The European Parliament's ECON committee debated the ECB Annual Report with Vice-President Luis De Guindos on 4 May 2026, revealing divergences on monetary policy, financial stability, and digital infrastructure. Johan Van Overveldt (ECR) warned inflation had doubled in three months and urged pre-emptive tightening, while De Guindos defended a data-dependent approach, citing less expansionary policy and external shocks. Dirk Gotink (EPP) questioned whether meeting-by-meeting responses suffice amid systemic uncertainty from US tariffs and geopolitical risks; De Guindos argued caution is warranted when projections are unreliable.
On financial stability, Jonas Fernandez (S&D) flagged a disconnect between buoyant markets and policy risks; De Guindos identified limited fiscal space, non-bank interconnections, and potential market stress if the benign scenario fails. Aurore Lalaucq (S&D) pressed on banking-finance links and weaker EU capital requirements; De Guindos noted private credit is not yet systemic but requires oversight.
Strategic autonomy and digital euro
Gotink linked uncertainty to erratic US actions; De Guindos advocated for digital euro and tokenised infrastructure (pilot 2027, issuance 2029) to reduce external leverage, though Gotink warned of inflationary costs. On stablecoins, Van Overveldt feared loss of central-bank control; De Guindos was open to euro-denominated stablecoins but stressed closing regulatory loopholes. On cyber threats, Lalaucq asked about proactive ECB action; De Guindos agreed on strengthening defences and supervisory vigilance.
Single Market, anti-fraud, and tobacco taxation
On the Single Market programme, Gilles Boyer (Renew) backed simplification with transparency and monitoring; Tomas Kubin (PfE) warned smaller components like statistics could suffer. On VAT-data access for EPPO/OLAF, all backed anti-fraud access with strict safeguards, though Boyer pressed for tighter design and adequate funding. On tobacco taxation, Kubin warned excessive rates could distort markets and fuel illicit trade; Fernando Navarrete Rojas (EPP) supported lower taxes for innovative products; Fernandez defended the Commission's health ambition. Votes are set for 3 June 2026.