The European Parliament's Economic and Monetary Affairs Committee on 23 June 2026 debated the international role of the euro, revealing a split over the creation of European safe assets. Rapporteur Rasmus Andresen (Greens/EFA, Germany) argued for reducing dollar dependence and called for deeper integration to boost the euro's status. Michalis Hadjipantela (EPP) supported safe assets but opposed permanent debt mutualization, insisting on fiscal responsibility. Nikos Papandreou (S&D, Greece) backed conditional safe assets for EU public goods, citing the US bond model. Pierre Pimpie (PfE) advocated effective currency management, referencing the Swiss franc. Ľudovít Ódor (Renew) highlighted infrastructure and the digital euro, while Jussi Saramo (The Left) stressed the need for alternatives to the dollar and private money. The main divergence is over safe assets: EPP and Renew push for conditionality and no mutualization of past debt, while Greens/EFA and S&D advocate deeper integration. The vote is scheduled for 15 July. The committee also examined a Commission delegated act on the Fundamental Review of the Trading Book (FRTB), postponing full implementation until 2027 due to US and UK delays, with temporary targeted amendments and a multiplier for affected banks. The EBA and ECB/SSM supported the act, citing regulatory certainty and risk sensitivity, but noted ongoing work on boundary rules and internal models. Affected stakeholders include EU banks, which face delayed compliance costs but gain alignment with global timelines, and financial market participants, who benefit from reduced regulatory fragmentation. The FRTB vote is expected later this year.
Source▶ Watch debate ↗
EU Matrix analysis