Brussels – Renew Europe (RE), a political group in the European Parliament (EP), has appointed Slovak MEP Ľudovít Ódor (RE/PS) as the shadow rapporteur for a report aimed at enhancing the financing of investments and reforms to bolster European competitiveness and establish a union of savings and investments. Ódor confirmed this news to the TASR correspondent in Brussels on Thursday.
The term “union of savings and investments” is central to the European Commission’s ongoing efforts to develop the capital markets union. In his role as shadow rapporteur, Ódor will concentrate on assessing the progress made in implementing key recommendations from the Draghi report, which addresses the future of European competitiveness.
The primary rapporteur for this report is Aurore Lalucq, a French MEP from the Socialists and Democrats (S&D) group and the chair of the EP Committee on Economic and Monetary Affairs (ECON), which Ódor also belongs to. Several members of the ECON committee had expressed interest in the shadow rapporteur position. Ódor will draft comments related to the relevant sections of the Draghi report.
“I am grateful for the trust my colleagues have placed in me with this nomination. The Draghi report is a significant priority for the European Commission. This nomination demonstrates that we in Slovakia can make meaningful contributions to shaping European policies,” the MEP stated.
The Draghi report, authored by former European Central Bank (ECB) President Mario Draghi, points out the critical challenges the EU faces regarding competitiveness and business financing. It emphasizes that the Union requires an additional 750 to 800 billion euros per year to keep pace with global competition, foster innovation, and support ecological and social transformations.
A key solution proposed is the establishment of a genuine capital markets union, enabling the savings of European citizens and businesses to be invested within Europe rather than flowing to funds outside the EU.
“A capital markets union will facilitate easier access to financing for investments by small and medium-sized European companies. It presents more opportunities for individuals to invest their savings in European enterprises and the European future, enhancing Europe’s economic and geopolitical autonomy,” Ódor elaborated.
He believes that improving capital market operations will benefit ordinary citizens and businesses alike, providing more accessible capital for Slovak companies seeking growth, while also leading to new saving and investment options for citizens, resulting in higher anticipated investment returns.
“This initiative will also contribute to greater stability and attractiveness of European economies and strengthen the EU’s strategic capability to invest in defense, research, or the green economy,” added Ódor. He emphasized that for the EU to remain a significant global economic player, establishing a capital markets union is essential, and it should not remain merely a theoretical project. “I am committed to contributing to this effort through constructive and professional engagement,” Ódor affirmed. (March 27)
“A capital markets union will facilitate easier access to financing for investments by small and medium-sized European companies. It presents more opportunities for individuals to invest their savings in European enterprises and the European future, enhancing Europe’s economic and geopolitical autonomy.” Ľudovít Ódor.
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