Portuguese PM pleased with ‘crucial’ financial services portfolio

Portuguese Prime Minister Luis Montenegro expressed satisfaction with former finance minister Maria Luís Albuquerque being appointed to the 'crucial' financial services portfolio in the new von der Leyen Commission.

European Commission President Ursula von der Leyen had proposed earlier on Tuesday that Albuquerque be given the portfolio of financial services and the savings and investment union.

"We emphasise the crucial portfolio assigned to Commissioner Maria Luís Albuquerque, nominated by Portugal," said a statement by Montenegro, which also praised the “quality and coherence” of the Commission.

Speaking of the portfolio attributed to Albuquerque, the statement adds, "It will be a vital sector for the competitiveness of our economy, the realisation of the Capital Markets Union, the promotion of private investment and the strengthening of European innovation capacity."

The prime minister also stressed that the issues that will fall within Albuquerque's remit "were considered central to the Union's strategy approved by the European Council and were highlighted in particular by the recent Letta and Draghi reports, especially the latter.” "This is a central issue for Europe and for Portugal, with a view to diversifying sources of finance in order to promote economic growth and investment," the statement adds.

In her only public speech so far, at the summer university of the ruling centre-right Social Democratic Party (PSD), the future commissioner did not reveal her preference for a portfolio, but she did drop a few hints.

“There is still a lot to be done in the Economic and Monetary Union,” the commissioner-designate said at the time, warning of the difficulties in the circulation of small amounts of capital.

"I'm not talking about a common tax policy, but it's essential to avoid double taxation of small investments," she said.

"We have to tackle the practical, day-to-day barriers faced by small savers outside their countries of origin... Without a capital market union, there is a common monetary policy, but its effectiveness is severely limited,” she added.

Portuguese MEPs from the Left Bloc and the Communist Party on Tuesday acknowledged a conflict of interest for the Portuguese commissioner in charge of financial services because she has worked in the private sector. The Socialist Party expressed concern, while the IL, Chega, CDS and PSD supported the decision.

Reacting to the choice on the sidelines of the European Parliament plenary session in the French city of Strasbourg, Left Bloc MEP Catarina Martins said: "Maria Luís Albuquerque had problems with transparency, conflicts of interest and is also involved in the privatisation of TAP, which is now being investigated".

"Maria Luís Albuquerque, when she was minister, made the financial system win against the interests of our country and then went to work for the same companies that benefited from her decisions when she was in charge of the financial system, and now she's leaving those companies to go and do that at European level, which is terrible for Portugal and terrible for Europe," said Martins.

Speaking on behalf of the Portuguese Communist Party (PCP), João Oliveira noted that "this portfolio in itself is not a very reassuring element for the people of Europe, especially for workers, pensioners and those who see their living conditions threatened by these choices in favour of the financial sector".

"It is a choice that will certainly satisfy the interests of the financial sector, but it will perhaps be more difficult to explain in the European Parliament how far Maria Luís Albuquerque really is from these financial interests," she stressed, saying that she expected "close [parliamentary] scrutiny".

Socialist Marta Temido, for her part, pointed out that "there are aspects that give rise to concern and anxiety" about Maria Luís Albuquerque's "political profile", namely because, as finance minister, she made "decisions from the point of view of Portuguese economic and financial policy that, although in a specific context, were undeniably linked to formulas that were not successful".

While stressing that MEPs will make the "technical assessment", the PS MEP spoke of a "substantial portfolio for the interests of the European Union".

IL MEP João Cotrim de Figueiredo argued that the choice "makes sense given Maria Luís Albuquerque's professional career", having worked in public finance.

"She has enough professional experience and political instincts [...] to give us some guarantees," he said, dismissing criticism of possible conflicts of interest.

Chega MP António Tânger Corrêa acknowledged her "personal and professional competence [...] to hold this position".

For the CDS, Ana Pedro spoke of a portfolio "of great importance, given her experience and professional career in the financial sector", having carried out her duties "at one of the most delicate moments for the Portuguese economy".

Socialist Paulo Cunha said it was "good news" for Portugal and Europe.

"We have a Portuguese woman with good credentials [...] in a portfolio that is very important for Europe," he added.

(Sara Madeira, Ana Matos Neves | edited by Maria de Deus Rodrigues | Lusa.pt)