„We should start with securitisation“
Mr Körner, among the FDP MEPs, who will be taking the lead on economic, financial market and currency issues over the next five years?
I will be responsible for economic and monetary issues within the FDP European Parliamentary Group. Whether I will also join the responsible committee, the ECON Committee, remains to be seen. It is not yet entirely clear how we in the liberal party family Renew will divide up the committees.
After the years of „financial repair“ in the wake of the financial crisis, have we now seen that ECON has lost its appeal for parties and members of the parliament?
I view it differently. We are currently noticing, for example, that the French MEPs are showing great interest in becoming members of the ECON.
Why are you personally interested in topics relating to money and interest rates?
I have been involved in budgetary policy for a long time, and am a member of the relevant committee, which I would like to carry on doing. There are many links to the topics that are negotiated in ECON, such as the NextGenerationEU recovery fund, or the debt rules.
What are the specific issues that concern you?
Instead of just arguing about how we can spend even more state money, my main interest is in the question of how we can strengthen the European capital markets. Because that is the lever we need. And it is precisely in this area that there is a new dynamic; everyone is currently talking about Capital Markets Union again.
What should the EU do to actually utilise this new political momentum?
We should start with securitisation. I think we should also push ahead with the idea of a pan-European savings and investment products. On the other hand, I am more sceptical about the call for uniform market supervision – partly due to concerns about additional bureaucracy for market participants.
Why are we currently seeing political momentum in support of Capital Markets Union?
I am certain that the regulatory priorities in the new legislative period will be defence and competitiveness. And what can we do to expand defence spending and strengthen competitiveness? We can deepen the internal market – and in particular the internal financial market. And we are trying to do that by making progress on Capital Markets Union.
Are there other financial markets issues that concern you?
Yes, for example, I noticed at the election campaign stands that there is displeasure and a lack of understanding because of the EU legislators' ban on payment for order flow. Young people who have a savings plan with a neobroker are extremely annoyed by the ban. Payment for order flow is still a hot topic.
What does this mean for you?
Of course, it would be naïve to think that this ban can be quickly reversed. However, we have to ask ourselves whether the EU's ban on payment for order flow is not slowing down the progress made in recent years in encouraging people to invest in shares.
What role will the Green Deal play in EU legislation?
In terms of legislation, we are largely finished with the Green Deal, partly because there are not sufficient majorities at the moment to pass further major regulatory requirements. The main issue now is implementation.
Some parliamentarians see things differently, and are expecting new legislation?
I am convinced that the EU Commission will look very closely at the majorities in the EU Parliament. And if, for example, the European People's Party does not fully support a particular initiative, there will be few new legislative proposals as a result of the Green Deal.
