European Union

The European economy is at a turning point following the European elections. The Green Deal is likely to be adjusted – and uncertainty is expected to increase for the business sector.

Even though the far-right parties will continue to have significantly fewer seats in the European Parliament than the Christian Democrats and Social Democrats, the gains in votes to the right of centre indicate that distrust in the EU's ability to solve problems runs deep.

The Supply Chain Act is proof that the EU - after many twists and turns - is ultimately able to reach compromises, even on controversial issues, while accommodating the reservations of national governments.

EU Commissioner Mairead McGuinness is pleased that Europe's legislators have agreed on new rules for clearing. However, she believes that these requirements are nowhere near strict enough. She is therefore preparing market participants for her authority to propose a tightening of the rules in two years' time.

There is a lot of talk about the Capital Markets Union – but little is happening. French Finance Minister Bruno Le Maire has now made a proposal. Some elements of it are not convincing. But at least Le Maire is focussing attention on one crucial point.

AfD MEP Gunnar Beck claims to have been the only MEP to vote in favour of Frankfurt as the seat of the anti-money laundering authority. The message that resonates is that without him, the AMLA would never have come to Frankfurt. That is nonsense.

Europe's banks are complaining about the allegedly too tight timetables for implementing new capital requirements. However, they have advantages over their US competitors.

Just before the application deadline, Berlin raised its hand in Brussels in favor of Frankfurt as the location for the planned EU Anti-Money Laundering Authority (AMLA). Finance Minister Lindner actively promoted the financial hub.