Exploratory opinion at the request of the European Commission, in the context of the implementation of their Financial Literacy Strategy. The opinion considers that organised civil society is in a privileged position to improve financial literacy, due to their local networks and expertise with different groups of the population. The opinion also makes specific policy recommendations to the European Commission and Member States to potentiate their impact.
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Download — Opinjoni tal-KESE: The role of civil society in improving financial literacy
The legislative package proposed by the European Commission are likely to affect the availability of financial instruments for EU citizens, the returns of their savings and national policies on supplementary pensions. This event will gather institutions and civil society stakeholders.
This debate will bring representatives from public actors and civil society to discuss on their views on the Commission proposal to further integrate capital markets and how to make it fit for purpose.
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.
The EESC supports the objectives of the Commission's package on securitisation, and recommends to ensure that the freed-up capital is used to fund the real economy, introduce safeguards for consumers and investors, guarantee financial stability, and avoid weakening, to the extent possible, international standards.
Among the measures to make it possible, the EESC recommends a two-years reporting period, the introduction of a fast-track mechanism, taking additional measures to preserve the long-term relationship between lenders and borrowers, and introducing social, environmental and governance information in the revised reporting templates.
The EESC organises a public hearing on Financial literacy and education for Europeans. It will gather together institutions, industry and civil society stakeholders, and will discuss desirable policy actions and share good practices along the EU.
The EESC welcomes the overall positive trade balance of the EU and calls for measures to maintain it, while recommending targeted support for strategically important industries, stronger investment conditions, and effective financing through the Single Market, the Savings and Investments Union, and a more integrated capital market. The EESC also underlines the need to support ambitious companies entering global markets, ensure opportunities for highly skilled professionals, simplify procedures without undermining social and environmental standards, create fiscal space for growth-enhancing investments, and strengthen multilateralism through new trade agreements and WTO reforms.
