At the Roundtable on the distribution of retail investment products on 18 July 2023, the European Commissioner for Financial Stability, Financial Services and Capital Markets Union, Mairead McGuinness, invited the European Banking Federation (EBF), the European Fund and Asset Management Association (EFAMA) and Insurance Europe to advance an industry-driven process to explore common solutions aimed at increasing retail participation in EU capital markets.

Responding to the call, EBF, EFAMA and Insurance Europe coordinated a dialogue among financial and insurance industry stakeholders, and reached out to consumer organisations. This discussion paper titled "Charting the Course: Unlocking Retail Investment Participation in the EU" is the outcome of this collaborative effort and was presented at a second Roundtable meeting hosted by the European Commission on 11 April 2024.

The objective of the discussion paper was clear: to explore avenues for increasing European citizens' participation in capital markets, recognising the dual imperative of economic growth and individual benefit. As underscored by the findings of recent high-level reports, such as those by Mr. Letta and Mr. Noyer, mobilising more savings towards EU capital markets is a necessary objective not just for advancing the Capital Markets Union (CMU), but for financing the long-term competitiveness of the EU as well.