Ministerial Committee on European Union Affairs discusses development of capital markets union

In its meeting on Thursday 13 June, the Ministerial Committee on European Union Affairs outlined Finland's positions on the development of the EU capital markets union and on the matters to be discussed at the informal meeting of EU leaders on 17 June.

The Ministerial Committee on European Union Affairs discussed Finland’s positions leading up to the informal meeting of the members of the European Council on 17 June, which will focus on the outcome of the European Parliament elections and the upcoming nominations and appointments to senior roles in EU institutions. The package of appointments to be discussed includes the candidate for the next President of the Commission, the High Representative of the Union for Foreign Affairs and Security Policy and the next President of the European Council. The discussion on senior appointments will continue at the European Council on 27–28 June.

The Ministerial Committee on European Union Affairs outlined Finland’s positions on developing the capital markets union, which aims to strengthen growth. Finland places a great deal of importance on developing the Europe-wide capital markets union and wants to see common European solutions for developing capital markets as part of the EU’s efforts to boost strategic competitiveness. 

Finland emphasises that measures to deepen the capital markets union must be based on the free movement of capital, healthy competition, better transparency with regard to risks and effective risk pricing, cost-effectiveness and equal treatment of investors. The capital markets union is especially important when it comes to attracting private investments and making full use of the EU’s investment potential. In this regard, Finland considers it important to promote targeted harmonisation of insolvency legislation, for example.

In 2020, the European Commission adopted a new action plan to develop the capital markets union. On 11 March 2024, the Eurogroup published a statement on the measures needed to complete the capital markets union, and the European Council will continue the discussion on the matter at its meeting on 27–28 June 2024.

The Ministerial Committee on European Union Affairs also outlined Finland’s positions for the following upcoming meetings:

• Environment Council on 17 June 
• General Affairs Council (Cohesion) on 18 June
• Transport, Telecommunications and Energy Council (Transport) on 18 March

The Environment Council aims to reach a general approach on three Commission proposals: the soil monitoring directive, a revision of the waste framework directive aiming to reduce food and textile waste, and clearer rules for environmental advertising in the green claims directive in order to address greenwashing. The ministers will also approve conclusions on the mid-term review of the eighth environment action programme.

The General Affairs Council (Cohesion) will adopt Council conclusions on the Commission Communication on the 9th Cohesion Report. The ministers will also exchange views on the link between cohesion policy and the EU strategic agenda for 2024-2029, which will be adopted at the June European Council.

The transport ministers will adopt general approaches on the new regulation on the European Maritime Safety Agency (EMSA), the revised directive on river information services (RIS) and the new regulation on the use of railway infrastructure capacity. The Transport Council will also approve Council conclusions on road safety and receive a briefing from the Presidency on the state of play of pending transport legislation.

Inquiries: Tuomas Tikkanen, Special Adviser (EU Affairs), tel. +358 40 523 5768, Jari Luoto, Director General, EU Affairs Department, tel. +358 50 468 5949 and Lauri Heikkinen, Senior Communications Specialist, tel. +358 295 160034, Prime Minister’s Office