Mr Dombrovskis shares some points the Commission has discussed, like the financial stability implications of increasing interest rates, necessity to further strengthen the resilience of financial system and views on crypto-assets.
Mr Dombrovskis says:
“So far we have been operating in a very low interest rate environment and the monetary policy has been very accommodating. So the question was how to ensure full smooth adjustment and minimise any negative impact of the policy normalisation on the financial sector and the real economy.
“Of course we must see this in the context of a broader macro-economic policy. Also on the fiscal policy side, we think it is time to rebuild fiscal buffers in Member States so that there is more room of manoeuvre in case of next downturn.
“On the Commission's side we underlined the necessity to further strengthen the resilience of our financial system by implementing the post-crisis financial regulatory reforms and continuing work on the non-performing loans.
“We also had a good exchange of views on crypto-assets. We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow.”
One challenge with crypto-assets is how to categorise and classify them, and whether and how to apply existing EU financial rules to these assets or if we need new EU rules.
In this context, EC is currently working together with European Supervisory Auhtorities on regulatory mapping of crypto assets to answer exactly these questions. Many Member States today supported the need for such mapping, so EC expects to conclude this assessment later this year. This will provide a solid ground to build on and to decide on further steps in this area.
Press release
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