ASSET ALLOCATION IN EUROPE Reality vs. Expectations. ECMI Task Force Report April 2020

Amariei, Cosmina (2020) ASSET ALLOCATION IN EUROPE Reality vs. Expectations. ECMI Task Force Report April 2020. UNSPECIFIED.

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Abstract

In Europe, capital markets are expected to play a more prominent role in corporate financing, retail/institutional saving/investment and private risk-sharing altogether. In the current institutional cycle, CMU remains as relevant as ever. However, it needs rethinking at EU level and real commitment from member states. The capacity of capital markets to enhance the resilience of our societies as a whole, especially when confronted with unprecedented shocks, should certainly be given more thorough consideration. In order to contribute to the public debate, CEPS and ECMI invited relevant stakeholders– policymakers, supervisors, consumer associations, industry representatives, and academics – to take part in a dedicated Task Force on “Asset Allocation in Europe: What challenges and opportunities lie ahead?”. The main objective of our initiative was to explore meaningful ways of activating long-term savings and investment channels across the EU, with a focus on households, asset/fund managers, insurers and pension funds, under the overarching theme of sustainability in the real economy. The recent developments related to COVID-19 were also taken into account. To this end, we invite you to read the analytical sections in this final report as well as the accompanying list of recommendations.

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