AFEP shares the alarming observations of the Letta, Noyer and Draghi reports on the European economy’s loss of competitiveness and its colossal financing needs. To ensure a rapid and effective relaunch of the financing of the economy, it is important to focus on the key measures that can be implemented quickly.
With this in mind, AFEP publishes its 18-month roadmap, setting out a number of proposals:
- Developing the European securitisation market by rapidly reviewing its regulatory and prudential treatment. AFEP’s contribution to the Commission’s recent consultation on the subject is also published.
- Mobilising savings, by developing long-term and retirement savings products invested mainly in the EU and mobilising as many Member States as possible on the subject.
- Developing employee share ownership by adopting European recommendations to facilitate harmonisation and recognition of systems between Member States. AFEP’s detailed proposals on this subject are also published.
- Reforming European supervisory authorities, by including competitiveness in the actions of the Commission and supervisory authorities, strengthening the use of ‘no-action letters’ and integrating the notion of group for pan-European operators to address the issues of fragmentation and divergent approaches.
- Simplifying sustainable finance, by ensuring better coordination between authorities and regulators and between European and national measures, and by amending the texts as proposed by AFEP in its position on the next omnibus package, already available here.