17 November 2016

ESMA（欧州証券市場機構）スティーブン・マイヨール議長、資本市場同盟の成功には投資家保護が重要と主張　

The objective of CMU is to develop stronger and deeper capital markets in the EU to allow funds to flow to European companies to the benefit of the real economy, growth and investment. This is a much needed initiative. Indeed, unlike their more diversely financed North-American counterparts, European SMEs still depend heavily upon bank financing. While the European economy needs to be able to rely on the funding provided by the banking system, the current over-dependence is suboptimal for the development of our businesses and consequently the growth of our economy. This has been particularly apparent during the aftermath of the 2008 financial crisis. The recovery of the European economy was slowed down by the reluctance of banks to lend to European businesses while alternative sources of financing were not easily available to them.

To fight this, one crucial objective of the CMU is to diversify the source of funding available by promoting a shift of the destination of European household’s savings from the banking sector to capital markets. This is an ambitious goal which will require a change of mind-set. Indeed, European savers have historically shown reluctance to direct their savings to capital markets and steadily favoured the low risk profile of banking deposits. This preference for banking deposits is illustrated by the fact that the banking sector remains a destination of choice for European savings despite the gradual decrease of the return offered by this type of investment over the recent years.

The reasons of this preference are diverse and include cultural ones. I am convinced that European savers will not shift from the banking sector to capital markets unless they gain or re-gain confidence. Confidence must be established if we want to see European consumers direct a larger portion of their savings towards capital markets.

Better protected investors will make more informed investment decisions. These investors will be more likely to consider their investment with an investment horizon in mind and as such they will be less prone to react irrationally to market events or follow so called “sheep-like behaviours” which are very disruptive for financial markets and the economy as a whole.

Once MIFID is implemented across the Union, together with the rest of the post financial crisis package, things should improve on the ground for retail investors. I am convinced that this will create a powerful positive momentum for the success of the initiatives adopted in the context of the CMU.

Full speech

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