One of our flagship projects, the savings and investments union (SIU), should be the result of a collective effort. Academia provides us with high‑quality data and rigorous analysis which is essential for policy makers. This is the reason why we consider wide consultation and an open debate with economists on the different initiatives under the SIU strategy to be of utmost importance.
Last week, a third academic dialogue between Commissioner Albuquerque and leading academics from across Europe took place on how to advance policy initiatives in financial regulation, and notably regarding SIU.
Late last year we launched the market integration and supervision package. Last month, in the context of the European semester, we have proposed several country‑specific recommendations to Member States to improve retail investors’ participation in capital markets, foster diversified funding sources for companies and strengthen the role of supplementary pension schemes and financial literacy. On top of that, the Commission is now finalising its report on the banking sector’s competitiveness.
Hence, this dialogue comes at a perfect time. The Commission’s efforts to build a genuine SIU, including the completion of the banking union, were generally praised. The discussion encourages us to keep the momentum and bring down barriers which fragment the single market for financial markets, including those related to supervision, and facilitate scale in order to ensure funding for innovative projects, start‑ups, and scale‑ups. We know that this is a common challenge for the EU Institutions together with Member States and market participants, but we have the determination to make SIU a success to finance economic growth and create jobs: everyone needs to be on board in this collective endeavour.
A big thank you to Commissioner Albuquerque as well as Philipe Aghion, Agnès Bénassy‑Quéré, Daniel Gros and Mario Monti for their valuable insights and inspiring ideas on how to further strengthen the SIU.
We need to build a stronger single market for capital and a more competitive banking sector. Evidence‑based input should be at the heart of policymaking – that’s why we should continue to strengthen the ties between academia, experts and policymakers.
The dialogue was moderated by Leonie Bell, Head of the economic analysis and evaluation unit at European Commission’s Directorate‑General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA).
Related links
Savings and investments union
Savings and investments union strategy
Market integration and supervision package
European semester
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