05/08/2024
The Members of the European Financial Services Round Table (EFR) have always recognised the importance of the development of the Capital Markets Union. We welcome that advancing European Capital Markets has gained momentum by the publication of recent reports, such as “Much more than a market” by Enrico Letta (17 April 2024), proposals by former Banque de France Governor Christian Noyer to revitalise CMU (25 April 2024) and the Statement by the Eurogroup of 11 March 2024.
The EFR supports the proposals in these recent reports, since it is essential to extend the EU’s financing capacity by deepening and further integrating its capital markets and to deliver the higher investment needed for the EU’s competitiveness, fund the digital and green transitions, reinforce European defence infrastructure and address the substantial pension gap.
It is also paramount to ensure that European savings contribute more effectively to the financing of the EU economy. This requires a focus on unlocking growth opportunities through policies that incentivise more long‑term savings, alongside more efficient allocation of current and future savings and pensions towards long-term investment in Europe.
The EFR calls on European policymakers to focus on actions that:
- mobilise the large reserves of current private savings towards the European economy;
- focus on initiatives that could generate more savings to foster long-term investment;
- focus on initiatives for retirement / pensions plans.