Investment for Growth" Rome Investment Forum 2015 11-12 - PowerPoint PPT Presentation

"The European Reform Agenda: Investment for Growth" Rome Investment Forum 2015 11-12 December 2015 Mario Nava

EU - Change in GDP and investments 2

EU – the investment gap 3

EU – the investment gap Source: Commission services 2014. 4

EFSI: investments back on track 5

EFSI: the multiplier effect 6

CMU: heterogeneous stock markets 7

Who benefits from CMU 8

Using markets to support bank loans 9

Facilitating cross-border investments Market • Post-trade infrastructure and collateral markets infrastructure • Securities ownership in cross-border situations National • Tackle unjustified national barriers to free barriers movement of capital Insolvency • Drawing on 2014 Recommendation, prepare legislative initaive on business insolvency incl. proceedings early restructuring and 2 nd chance 10

Facilitating cross-border investments Cross-border • Withholding tax refund procedures • Discriminatory tax on pension & insurance (dividends, tax barriers interest, real estate income and capital gains) • Convergence of supervisory outcomes (single rulebook); Stability and • Capacity building through the Commission's Structural Reform Support Service (SRSS) convergence • White Paper on ESA funding and governance; • Monitoring of macroprudential risks (forthcoming ESRB review). 11

Securitisation initiative • 30.09.2015 : Commission Proposal Securitisation Regulation : o - all securitisations: due diligence, risk retention and transparency rules - criteria for STS Securitisations Amended CRR : o - lower MCR for STS securitisations. • 02.12.2015 : GA in Council