EFAMA welcomes the opportunity to respond to the European Commission’s Green Paper on retail financial services. Widening the opportunities for European citizens to save and invest will facilitate better outcomes both for savers and the wider European economy.

EFAMA fully shares the goals of a Single Market for retail financial services in the EU, i.e.:

1. Promoting an EU-wide market in retail financial services that can facilitate cross-border business and consumer choice.

2. Developing services through innovative digital technology that can decrease costs and improve market access and product comparability.

3. Building-up confidence among businesses and consumers.

EFAMA strongly supports the proposal to identify the current barriers and potential solutions for consumers and businesses to make full use of the European market for retail financial services.