The European insurance industry believes that the Capital Markets Union (CMU) project (see EUROPE 13393/3) must focus on three key objectives to boost the growth and competitiveness of European businesses and meet the EU’s environmental and digital transition objectives.
In a policy paper published on Thursday 30 May, the European Insurance and Reinsurance Federation (‘Insurance Europe’) recommends increasing investment in the retail sector, diversifying sources of finance for EU businesses and creating “a conducive environment for EU companies to innovate, compete and grow” for these businesses.
To achieve this, Insurance Europe, which represents the interests of more than 4,900 companies, is calling for easier consumer investment in savings and pensions products, improved prudential rules and financial education, greater access for insurers to equity, venture capital, debt and infrastructure for small and medium-sized enterprises, easier cross-border investment (see EUROPE 13409/3) and a reduction in “the EU’s regulatory overload”.
With regard to savings products, the President of the Jacques Delors Institute, Enrico Letta (see EUROPE 13392/1), and the Honorary Governor of the Banque de France, Christian Noyer (see EUROPE 13411/13), issued similar recommendations last April.
The European Parliament adopted its retail investment strategy at the end of April, while the text is still being discussed by the EU Council (see EUROPE 13397/3).
To see the policy paper: https://aeur.eu/f/cg6 (Original version in French by Bernard Denuit)