Jerry Buttimer (Fine Gael) | Oireachtas source

Thar ceann Sheanad Éireann, is cúis mhór áthais dom fáilte chroíúil a chur roimh Mairead McGuinness, an Coimisinéir Eorpach um Sheirbhísí Airgeadais, Cobhsaíocht Airgeadais, agus Aontas na Margaí Caipitil. On behalf of Seanad Éireann, I am delighted to extend a céad míle fáilte to Ms Mairead McGuinness, European Commissioner for Financial Services, Financial Stability and Capital Markets Union. Before joining the Commission in October 2020, Ms McGuinness was the First Vice-President of the European Parliament from 2017 to 2020. She served as an MEP for Ireland for 15 years, between 2004 and 2020, making her Ireland's longest serving MEP.

Today is Europe Day and Commissioner McGuinness is honouring us by her presence today. We are delighted that she is with us on this very important day celebrating 50 years of Irish membership of the European Union. In 1972, tomorrow, on 10 May, 83% of Irish people voted "Yes" to join the European community. Fifty-one years later we maintain that high level of confidence in the EU and we are committed to enhancing our standing as a constructive partner in the Union at the very heart of it. When H. E. Ursula von der Leyen, President of the European Commission, addressed both Houses of the Oireachtas in December last year, she reminded us that the exact same percentage of people in Ireland - 83% - remain optimistic about the future of the Union.

Being part of the European Union gives Ireland a powerful global voice. Our membership enables us to stand with the hundreds of millions of Europeans who share our commitment to democracy and to peace. In the course of the past half century Ireland had benefited. Our membership, indeed, has been so transformative for our people and for our country. The opportunities presented to us have been phenomenal with the freedom to trade, travel, study and work across the EU, which have benefited generations of Irish people both young and old. EU policy, legislation and funding have helped to bring improvements to many realms of Irish life, including our economy, agriculture, the environment, equality and human rights, education and training, research and innovation, travel and tourism.

In the recent uncertain and complex economic environment, Ireland has benefited from being part of a strong and stable European Union. Central to the strength and stability of the Union is the strength and stability of the financial sector. As Commissioner McGuinness will have noted, her financial services portfolio cuts across all areas of policy and enables the Union to continue to deliver for people, society and the environment.Under the Commissioner's leadership the European Union is working to enhance the regulation and supervision of financial institutions. The implementation of the banking union will ensure that EU banks are stronger and better supervised so they can support the wider economy and people. This will ensure that banks are better capitalised and risks are better controlled. The Commissioner is also leading the delivery of the capital markets union, which aims to develop a more diversified financial system that complements bank financing with developed capital markets. This will help to ensure the Single Market will function as efficiently as possible so that businesses can take full advantage. The aim is to create a more inclusive and resilient economy that benefits all members, not least Ireland.

The EU is Ireland's most important trading bloc. A total of 40% of our exports go to fellow member states and Irish businesses have access to a market of more than 447 million people. Ireland values the ongoing efforts of the European Commission to ensure that European financial markets are properly regulated and supervised. We are all aware of the enormous impact that financial regulation can bring to the lives of our citizens, society and environment.

Commissioner McGuinness has a wide and complex portfolio that includes insurance and pension funds, sustainable finance, digital finance, consumer finance and payments, financial crime and global consistency in regulation. We are fortunate that Europe has a strong and capable leader in Commissioner McGuinness in this particular niche market of financial services. As we begin our sixth decade as part of the European Union, I share the confidence of my fellow citizens that membership of the European Union will continue to have a very positive impact on our economy and society. I wish the Commissioner every success in her term and it gives me great pleasure to ask Commissioner Mairead McGuinness to address Seanad Éireann.