site.btaEmployers, EU Commissioner Albuquerque Discuss Savings and Investments Union

Association of the Organizations of Bulgarian Employers (AOBE) and European Commissioner for Financial Services and the Savings and Investments Union Maria Luis Albuquerque discussed strengthening EU competitiveness in the context of the initiative for a new Savings and Investments Union, AOBE said on Tuesday.

The Savings and Investments Union is a European Commission initiative that builds on the progress already achieved under the two action plans for establishing the Capital Markets Union and developing the Banking Union. Its goal is to channel available savings in the EU into investments in business, innovation, and sustainable development, while facilitating companies’ access to financing and providing citizens with more opportunities to invest their funds effectively.

Commissioner Albuquerque noted that her visit to Bulgaria is part of a series of meetings in all Member States to present the Savings and Investments Union. The main goal and task of the European Commission is to create a single market for the financial sector, a common European model that is both effective and efficient in using financial resources. She added that it should bring tangible benefits to EU citizens while providing companies with better access to financing, greater opportunities for growth, and the scale they need to compete globally.

The Commissioner also pointed out that in mid-September the European Commission is expected to issue recommendations to Member States related to supplementary pension provision. In addition, a financial literacy strategy and a recommendation concerning savings and investment accounts will be presented.

The employer organizations supported the initiative, emphasizing that integration in financial services should be aimed at creating more opportunities for companies that need capital. At the same time, they called for safeguard measures to protect the status of smaller and less developed financial markets in some EU Member States.

Participants in the meeting with European Commissioner Maria Luis Albuquerque included Stefan Chaykov, Deputy Chairperson of the Bulgarian Industrial Capital Association (BICA), Dobrin Ivanov, Executive Director of BICA, Maria Mincheva and Stanislav Popdonchev, Vice-Presidents of the Bulgarian Industrial Association (BIA), Tsvetan Simeonov, President of the Bulgarian Chamber of Commerce and Industry (BCCI), Todor Tabakov, BCCI Vice-President, Boryana Abadjieva, Head of the BCCI Economic Analysis and Policy Department, Boyan Nikolaev, Deputy Executive Director of the Confederation of the Employers and Industrialists in Bulgaria (KRIB), Tzvetanka Mintcheva, CEO and Chairperson of the Management Board of UniCredit Bulbank and KRIB member, as well as Kristiyan Mihaylov, Management Board Member of the Professional Association of Robotics, Automation and Innovations.