For this Market Insights​, EFAMA collaborated with its member associations and strategy consultants at INDEFI to estimate the level and nature of ESG investment by European asset managers  at the end of 2019, distinguishing between the ESG strategies applied at the firm level and those applied at the level of individual fund and discretionary mandate. The assets under management covered in the report include EUR 12.5 trillion of investment fund assets and EUR 11.4 trillion of mandate assets.* 

Q #1 Why is the launch of the PEPP of such strategic importance for the funds 
industry and overall success of the Capital Markets Union (CMU)?

Above all, the PEPP is a recognition of the importance of individual pension savings at a time 
in which European governments have become increasingly fiscally constrained. This has 
consequences both for state pension provision and for wider investment in the European 
economy. 

The growth in MMF net assets occurred against the backdrop of resolute actions by governments and monetary authorities 
across the world to mitigate the impact of the Covid-19 crisis. 

This publication precedes the European Commission's forthcoming new Action Plan on the Capital Markets Union (CMU). It includes ten concrete policy recommendations to help advance the CMU, including the introduction of a Key Performance Indicator (KPI) to monitor progress in household participation in capital markets. ​