BETTER FINANCE believes that the CMU is about attracting household savings to put them to work for the long term financing of the European economy.
Therefore, we invited several high-level speakers to share their views and discuss the concept of this initiative at our international conference on the 6th of May.
In his speech, Commissioner Hill - responsible for Financial Stability, Financial Services and the Capital Markets Union – personally stressed that “the Capital Markets Union will not work unless it works for individual savers and investors”. The video of Lord Hill's full speech is available here.
According to Sven Giegold, the Green MEP spokesman, "when you have, say, a fund investing in shares, and you demand from a consumer 1,5% in fees per year […], then this is simply a form of organised robbery."
Update - In his latest speech on June 8 at the European Commission's Public Hearing on the "Next steps to build a Capital Markets Union", Commissioner Hill announced that the Action Plan will be published in September, drawing on the first findings from the consultations. It will be followed by concrete proposals, including "a comprehensive package on securitisation with updated calibrations for Solvency II and CRR, the definition of infrastructure and revised calibrations for Solvency II, and our proposals to review the Prospectus Directive".
Read all about it in our latest press release. The press release is also available in French here.