A report calling for the greater use of private capital to boost European economies has been backed by the pan-European trade body for the investment industry, Efama.
The report, by former Italian prime minister Enrico Letta, calls for private capital to be mobilised to boost the European Union’s capital markets union and single market by using “idle” savings to invest in the EU economy in a so-called “Savings and Investments Union”.
It also calls for the EU and member states to introduce policy measures to boost a stronger investment culture across the bloc.
Letta was asked by European leaders to examine the reason’s behind the EU’s underpeforming single market in his report.
Efama director general Tanguy van de Werve said: “We welcome the report’s high level of ambition and the determination to make a leap, cut red tape, strengthen the single market and allow EU companies to compete on a global level.
“Enrico Letta correctly identifies that when it comes to boosting EU capital markets, better connecting the real economy with European citizens’ savings will be a key driver of success. We now need bold actions from all stakeholders involved to turn that vision into reality.”
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