During a public discussion at Europe House, MEP Alfred Sant advocated for changes to the rules of the European Union’s Stability Pact.
He proposed excluding investment costs from a country’s deficit calculation and suggested the establishment of a central fund for European investments. Expressing concern over the strain on social welfare expenditure due to new demands on the EU budget, he warned against excessive austerity measures that could negatively impact social spending.
MEP Sant, leading the European Parliament’s work on proposed laws for capital markets, highlighted the EU’s lag in capital market integration.
He attributed this to disagreements among Member States, with some prioritizing national interests and others fearing loss of control.
Regarding the EU’s fiscal union project, Sant stressed the necessity of a central Treasury for its success. He also identified the Digital Operational Resilience Act (DORA) as a significant task in the European Parliament, aimed at enhancing cyber security for banks in response to past cyber attacks.
Sant emphasized the unanimous support for DORA, reflecting the shared commitment to bolstering cyber security measures.
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