to invest their savings into European companies and the European future. And also a better ability for Europe to stand on its own feet economically and geopolitically,” explained Ódor.
According to him, improving the functioning of capital markets will bring benefits for ordinary people and businesses and provide more available capital for Slovak companies that want to grow, as well as new savings and investment products for citizens, and hence greater anticipated investment returns.
“It also means greater stability and attractiveness of European economies or the strategic ability of the EU to invest in defense, research, or the green economy,” the MP said. According to him, if the EU wants to be a global economic player, it is necessary to have a capital markets union, and this must not be just a project on paper. “I want to contribute to this with constructive and professional work,” said Ódor. (March 27)
“The capital markets union means easier access to money for investments by small and medium European companies. It’s more opportunities for people to invest their savings into European companies and the European future. And also a better ability for Europe to stand on its own feet economically and geopolitically.” Ľudovít Ódor.