Malcolm Byrne (Fianna Fail) | Oireachtas source

I thank the Commissioner for being here today and also for her service. I would like to follow on from Senator Chambers's comments and refer to some of the Commissioner's remarks about the future. Along with many of my colleagues, I believe that the EU Artificial Intelligence Act will perhaps be the most important piece of legislation this decade. Specifically within the Commissioner's brief, there are obviously major opportunities regarding being able to improve efficiency and to reduce costs.However, equally, there are serious concerns about being able to protect consumers, particularly in the area of credit scoring. I hope Commissioner McGuinness leads in that.

I welcome that the Commissioner spoke about the importance of literacy and financial literacy. If we move toward the introduction of the digital euro, we need to prepare our citizens for that as quickly as possible. In all that we do, it is essential that while we regulate, we do not stifle innovation as well. For new fintech companies, we need regulatory sandboxes at a European level.

I commend Commissioner McGuinness on all the work she is doing. She is providing real leadership. These are genuine concerns for all of our citizens. Happy Europe Day.