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          Generali, Capital Markets Union can boost Europe’s competitiveness and economic growth

          “I strongly believe that a more liquid and integrated European capital market is a very significant tool for the growth of our economy” the Chairman of Generali, Andrea Sironi, shared at the Annual Meeting of the think tank Bruegel, today in Brussel. 
           
          “There has been progress but there is still a lot to be done. If we look at the European capital financial markets today, we still see a system which is very much banking based, despite significant efforts form the Commission to promote the Capital Markets Union. In some way this penalises SMEs and retail segments,” Sironi continued.
           
          Sironi highlighted how reform in regulation at European level can boost competitiveness and economic growth, despite the current economic headwinds. “The revision of Solvency II is a significant opportunity to free up capital and contribute to the development of the Capital Markets Union. The EU could also move forward with what has been done in the banking union and apply this to the insurance sector in a gradual way, involving the right sized companies and national authorities.”
           
          Sironi also explored how Europe’s competitive advantage in sustainable finance is a boost for the European economy. “The EU has a global leadership role in sustainable finance, including the European investment bank playing a significant role. The European insurance industry is at the forefront with significant commitments into terms of net-zero with specific targets set in time,” shared Sironi. 
           
          “There are a number of initiatives, as well-highlighted by the commission in recent years, which we can take to boost the competitiveness of the European economy. The difficulties of the current moment shouldn’t be a reason to set this aside, it is one of the key issues that we have to address,” Sironi concluded.

          Generali, Capital Markets Union can boost Europe’s competitiveness and economic growth