La propuesta de Unión de ahorros e inversiones de la Comisión Europea espera que los ciudadanos también ayuden a que las empresas de la UE crezcan. En este episodio, se analiza lo que haría falta para que invertir los ahorros en productos financieros resultara beneficioso para todos los implicados.
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02:44already suggesting initiatives such as web comparison sites so clients, citizens can check
02:52different products and see what suits better. And they are also proposing, for example,
02:57to regulate financial influencers, their activity, what they post and these kind of things.
03:03And another proposal in the plan is to increase the supplementary workers pension schemes that
03:09run in parallel with public pension funds. How would this work? The Commission wants member states to
03:17really develop these supplementary pensions that deliver for citizens. And they are proposing two
03:23measures. The first one is to revise, to review these EU existing frameworks. And on the other hand,
03:30they will also serve best practices on the so-called auto-enrollment, which is a mechanism
03:36that automatically enrolls individuals into pension products, pension schemes, unless they actively opt out
03:46of this. And if it's properly designed, this could basically channel citizen savings into pension
03:53products. And both proposals are supposed to be announced by the end of the year.
03:57Do you think there are enough incentives for citizens to help increase private capital in the European
04:05economy? So we see these new impetus from the Commission to really move forward with these plans
04:11and to channel these citizen savings into the strategic investments that we need. But the real
04:17question here is, will member states have the political will to make this happen? And apart from
04:23these new investment products, are we also going to see more consumer protection, a real boost to
04:29financial literacy. So citizens are really empowered to go there and invest their money. And I think that
04:37only time will tell if they actually deliver. Besides tapping on citizen savings, the plan has three
04:44other important ambitions. One is to help financing for startups and riskier projects that have difficulty
04:51obtaining bank loans. Another is to approve a common deposit insurance scheme, crucial for completing the
04:59banking union. Finally, it wants to harmonize rules that will make cross-border investing easier,
05:06crucial for having a capital markets union.
05:08Our guest is Rebecca Christie, senior fellow at Bruegel Think Tank here in Brussels. Do you think there
05:16could be some investment products that would have kind of a quality sale by the European Commission so
05:22that people think this could be a good idea for my savings? So in my own work, I've thought it would be
05:27very helpful to have a European Union label to help people sort through the field of funds out there.
05:33Because in some countries, it's not that there aren't products available. It's that people don't
05:37know where to find them or they don't know how to tell the good ones from the bad ones or anything like
05:41that. If that process can be streamlined somewhat by having a smaller list of already available products
05:48that are generally suitable for general investors, you know, that have a long-term investing horizon,
05:54that are diversified, that have low fees, that are appropriate for people saving for their pensions,
05:59then some of these extra costs and compliance burdens can go away on both sides for the people
06:05using the accounts and the people offering them. And that might make it easier.
06:08Rather than exposing people to the capital markets risks, wouldn't it be better that the European
06:16Investment Bank would increase its firepower?
06:20Well, the European Investment Bank works on a very different level. It makes loans to things like
06:26cross-border infrastructure projects and new innovative companies that can try and get them going. But
06:32that's not on the scale to really fund the retirements of everybody across the EU. And also,
06:39that's an investment in a project or a company. It's not an investment in a pot of money that's going
06:45to grow. And fundamentally, the European Commission is kind of still pushing for governments in terms of
06:51creating the banking union and the single capital markets. Are member states willing to give up
06:58sovereignty in this area? Depends on how you look at sovereignty. If you look at sovereignty
07:02as protecting financial stability and the best interests of your own economy, it makes sense to
07:08want to have joined up capital markets. The banking union is about half done. We've seen within the
07:14euro area that banking supervision for the biggest banks is at the ECB. Banking supervision for smaller
07:19banks is still with member states. And this has worked very well. The banks on the whole are safer.
07:24They're being managed well to the extent that asset managers, clearing houses, other types of players
07:31in this capital market space can all play by the same rules and can all work together within the EU's
07:37single market, which is its biggest strength. That'll be good. The European Commission is trying to capture
07:43more private capital, but also prevent it from fleeing to other jurisdictions, notably the US.
07:49Let's see if these actions convince citizens to risk their savings on the future of European business.