The Draghi report – what’s next?
Summary
TLDRThe discussion revolves around the Draghi report on European competitiveness, which has been highly anticipated and recently published. The report advocates for increased EU borrowing and investment, aligning with French sovereignist views. It addresses the need for strategic autonomy, green transition, and digitalization, proposing significant changes like leveraging private investments through public funding. The conversation also touches on the report's potential impact on policy, including state aid, competition, digitalization, and the Capital Markets Union. The participants express both optimism and skepticism about the report's ability to drive change in the EU's economic strategy.
Takeaways
- 📜 The Draghi report is considered historic due to the anticipation and buzz surrounding its release, but its impact on policy remains uncertain.
- 💡 The report emphasizes the need for increased EU borrowing and a larger EU budget to fund strategic investments, aligning with French sovereignist views.
- 🌐 It calls for a balance between national fiscal consolidation and EU production, strategic autonomy, decarbonization, and digitalization.
- 💼 Draghi's personal credibility and the backing of the European Commission lend weight to the report's proposals, making debate on them inevitable.
- 💡 The report suggests leveraging private investments through public funding mechanisms, such as guarantees or co-financing, to stimulate economic activity.
- 🔄 There's a push for deregulation, especially in the context of climate policy, with Draghi highlighting the EU's over-regulation compared to the US.
- ♻️ Decarbonization is presented as a means to enhance competitiveness, with a notable emphasis on the need for more nuclear energy and funding for related projects.
- 🚫 The report does not delve into specific technologies like blockchain or tokenization, indicating a gap in addressing modern financial technologies.
- 🌐 There's a strategic shift towards smaller, targeted trade agreements rather than large-scale free trade agreements, reflecting a change in EU trade policy.
- 📉 The report criticizes the Carbon Border Adjustment Mechanism (CBAM) for its complexity and potential to undermine European industries' competitiveness.
Q & A
What is the main focus of the Draghi report discussed in the transcript?
-The Draghi report focuses on European competitiveness, with a strong emphasis on the need for increased EU borrowing and investment to address issues such as decarbonization, digitalization, and strategic autonomy.
Why was the Draghi report delayed according to the discussion?
-The report was delayed likely because it includes a call for more EU borrowing, which could have been a difficult sell for Ursula von der Leyen at the start of her second mandate, as it would require approval from member states.
What is the significance of the 800 billion in additional investment mentioned in the transcript?
-The 800 billion in additional investment represents the amount needed annually, which is about 5% of GDP, to address the EU's competitiveness and is deemed impossible to find through private funding alone.
How does the Draghi report suggest leveraging private investments?
-The report suggests leveraging private investments by providing guarantees or co-financing from public funds, referencing the Juncker plan as a positive example of such a program.
What is the report's stance on nuclear energy and its role in competitiveness?
-The Draghi report highlights the need for more nuclear energy, tackling a political taboo in some member states, and sees it as a vehicle for competitiveness.
How does the Draghi report address the issue of overregulation in the EU?
-The report criticizes the EU's overregulation, pointing out the high number of regulations passed compared to the US, and suggests a need for deregulation, particularly in areas like climate policy.
What is the report's perspective on targeted trade agreements versus large-scale free trade agreements?
-The Draghi report suggests a shift towards smaller, targeted trade agreements in specific sectors, recognizing the challenges in concluding large-scale free trade agreements.
How does the report envision the use of the EU budget to fund European public goods?
-The report sees the EU budget as a vital tool for funding European public goods, advocating for a significantly larger, more efficient, and targeted budget financed through consistent borrowing at the European level.
What are the implications of the Draghi report for state aid and competition policy?
-The report suggests significant shifts in state aid policy, such as funding commercially available technologies, and introduces the concept of an 'innovation defense' in merger cases, which could alter the implementation of competition policy.
Why isn't blockchain technology mentioned as part of the technologies to unlock private investments in the report?
-The transcript suggests that industry advocacy has not effectively placed blockchain on the EU's political agenda, and the report focuses on more traditional methods of mobilizing investments without delving into newer technologies like blockchain.
Outlines
📜 Introduction to the Eurostar Announcement and Discussion on the Draghi Report
The video script begins with an introduction to a discussion on the Eurostar announcement and the Draghi report. The speaker, D. Marova, sets the stage for an analysis of the report on European competitiveness, which was published just a few hours prior. Marova invites colleagues Chris and Gerge to provide their initial thoughts on the report's significance. The report is characterized as historic due to the anticipation surrounding it, but its potential for making a lasting impact is still uncertain. The conversation highlights the report's alignment with pro-integrationist and French sovereignist views, as well as its call for increased EU borrowing, which was a contentious issue that likely contributed to the report's delayed release.
🔄 Historical Document and Its Impact on European Competitiveness
In this segment, the discussion delves into whether the Draghi report is truly historic or merely repetitive. Chris suggests that while the document is historic in the sense that it has generated significant buzz and anticipation, its potential to bring about substantial change is less clear. The report is seen as a collection of long-standing ideas, with a focus on increasing EU borrowing to address issues like national fiscal consolidation, EU production, strategic autonomy, decarbonization, and digitalization. The conversation also touches on the report's emphasis on the need for a larger and more efficient EU budget, which could serve as a tool for funding strategic initiatives and providing a European safe asset for capital markets.
🚀 Leveraging Public and Private Investment to Boost European Competitiveness
The third paragraph focuses on the report's proposals for leveraging public and private investment to enhance European competitiveness. The discussion centers on the need for an additional 800 billion in annual investment, which is deemed unattainable through private funding alone. The report advocates for increased public investment, referencing the Juncker plan and its variants, which involve using public funds to guarantee or co-finance private investments. The conversation also explores the report's suggestions for rethinking EU spending and the potential for EU borrowing to finance a larger and more strategic EU budget, which could also strengthen the Capital Markets Union.
⚡ Pushing for Nuclear Energy and Deregulation in the Draghi Report
This section of the script discusses the report's stance on nuclear energy and deregulation as means to bolster competitiveness. The report's advocacy for increased nuclear energy production is highlighted as a significant and politically challenging move, given the taboo nature of this topic in some member states. Additionally, the conversation points out the report's critique of over-regulation by the EU commission and its call for a reduction in regulatory burden, which is seen as a natural pause in the creation of new legislation and a shift towards refining existing rules and guidelines.
🌐 Trade Strategy and the EU's Competitive Dynamics
The focus of this paragraph is on trade strategy and how the Draghi report envisions the EU's competitive dynamics in the global market. The discussion highlights the report's nuanced approach to trade, suggesting a shift from broad free trade agreements to more targeted sector-specific agreements. This approach is seen as a response to the EU's changing trade landscape, with an emphasis on critical sectors like cloud technology, electric vehicles, and the import of critical minerals. The conversation also touches on the challenges of implementing such targeted agreements and the need for a more strategic approach to trade policy.
💡 The Role of the Draghi Report in Shaping the EU's Economic Policy Agenda
The final paragraph of the script addresses the potential influence of the Draghi report on the EU's economic policy agenda, particularly in relation to the mission letters that will be issued to Commissioners. The report is expected to feature prominently in these mission letters, as it outlines a comprehensive set of proposals that align with the political guidelines of the new term. The conversation suggests that while some elements of the report, such as common borrowing, may not be immediately adopted, the overall direction it provides will likely shape the EU's approach to economic policy, including areas like digital policy, financial services, and capital markets.
Mindmap
Keywords
💡Draghi Report
💡European Competitiveness
💡EU Borrowing
💡National Fiscal Consolidation
💡Green Transition
💡Digitalization
💡Capital Markets Union (CMU)
💡State Aid
💡Public-Private Partnerships
💡Decarbonization
💡Regulation and Deregulation
Highlights
Introduction to the Eurostar announcement and the Draghi report on European competitiveness.
Discussion on whether the Draghi report is historic or repetitive, with anticipation of its consequences.
Analysis of the report's alignment with French sovereignist lines and the call for more EU borrowing.
Expectations from the report and its potential to drive National fiscal consolidation alongside EU production and strategic autonomy.
Draghi's proposal for significant scaling up of borrowing on the European level and the transformation of the EU budget.
The report's emphasis on the need for additional investment and the role of public investment in stimulating private spending.
Critique of the EU's over-regulation and Draghi's call for a more efficient and targeted EU budget.
Decarbonization as a vehicle for competitiveness and its impact on the political and economic landscape.
The report's stance on nuclear energy and the political challenges it presents for member states.
Discussion on the potential for the report to influence the deregulation agenda and reduce red tape around climate frameworks.
Insights on trade policy, with a focus on targeted agreements and the treatment of sectors where Europe has lost competitive advantage.
The report's implications for competition policy, including potential changes to state aid and merger guidelines.
Digital policy recommendations and their potential to impact Europe's position as a global tech hub.
The report's call for an EU-US partnership on data access and cloud infrastructure as a strategic move.
The influence of the Draghi report on the upcoming mission letters for Commissioners and its role in shaping economic policy.
The absence of blockchain and tokenization in the report's discussion on mobilizing private investments.
The report's critique of the Carbon Border Adjustment Mechanism (CBAM) and its stance on free allowances.
Final thoughts on the report's comprehensive impact and the upcoming discussions with stakeholders across various sectors.
Transcripts
Dear Chris dear G hello hello to
everyone else who's just joining us or
perhaps jumping over from the other uh
client Coes did uh I'm going to do the
Eurostar announcement this is the call
for the dragy report if you do not want
to listen to the drag report then you're
on the wrong please get off uh but
indeed we'll give our audience a minute
more and we'll start with our immediate
takes on Mario drag report on European
in competitiveness which um all of you D
dialing in would know was published just
3 4 hours ago um in uh by the commission
um and I'm joined today by my colleagu
gry pner and Chris Glo for their uh
quick takes on the report uh my name is
d marova i lead our Tech and digital
assets
practice okay I think we have the Quorum
um so I'm going to start from a very
obvious uh Place uh first with Chris and
then with gerge I would just like to
know your very quick takes on the report
is it historic or is it repetitive Chris
starting with
you yeah thank you de um it's definitely
an historic uh document not least
because we will for years remember all
the buzz around the dragy report and
waiting it waiting for it for months and
months to be uh published will it be
historic in its consequences is uh a
much more difficult question to answer
um I think we collectively
expected um a lot of what's in the
report uh it was always going to be a
pro-
integrationist um uh proposal very close
to the French sovereignist lines it was
always going to include a call for more
EU borrowing that's probably the reason
um almost certainly the reason why it
was postponed for so long uh ferine did
not want to start into her mandate
promising new e borrowing um that would
have been a bit difficult sell for her
second mandate uh getting the approval
from member states so it's quite obvious
how much he picked up certain points in
the druggy report but has refrained from
the borrowing question which is really
front and center in the report and in
that sense it is pretty much old news um
it's a a collection of ideas that have
been around for a long time um and dragy
is basically just confronting everyone
with his analysis of the situation
saying that obvious problem that we have
in Europe that on the one hand we want
to see National fiscal consolidation on
the other hand we want to see um more EU
production uh and EU strategic autonomy
and on the third uh the third objective
of uh achieving a quick
decarbonization as he calls it green
transition as the commission typically
calls it and digitalization all of this
can't work at the same time we need to
find uh somehow compromises in between
it and his argument is very
straightforward if there's not enough
investment capacity at the national
level it needs to be sitting on the
European level and we need to
significantly scale up borrowing on the
European level the EU budget needs to
become a much more important tool but
also a more efficient tool and a more
targeted tool that's front and center in
his report it's not an old argument but
him making the argument matters because
of his personal credibility and because
fondon stands behind his proposals so it
will be almost impossible for EU leaders
to avoid a debate on it whether it will
materialize depends a lot on how
economic circumstances change over the
next months years typically if an idea
is around it keeps being brought forward
every time there is a problem to be
tackled so at some point it might
materialize
but it doesn't feel like there's enough
of a crisis narrative at this point that
a report from dry alone would be
sufficient to get any big changes in the
EU
done indeed CH I I'll I'll get back to
you on the on the common borrowing
question in a moment um I'm curious to
hear um G's uh kind of RoR to what you
had to say uh but before I turn to G let
me just remind the audience that as
usual we've got a Q&A function please
copying your questions there I'll keep
an eye on it and I'll feed the questions
to all of us as they come in G what's
your take thank you there let me play
Devil's Advocate to to Chris and to the
general excitement in Brussels I think
there is an element of deja view here uh
which is hard to avoid every few years
there is a crisis in Brussels when the
realization hits how it's being left
behind in competitiveness and then
someone writes a report on what to do
about all this and then that the
situation gets usually a bit worse uh
some of the reports are outright uh
egregious failures like the the Lisbon
strategy was for example some of them go
slightly unnoticed and just fade into
the background now is it different this
time around um Chris mentioned some of
the key elements already I don't
disagree much um dragy has unique
credibility he has the ability to hold
prime minister's feet to the fire that
that others don't he was also willing to
spell out some difficult truths in this
report like the over regulation that the
commission has been doing over the past
years and he has the the carot which is
the joint
that thanks G I would say in some ways
IR right to me like dragy was empowered
to just name the elephant in the room
and say Basta like we can't we can't
keep going back to this conversation
about how we're logging behind without
putting our uh month mouths where our
money is is or our money where our
mouths are um on that Chris how does it
work using public money in order to
Kickstart private spending how does drag
imagine it working and do you think
that's realistic
well he starts by saying we need about
800 billion in additional investment
every year um which is of course a
massive amount uh about 5% of GDP in
additional investment spending every
year very difficult to to find that
amount of money and he says it's
impossible to find it in private funding
alone CMU is nice to have and he has a
number of proposals on how to make CMU
work better banking Union great to have
and he has a number of how to make it
work better but ultimately this in
itself won't be sufficient we need a big
step up in public
investment and when he's looking at
public Investments one of the programs
he's referencing positively is what was
once called the yunker pro the yunker
plan and then has uh taken various names
but the idea of uh leveraging private
Investments by either providing
guarantees out of Public Funding or
co-financing with Public Funding private
Investments that seems to be one of the
main programs that he'd like to see
ramped up and be supported with a lot
more funding from the European level and
interestingly he didn't do what many
people expected and said we need a
defense fund we need defense bonds but
rather he said we need to rethink How We
Do EU spending on the whole um we need
an EU budget that is significantly
larger
that EU budget cannot be financed out of
national contributions because we need
to see National consolidation of fiscal
uh budgets and therefore we need to see
borrowing for the EU Budget on the
European level at a consistent Pace um
and continuously and that will provide
the additional
financing for the EU budget to be
funding some of these programs but that
will also strengthen the capital markets
Union by providing a European safe asset
which can serve as a benchmark for
trading will strengthen
crossb uh trading crossb Investments uh
across Europe so it's a sort of um a
line of argument that he's I think
presented to EU leaders ever since his
time as ECB
president with a slightly slightly
stronger Focus this time on the EU
budget being used for the provision of
European public
goods thank thanks Chris we're having a
lot of questions trickling in around all
parts of the report deregulation green
agenda uh transport deviation um let me
um go to G now and talk about
decarbonization as dragy put said um is
a vehicle for competitiveness what
should we pay attention to around that
agenda what do you think is impactful
and both politically
feasible the most interesting element is
probably on nuclear energy he spells out
the need for more nuclear energy which
is which is logical but is again
tackling one of the difficult political
taboos that that some member states have
been unwilling to look at other than
looking at the the element of nuclear
energy I think all the all the ideas
nuclear energy as well are relatively
well known that are in the report uh
he's his points on ppas the use of ppas
uh his points on on the electricity
Market design his point on grid
development I don't think there is
anything significantly new that we
haven't seen before so if there's one
element to highlight is the political
push behind nuclear energy and the
funding for nuclear
energy and in in a response to an
audience question around this topic do
you think that the he's sufficiently
pushing the deregulation agenda around
the climate file so csle D
csrd um does he give the impetus for the
commission to review uh and and cut the
red tape around some of these
Frameworks it was interesting to see
dragy at the press conference with
felion highlighting that the EU has
passed 13,000 pieces of of of Regulation
I think over the last 10 years uh while
the US has passed 3,000 pieces of
Regulation um essentially highlighting
how the EU has been over regulating and
this is a recurring Topic in the report
as you say
um it comes very unnaturally to the
commission as we saw with the reporting
burden reduction to actually reduce
regulation because the commission thinks
in terms of new legislation just like
everyone in Brussels does so I have have
my doubts whether the draggy report
would make a difference I think in
general we are in this but it this is
relatively well known in this mandate
these next five years is not going to be
about creating new level one legislation
rather is going to be about all the
implementing rules the delegated acts
the implementing acts the guidelines the
questionnaires the FAQs that need to
come um at one count there are 800 that
need to be delivered over the next 5
years so I think the answer to your
question there is there is a natural
stop to new large scale acts uh as as
they happened over the previous mandate
and the focus will turn to to to the
implementing side of things which will
still be legislation just not level one
legislation Fair I think we see the same
for what is worth it do think we see the
same Trend in in other areas like
Financial Services digital Finance
digital um we've I'm going to jump to a
question on trade we have that I had for
you and we have from the audience as
well um my impression on what I found
interesting g go on trade was that dragy
seems to want to give the commission the
permission to be nuanced on trade he
says look it doesn't necessarily need to
be a problem
when we treat areas where the Europe
Europe has lost its competitive
advanture or never had it like cloud and
we treat that differently in terms of
economic trade policy like areas where
we have a nent sector which um foreign
subsidies might jeopardise like EV
vehicles um that stood out to me what
stood out to
you what stood out to me was this
admission some of a dynamic that we've
seen over over the last few years which
is that the big free trade agreements
whether that's with the mercosur whether
that's with Australia um whether that's
with India seem to be failing and
instead the strategy is Shifting towards
small targeted agreements in specific
sectors that seems to be the
implementation of what dragi has put in
his report although he did not spell
this out now it is relatively easy to
see how this will be implemented on the
on the import side the input
side uh Sy of the critical mineral
Partnerships where the EU wants to
create easier trade rules remove
barriers in trade in Inc Commodities
that the EU needs with resource rich
countries what is harder to see how are
these targeted agreements going to
help the EU companies to export to se
countries how are you going to be able
to
convince Brazil to reduce EV tariffs if
you can't offer instead the the carrot
of of you reducing tariffs on Brazilian
beef and Argentinian beef that's what I
struggle to see a
bit thanks G I am uh jumping around I
admit between audience questions and
topics of the report but just because
we're trying to cover 400 pages in in
half an hour so in the spirit of that I
will jump to competition again with you
gar um in we're going to have an idea
about the the new new V stagger um on
Wednesday um dragy will set sets up that
candidate for for a slight slight shift
in competition policy um what what were
your takeaways on that there are very
few there are a few very specific
elements in in the competition policy
space probably more specific than we
sold I think this might be one of the
surprises that one of the the the
questions is is asking um on the on the
state aid side I think it's important if
they change the uh important projects of
common European interest the IPC to be
able to to fund um not groundbreaking
Innovation but commercially available
technologies that would be a significant
resync of state aid policy in in Europe
if that does happen uh on the merger
side the the introduction of an
innovation defense would be significant
the drag is suggesting that companies
could argue that the merger would reduce
competition in Europe but it would lead
to the increase in Innovation uh hence
the merger should be allowed um this
doesn't mean that drag is suggesting to
amend the merger regulation which would
require unanimity but he does suggest
that the guidelines the commission
should change the guidelines around the
implementation of the merger regulation
so some quite significant shifts I think
in the way merger and state aid would be
administered thanks Greg I think
actually state aid specifically to some
extreme degree merger as well is a good
say into a question that we had on
digital um obviously the whole the whole
sort of Mantra of the report is that
Europe is lagging behind on particularly
on Tech particularly behind the US um so
there is there are several chapters that
would impact digital policy um the
question that we have is what do we find
surprising and what do we think of that
if I were to go first on this question
um I think the the set of
recommendations dragy has remind me a
lot of this exercise that many
individual member states and and other
countries around the world have gone
which is you know how are we going to
become a Global Tech Hub how are we
going to turn our country into a Silicon
Valley um I've always found these
strategies incredibly ineffective and
repetitive if you go through an exercise
around the world they kind of say the
same thing and I don't think that dragy
really deviates from that tradition I
think International experience shows
that the best vehicles to drive Tech in
to drive Innovation are either tax or
rather are tax and ease of doing
business anything else public spending
public private Partnerships sandboxes
these are cosmetic changes they're more
part of the marketing of a country or a
region or a union in our case to send
out to say hey we are open to Innovation
rather than things that if you speak to
entrepreneurs really make a difference
and I do think that for the most part
drag recommendations kind of follow in
these footsteps what I thought perhaps
was interesting possibly most effective
is when he
recommends um an EOP EU us partnership
around access to data and access to
Cloud infrastructure I thought that was
helpful uh helpful dep parture to away
from previous political Ambitions about
building European Cloud infrastructure
and to rival um the US providers I think
it is helpful to kind of again address
the elephant in the room and say
actually you know we don't have we don't
stand a chance to competing in this in
this um in this to compete in this in
this leg of the journey therefore
partnership perhaps is explicit
partnership is a better um
strategy um that's how I would answer
this question I don't know if any one of
you wants to add anything on the digital
side okay um I'll move on to
another
um audience question sorry I'm I'm just
jumping around um perhaps around
the perhaps around um actually it's more
a procedural question so uh we mentioned
that the there will be
um vwi CH for Commissioners announced on
Wednesday uh typically alongside that
we're going to see her Mission letters
will the dragy report be part of you
know help formulate these missions
letters Chris that sounds like a
question for
you yes and the answer is um the report
will very heavily feature in these
Mission letters the reason why it's
first been postponed for so long is
precisely because ferine intends to make
this her main economic policy agenda for
the next term um some of the ideas if we
reread now her political guidelines some
of these ideas already feature she
didn't spell out EO borrowing of course
at the time probably EO borrowing will
also not feature very heavily in the
mission letters but all of the other
proposals nearly 200 proposals or so um
are likely to be picked up in one way or
form as part of the mission letters uh
so that the timeline is no coincidence U
publication of the report on Monday so
the mission letters on Wednesday can
refer back uh to these proposals
thanks Chris um I'll pick up another
question which is uh um again speaks to
my bias I suppose about crypto and
blockchain in the report um I guess I'll
take a step so the question is why isn't
why isn't that technology part of the
technologies that are discussed um I
will probably take a step back and talk
firstly talk about well mentioned the
financial services private private
financing element of the report which we
haven't yet talked about right so as
Chris was saying earlier the idea of of
common borrowing is to then work hand
inand with the deepening of the capital
markets Union in order to mobilize
investment into into the EU that means
um unlocking retail Investments through
uh recommendations like deler to
pensions or Better Tax incentives for
Angel
Investments um a common supervision that
would be sort of having an
EUC uh that would be the the political
Hot Potato which digiso will no doubt
take up in their CMU strategy that they
have to write and no doubt a number of
or many member states will be opposed to
that um and then as part of it indeed
there is no mention of anything around
blockchain as technology or tokenization
as an approach um to um to unlocking
private Investments and and putting them
towards either B Bond or Equity markets
um it's not necessarily surprising we
didn't see any one of any any of these
Technologies mentioned in the letter
report either uh frankly I don't think
that industry advocacy has effectively
put those issues on the big political
agenda of the EU and even though within
industry digital assets industry circles
you can very quickly make the argument
between you know putting more funds in
the market or making retail investors
more active through things like
fractional bonds or fractional equities
we don't see neither Lea nor nor dragy
nor V liance cabinet be excited about
that idea so I think that there is still
more work to be done on the industry
part to get uh the new FS commissioner
um and the the com the the units digital
Finance units the capital markets units
kind of uh behind that idea as part of
the broader CMU strategy that would be
my
think let's see what else can we cover
in the five minutes that we
um have left will there be changes to
stock
exchanges Chris did you get to that part
or should iemp to
answer well I don't think he's gone into
that level of detail he's referenced
many of the existing proposals about
Capital markets Union from the common
pension product to um Reviving
securitization to front incenter for him
the common European supervisor but these
are all proposals that have already been
um around that have already been
discussed what I think is quite
interesting that there's been a bit of a
tradeoff between Capital markets Union
progress Capital markets Union
integration or EU borrowing in the
discussions at the European Council when
they discussed the upcoming mandate and
many including us have read the
German
um change of attitude towards CMU as
part of a concession giving in on CMU
integration giving in on more Central
supervision out of Paris an exchange for
not having to see too much grounds on
the question of common borrowing and
common investment and dragy kind of
elegantly does away with that argument
entirely and says CMU is sort of nice to
have but it won't work without common
borrowing um and common borrowing is
vital for any of our processes so it
doesn't necessarily strike me and that's
in some way maybe a surpris because he's
been spending the last 15 years arguing
for Capital markets integration uh it
doesn't strike me as a proposal that is
Reinventing the capital markets agenda
or is coming up with new ideas on
Capital markets um it's basically saying
what's out there is useful let's get it
done uh but it's not the the essential
part that needs to be
solved what I think Chris is that um
kind of drag sacrificed all of these
ideas that he probably has to slightly
bigger bigger Vision so he's basically
saying common Supervision in the EU
common borrowing from their onwards let
esma figure out how to um how to
consolidate the or how to coordinate the
EU IPO process such that is better
suited to high growth companies um let
as he says should have for example a
easier post- trade process a single
single CCP single CSD but but let the
common supervisor figure out the the
frictions that we currently have that we
typically talk around um CMU so I think
I think there's subordination of ideas
there uh rather than a lack of ideas
having quite a few questions around
transport did anybody get to that part
or has any either one of you or has any
quick takes in the remaining minutes
that we have G I think the carbon
element is important cbam and ETS and
it's important that the report
criticizes cbam and comes down on the
side of uh free allowances keeping free
allowances longer um and resyncing cbam
somewhat it says it's too complicated
and it doesn't ensure the
competitiveness of European Industries
now it's important indirectly from a
transport sector as well because if you
think of the joint borrowing one of the
key things the commission needs to do is
needs to find some own revenues and I
think all the focus so far has been on
carbon and Maritime and Aviation and
there's if you talk to the budget people
they think that the the the upside in
carbon revenues in own revenues would
come from Aviation and maritime druggy
criticizing
cbam and to some extent ETS probably is
is helpful from that perspective for for
those sectors who are a bit reluctant uh
to to contribute to
significantly uh to the to the carbon
revenues thank you g we have less than
60 seconds left so I'll will wrap up the
discussion here by saying um we will of
course still be digesting the report
particularly speaking to stakeholders to
understand how it will land in the
various sectors that we've had industry
audience questions on so across our
services we we'll be picking this up and
do please get in touch with the
respective teams for the specific um um
areas and of questioning that you had
hopefully we did we did Justice to a
sort of big new topic in a short amount
of time um and uh we'll be we we'll be
writing further we'll be in touch more
on this thank you Chris thank you g
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