EU sets timeline to expand pensions and review crypto rules
The European Commission aims to expand pension savings and strengthen market oversight, including for crypto firms, by year-end.
Expected reforms in Europe include pension auto-enrolment, tax incentives for savers, and steps toward deeper market integration, Financial Services Commissioner Maria Luís Albuquerque said during the Eurofi Forum in Copenhagen on September 17. “Towards the end of the year, we will publish a package on pensions, as well as proposals on market integration and supervision,” Albuquerque announced.
The Commission’s package is part of the “Savings and Investments Union,” a long-term effort to channel household wealth into EU markets. Albuquerque said the EU is looking at possible centralized supervision of certain market infrastructures, including Crypto Asset Service Providers. These reforms aim to simplify market rules, remove cross-border barriers, and reduce administrative costs.
As part of the EU’s Single Market plan, the “Savings and Investments Union” aims to make the EU more competitive by 2028. At a European Commission hearing, President Ursula von der Leyen pointed out gaps in the Single Market rules and stressed the need to set clear deadlines while focusing on key areas such as capital markets, services, energy, telecom, and innovation.
Albuquerque said the EU will launch initiatives on Savings and Investment Accounts (SIAs) and financial literacy by the end of September. She noted that experience in some Member States shows that SIAs can help more people invest, especially when paired with incentives like tax breaks.
The Commissioner added that while some countries already have SIA schemes, many do not, which could limit opportunities for people to save and invest. The EU will provide guidance for countries on setting up these accounts and designing incentives, while leaving tax rules under national control.
It will also launch a Financial Literacy Strategy to help people manage their money, make informed financial decisions, and save. Albuquerque said that better financial knowledge and wider participation in investing could also increase funding for European businesses and priorities.
Related article: The First UK pension scheme announced investing in Bitcoin
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