It strikes me that Capital Markets Union has been around for some time so the ambition is huge and the potential is great.
And that’s what keeps me motivated frankly, is that if we unlock and all of our work comes to fruition, Europe will be in a much better place than it is today around capital markets.
We know what it is and we know what we need – CMU – and we’re also taking steps in that direction.
But I was pleased to hear praise for some of the elements of our plan, about advice, I’m sure we’ll have this discussion in the chat – about the issue of information, about our education when we’re young and when we’re old around financial issues and where people get advice.
Because frankly, I know I have four under 30 – between 20 and 30 – and they get their advice from places that I didn’t know existed until I went onto TikTok etcetera.
So I think there is an audience that may not be in the room. And I know there’s 400 that are online here and some of you may also be getting information from those sources, we need to actually think in that direction. And also move in a direction – not to say everything is good in that space – because sometimes those who are paid to influence, will influence because they’re being paid as opposed to giving good and sound guidance.
But we cannot ignore what is happening in the real world which is the virtual world around digitalisation. I’m alert to it, not just around the area of financial advice but also crypto etcetera.
It’s good that so many are gathered in this room and thank you to my colleagues who have organised this conference. It’s actually my first live event of my services.
So it’s great that it’s this topic we’re talking about in these very trying times that we are in today, where we are faced with war on European soil.
We see the destruction of a country very close to us.
We know that climate change is a huge challenge for us and we need to invest.
Interesting that during COVID, those who were working were saving a lot of cash in banks so a pileup. Why weren’t we thinking of investing our money? What is it in the European psyche that can be unlocked and how do we unlock that in a way to allow people to take control of their financial interests?
I always say that people work hard for their money – we need to help that their money works hard for them. And I think that’s not happening at the moment. And I think we could do a lot to unblock those issues.
Finance is central to everything. When I was appointed to this portfolio, I had lots of other experiences in policy areas but wherever it was, money drove the innovation.
Money matters and therefore, it really is important that the talk we’re having here today moves outside experts and agents and brokers to citizens, that they take control of this topic and that they take control of their money.
Because whether you’re a private citizen, whether you’re an SME, whether you’re a large company, you will need finance at certain stages of your life and you need to plan for the future.
It’s really the future planning that also concerns me. I do think younger people today are better tuned in to realising they will work differently than maybe their parents and they make need to think differently about how they look after their financial future. And I think they’re not getting enough, sufficient information.
So it is an opportunity.
Those who would write and say that – ‘Europe and its CMU – it hasn’t happened, it’s slow’ – don’t underestimate the potential that’s there when we unblock and unlock that potential.And that’s the work that’s been happening in the Commission before my arrival and that I hope to put my stamp on. I wanted 5 years to do it, mine has to be condensed into my 4 year term but I intend to make a difference in all of these areas.There isn’t a silver bullet that will deliver CMU. If there was, we’d have found it. It isn’t there.We have, and I’m looking at a list here of acronyms that I would choke on if I used them altogether. I know everyone in this room will understand them but really we have a whole range of issues around long term investment funds, […]
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