The Association of Bulgarian Employers' Organisations (AOBE) and the Commissioner for Financial Services and the Savings and Investment Union, Maria Luisa Albuquerque, discussed increasing the EU's competitiveness in the context of the initiative for a new Savings and Investment Union.
The Savings and Investment Union is an initiative of the European Commission that will build on the progress already made under the two Action Plans for the Capital Markets Union and the Banking Union. It aims to channel available savings in the EU towards investments in business, innovation and sustainable development, by facilitating access to finance for companies and providing more opportunities for citizens to invest their money effectively.
"My visit to Bulgaria is part of a series of meetings I am holding with all Member States to provide more clarity on what the Savings and Investment Union is. The main objective and task of the EC is to create a single market for the financial sector, a common European model that is effective and efficient in the way we use financial resources. Above all, this should bring tangible benefits to EU citizens, while providing companies with better access to finance, greater opportunities for growth and the scale they need to compete globally," said Commissioner Albuquerque.
The Commissioner also added that the European Commission is expected to issue recommendations to Member States related to supplementary pension provision in mid-September. A Strategy for Financial Literacy and a Recommendation on Savings and Investment Accounts will also be presented.
Nationally recognized employers' organizations expressed their support for the Savings and Investment Union and for the development of the Capital Markets Union as key to EU competitiveness and access to finance.
The AOBE emphasized that integration in financial services should be aimed at creating more opportunities for companies in need of capital. At the same time, Bulgarian business representatives insisted on protective measures to support the status of smaller and less developed financial markets in some EU countries.
The meeting with European Commissioner Maria Luis Albuquerque was attended by the Deputy Chairman of BICA Stefan Chaykov, the Executive Director of BICA Dobrin Ivanov, the Deputy Chairmen of BIA Maria Mincheva and Stanislav Popdonchev, the Chairman of the Board of BCCI Tsvetan Simeonov, the Deputy Chairman of BCCI Todor Tabakov, and the Head of the Economic Analysis and Policy Department at BCCI Boryana Abadzhieva, the Deputy Executive Director of CEIBG Boyan Nikolaev, the CEO and Chairman of the Board of UniCredit Bulbank and member of CEIBG Tsvetanka Mincheva, as well as Kristiyan Mihaylov - member of the Board of the Robotics Association.
