Italian Finance Minister to chair PES Finance Ministers Network



Italian Finance Minister, Pier Carlo Padoan is the new chair of the Finance Ministers Network of the Party of European Socialists. Ahead of the ECOFIN Council meeting in Luxembourg he chaired his first meeting, at which Ministers committed to continue hard working for a stable banking sector that puts citizens' needs first.

The meeting focused on the completion of the Banking Union – one of the main political initiatives pursued in the aftermath of the financial crisis to create a safer and sounder financial sector for the single market.

The Ministers had a minute of silence in memory of UK MP Jo Cox.

Pier Carlo Padoan, Italian Finance Minister, commented after the meeting: ‘I am looking forward to continue working with my fellow social democrat ministers to complete the banking union - for the well-functioning of the financial sector, and for the stability of our common currency.

Risk sharing and risk reduction in the banking sector are essential to ensure a strong and stable Union. A European Deposit Guarantee Scheme along with a common backstop to the Single Resolution Fund are also pivotal to safeguard citizens’ deposits. I intend to work with my social democrat counterparts towards the protection of citizens’ deposits, reinstating trust in the banking sector and ensuring that the financial sector is stable.’

The meeting was also attended by French Finance Minister Michel Sapin, Swedish Finance Minister Magdalena Andersson, Maltese Finance Minister Edward Scicluna, Swedish State Secretary Karolina Ekholm, Swedish State Secretary Leif Jakobsson, and Portuguese State Secretary Ricardo Mourinho Felix.