Introduce tax incentives for people to invest their savings, European Commission tells governments
policymakers are serious about trying to unjam some long stalled reform when they give it a new name. So, the proposed capital markets union has now become the “savings and investments union”.
A group of mostly smaller member states, including Ireland, fear the creation of a powerful EU supervisory authority, to oversee common capital market rules. The Government is concerned that a single central authority, likely located in Paris, might lead to financial services firms in Dublin deciding to relocate to the French capital.
The reforms would require “significant changes” in how Europe’s financial system functioned, it said. There would need to be an attitude shift among individuals and households, towards a United States-style investor culture. Individuals more motivated to find ways to invest their money usually turned to markets outside of the bloc, she said.
Leaders are to discuss the proposals at a summit in Brussels on Thursday and are expected to agree there is an urgent need to create an integrated EU capital market.
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