Reacting to the European Commission’s communication on Savings and Investments Union reform presented today, Ludovic Voet, ETUC Confederal Secretary, said:
“This proposal socialises the risks, to the detriment of workers and taxpayers.
“Encouraging people to get more pension funds products driven by financial markets would expose people to market volatility.
“Working people haven’t forgotten the consequences of greater liberalisation of the financial markets.
“In a rapidly changing geopolitical environment with deep industrial issues, more securitization is not a way of ‘sharing’ wealth.
“It also falls short of creating financial instruments to channel savings into massive investments into the real economy and industrial sectors that will create jobs and ultimately benefit workers.”
