The Commission proposal is a key element of the Savings and Investments Union agenda. The EESC considers the Commission proposal a step in the good direction, and stresses that more ambition is needed. In particular, to remove remaining duplicative reporting obligations, maintain a level-playing field, increase transparency of systematic internalisers, create a category of 'covered cross-border bonds', and to ensure that supervision leads to identical outcomes all across the EU.

The Commission proposal is an important element of the Savings and Investments Union agenda. The EESC recognises the benefits of a multi-pillar pensions system, calls for a holistic approach, proposes a number of amendments to the legislative proposals to better serve its objectives, and explores changes on governance.