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. ​