3 newly established European Commission Commissioners' Project Groups important for finance and innovation

On January 7, 2025, the European Commission announced the creation of several new Commissioners' Project Groups.

These groups represent a collaborative approach within the Commission, designed to address complex, cross-cutting issues more effectively.

While their establishment is not unprecedented—the first such groups, then called "project teams," were introduced under Jean-Claude Juncker’s presidency—they continue to play a crucial role in advancing the Commission's strategic priorities.

Importantly, these groups operate without prejudice to the decision-making process of the College of Commissioners.

From a financial and insurance perspective, three project groups stand out for their relevance:

1. European Savings and Investments Union (ESIU) Project Group

This group focuses on enhancing savings and investment products across the EU.

Its objectives include:

• Supporting the creation of the European Savings and Investments Union and its elements, including deepening the Capital Markets Union, improving securitization, supervision, and scaling up investment funds.
• Advancing the development of the Banking Union, including progress on the European Deposit Insurance Scheme.
• Exploring the potential of private and occupational pensions to help EU citizens prepare for retirement and channel savings into the economy.
• Facilitating the integration of national banking and capital markets to foster investments in innovation for the green, digital, and social transitions, while safeguarding financial stability and system resilience.

2. Startups and Scaleups Project Group

This group seeks to create a systemic approach and enabling policies for startups and scaleups to thrive in Europe.

Its objectives include:

• Developing an enabling framework, such as a "28th regime" for innovative companies.
• Facilitating the commercialization of innovations across the single market.- Ensuring startups and scaleups can access the capital necessary for growth.- Simplifying compliance.
• Attracting and retaining talent.- Promoting regulatory sandboxes to test new ideas in a controlled environment.

3. Artificial Intelligence (AI) Project Group

This group is tasked with steering the development of an integrated approach to AI adoption across industry, public services, and society.

It seeks to maximize AI's contributions to productivity, growth, and competitiveness.

The group’s mandate includes:

• Identifying horizontal enablers for AI diffusion, such as access to data.
• Promoting an integrated approach to AI throughout its lifecycle—from research and demonstration to innovation and application in industrial processes and public services.

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