ECSDA Welcomes the Commission’s Communication on the Savings and Investments Union
ECSDA Welcomes the Commission’s Communication on the Savings and Investments Union
We are pleased to see that the strategy places “Fostering Citizens’ Wealth and Economic Competitiveness in the EU” at its core.
We welcome the confirmed liquidity and grow centric approach and the recognition that only an effective, deep, and liquid financial market can mobilize savings for much-needed investments and that the EU financial system is seen as resilient, well-regulated and to be supported by further integration to channel more savings into productive investments.
We agree with the emphasized importance of making EU investment opportunities more attractive, encouraging retail savers to allocate more of their savings to capital market instruments to finance productive investments and the central importance of improving trust in financial products through easy, simple, and low-cost access to investment opportunities, enhanced financial literacy, savings arrangements, tax incentives, and fostering competition.
We share the call to transform the widespread sense of urgency into concrete actions, requiring the contribution of all actors under the joint responsibility of the EU and Member States.
We support the intention to address differences in national taxation procedures that create barriers to cross-border investment, building on progress already achieved with FASTER. This includes exploring a more harmonized approach to the ownership of investments and fund structures.
We particularly note that fragmentation is seen as to be addressed starting from its “sources,” aligning with ECSDA’s call for action on Capital Markets Competitiveness referring on the need to focus on the “root causes” of fragmentation, prioritizing the removal of barriers to be fostered through improved identification of gold-plating in EU legislation and areas of regulatory simplification to support market-driven consolidation.
We support the importance of further enhancing the interoperability, interconnection, and efficiency of EU trading and post-trading infrastructures. We see this objective as strongly connected to effective action on simplification and addressing the “sources” of fragmentation.
