Dutch Authority for the Financial Markets chair Laura van Geest highlights slow legislation and calls for a more decisive government

In a Financieele Dagblad column, Dutch Authority for the Financial Markets board chair Laura van Geest argues that calls for a “decisive government” need to shift from ambition and announcements to delivery, noting that the Cabinet-Jetten has set up a taskforce to accelerate progress. She frames “decisive” in several ways, including the state’s ability to ensure essential services such as housing, transport, energy and healthcare, and to keep its own operations functioning. The column points to policy and process bottlenecks, including housing shortages linked to an emphasis on demand-side measures rather than supply, political incentives that reward headline announcements over maintenance and accountability, and legislative timelines that departments typically plan at over two years. As an example from the AFM’s domain, she notes that the Amendment Act for the Audit Sector is expected to enter into force on 1 July, after a first consultation in July 2021 and following an AFM report from late 2018, implying a five-to-seven-year end-to-end process. Van Geest also highlights potential for artificial intelligence to take over parts of rule-driven decision-making, citing Estonia and Finland, while referencing cyber risks in the wake of a hack at the Ministry of Finance.