Irish Presidency begins: budget, competitiveness and the simplification agenda

On 1 July, Ireland took over the Presidency of the Council of the European Union from Cyprus, until the end of the year. The Irish programme rests on three pillars: competitiveness, values and security. Negotiations on the EU's next long-term budget, the Multiannual Financial Framework (MFF), form the backdrop to Ireland's term. Although not a financial services file, the Irish Government has made timely progress on the matter an overarching priority. 

The One Europe, One Market roadmap, agreed by the Council, the Commission and the Parliament earlier in 2026, provides the policy frame for much of the Presidency's financial services agenda. The roadmap seeks to strengthen European competitiveness through regulatory simplification, deeper market integration, digital transformation and increased investment. 

Alongside the long-term budget, the presidency's concrete work will focus on the Savings and Investments Union, the digital euro, securitisation reform, and the overarching simplification agenda. 

The Commission is expected to publish its report on the competitiveness of the European banking sector this month but legislative proposals, however, are not expected before the first quarter of 2027. Thus leaving the incoming Lithuanian presidency to advance them in due course. 

Eurofinas will continue engaging with the Irish presidency, the Commission and the Parliament on the legislative files affecting the consumer finance industry. 

Image © European Union