Capital Markets Union Plan Must Lead to Real Progress
ICI Global Managing Director Patrice Bergé-Vincent Praises Focus on Digital Innovation, Retirement Savings
London, 24 September 2020—We welcome the European Union’s continued efforts to build a stronger Capital Markets Union (CMU). An enhanced, retail-centered pan-EU securities market could play an important role in helping the European Union recover from the economic devastation that has accompanied the pandemic. It could boost financing to businesses, revitalize European economies, and better equip citizens to reach their savings goals.
The emphasis on fostering more use of technology also is important. We encourage adoption of digital tools to increase EU citizens’ engagement and enhance their understanding of long-term investing.
We applaud the early EU focus on launching a study of auto-enrollment in occupational pension plans. Encouraging plan sponsors to automate and simplifying the enrollment process has proven highly successful in the United States and elsewhere to increase participation.
We look forward to engaging closely with EU policymakers as work on the CMU continues and next steps become clearer.