National MPs from across Europe join MEPs to discuss the EU’s economic future, tax policy, digitalisation and economic governance in the EP in Brussels. Address by Mário CENTENO, President of the Eurogroup. It is his first appearance as President of the Eurogroup in the European Parliament.

Brussels

speech

European Semester (T)

European Parliamentary Week (T)

CENTENO, Mário (PT)

European Parliamentary Week 2018 - European Semester Conference Interparliamentary Conference on Stability, Economic Coordination and Governance in the European Union: extracts from the address by Mário CENTENO, President of the Eurogroup

SOUNDBITE (English), M&#225;rio CENTENO, President of the Eurogroup, To me, the euro area's solid and broad-based growth performance shows that our economies are becoming increasingly resilient.

SOUNDBITE (English), M&aacute;rio CENTENO, President of the Eurogroup, We need to continue modernising our economies so that they are able to withstand the next crisis, and to adapt to the challenges brought by technological and demographic change. At the national level, this calls for a carefully calibrated set of policies. A mix that balances the objectives of ensuring sustainability and supporting growth.

SOUNDBITE (English), M&aacute;rio CENTENO, President of the Eurogroup, We are experiencing good times now. The favourable economic outlook and political calendar provide a unique window of opportunity for Member States to act, not just individually, but also collectively. My point is that Member States will be more resilient and prosperous if they make full use of the single market in all its facets.

SOUNDBITE (English), M&aacute;rio CENTENO, President of the Eurogroup, what worries me is that fragmentation increases costs for everyone. It limits options to firms and to citizens. It makes it harder to finance a good business. It makes it more difficult to find a good insurance. When I talk about concrete decision in June, I am not talking of yet another roadmap. I am talking about deciding on concrete steps to take.

SOUNDBITE (English), M&aacute;rio CENTENO, President of the Eurogroup, Risk sharing is important because it smoothens economic fluctuations in a given region. Furthermore, it increases resilience by cushioning the impact of economic downturns. Risk sharing can happen via private markets and fiscally as well. In both cases, the euro area lags behind the US.

SOUNDBITE (English), M&aacute;rio CENTENO, President of the Eurogroup, The CMU is necessary for mainly two reasons.First, it enhances the allocative efficiency of the single market- in layman&rsquo;s terms it helps to match savers with borrowers and funnel funds to where they are needed.

SOUNDBITE (English), M&aacute;rio CENTENO, President of the Eurogroup, Second, a capital markets union is a means to reduce the prevailing overreliance on bank lending.

SOUNDBITE (English), M&aacute;rio CENTENO, President of the Eurogroup, So, when we talk about Capital Markets Union we must explain that we&rsquo;re - making it easier for start-ups from Finland to find financing in France. - for an Irish pensioner to place his savings in Germany. - for a Spanish mid-cap company to raise capital in the Netherlands. This is a day-to-day opening up of opportunities to citizens and to firms. This is how we expand our growth potential.