The new CMU Action Plan adopted today by the European Commission, which largely builds on the recommendation of the CMU High-Level Forum, is a milestone in the journey towards the realisation of this ambition for Europe.
The 16
actions contained in the Action Plan are largely welcome by EFAMA
members and, taken together, have the potential to remove remaining
obstacles to cross-border investments and to bring us closer to the
creation of an effective CMU. As has been the case with the original
Plan of 2015, EFAMA and its members stand ready to play their part in
turning it into reality by contributing to the relevant workstreams
announced by the European Commission. To deliver on its objectives, this
new Action Plan will need the strong political commitment from the
European Parliament and the Member States.
This is particularly true when it comes to increasing household participation in capital markets. 
As shown in a recent EFAMA report, a lot remains to be done to achieve this goal, which is essential for the long-term success of the CMU.
While
measures to improve disclosures to retail investors, as foreseen in the
Action Plan, are appreciated, these actions will only be effective if
Member States concomitantly take appropriate measures in the areas of
taxation, pension policies and financial education. EFAMA would
recommend the European Commission to develop a dashboard comprising Key
Performance Indicators to measure progress made at national level to
foster retail investments in capital markets and support the future
financial well-being of European citizens.
EFAMA
© EFAMA - European Fund and Asset Management Association
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