Ministerial Committee on European Union Affairs discusses measures to strengthen EU banking sector

In its meeting on Friday 2 October, the Ministerial Committee on European Union Affairs discussed measures to develop the EU banking sector, the EU Return Regulation and the topics on the agenda for this week’s council meetings.

The Ministerial Committee on EU Affairs outlined Finland’s positions on the European Commission’s July communication on the competitiveness of the EU banking sector and efforts to strengthen the single market for banking. The Commission communication is part of the savings and investment union strategy and sets out measures to develop the European banking sector and boost growth. Finland supports efforts to simplify and streamline regulation, which in turn helps strengthen the EU’s competitiveness and create better conditions for economic growth. Well-targeted reforms could facilitate the flow of bank financing to the real economy. At the same time, it is important to ensure that changes to the regulatory framework are based on careful impact assessments that examine the combined impact of the changes as a whole. The Commission has announced that it will submit proposals for measures in the first quarter of 2027.

The ministerial committee also discussed the sanctions imposed by the EU in response to Russia’s war of aggression against Ukraine. Finland will continue to emphasise the need to increase pressure on Russia through sanctions. The EU has repeatedly imposed sanctions on Russia due to its ongoing war of aggression in Ukraine.

The Ministerial Committee on EU Affairs received an update on the Return Regulation set to enter into force in October. The regulation will improve procedures for returning third-country nationals staying illegally in the EU to countries outside the EU.

In addition, the ministerial committee outlined Finland’s positions for the following upcoming meetings:

•    Eurogroup on 8 October and ECOFIN on 9 October
•    Informal meeting of development ministers on 8 and 9 October