EU Plans to Increase Pensions and Regulate Cryptocurrency by 2026
The European Union is making strides in its efforts to modernise and strengthen its financial sector. The EU's latest initiative, the Savings and Investments Union, aims to mobilise household wealth, enhance financial autonomy, and integrate fragmented markets. This move comes as the EU competes with the U.S., which recently passed its first stablecoin law, raising questions about the euro's competitiveness in global finance.
Financial Services Commissioner Maria Luís Albuquerque has been at the forefront of this push, advocating for a unified market supervision. According to Albuquerque, national authorities responsible for overseeing crypto-asset service providers in the EU could include both national financial supervisory authorities and the European Securities and Markets Authority (ESMA). Any transfer of powers to ESMA would create a framework for joint oversight, ensuring a unified approach to supervision.
The EU's plan includes steps to cut cross-border barriers in trading, as well as tax incentives for savings. Albuquerque argues that Europe's competitiveness rests on building deeper capital markets and stronger pension systems. The package, as stated by Albuquerque, will cover pension auto-enrolment.
The Savings and Investments Union also aims to expand retail participation. Officials are considering whether to issue the digital euro on public blockchains like Ethereum or Solana. However, the article does not provide information on Albuquerque's stance on the digital euro debate.
Former European Central Bank President Mario Draghi warned Tuesday that Europe is "failing to match the speed" of global financial change. Albuquerque, on the other hand, sees Europe's plan creating "a virtuous cycle of investment, where our citizens can invest in their own futures and in the future of our economy."
Despite the progress made, the EU's plans have not been without controversy. No immediate comments were returned from the commission regarding Albuquerque's statements. The EU is considering handing its Paris watchdog new authority over crypto firms, a move that has raised concerns about regulatory oversight and privacy.
In conclusion, the European Union is making significant strides in its efforts to modernise its financial sector. The Savings and Investments Union, with its focus on unified market supervision, tax incentives, and the potential issuance of a digital euro, represents a significant step forward. However, the debate over pensions, market reform, and the digital euro continues, with many questions still to be answered.
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