It is a market little known to the general public and that has left bad memories of some since the 2008 global financial crisis, of which he had been one of the detonators. The securitization, this mechanism consisting in transforming a loan portfolio (real estate credits, consumption or companies) into negotiable financial securities on the markets, is nevertheless the subject of the first legislative proposal presented by the European Commission within the framework of its Union strategy for savings and investment.
The financial services commissioner, Maria Luis Albuquerque, presented her proposals on Tuesday, June 17, to promote the revival of this market, which represents around 1,200 billion euros in Europe, ten times less than in the United States according to the French Association for Asset Management.
For Brussels, the objective is twofold: concretizing the simplification of community rules, which has become a priority since the publication in 2024 of several reports – those of the former Italian Prime Minister Enrico Letta (on the European internal market), the former president of the European Central Bank Mario Draghi (on competitiveness) and the former governor of the Banque de France Christian Noyer (on the recovery of the Union of Capital Markets) – Promoting credit to support economic activity, strengthen European competitiveness and finance investments promised in European defense and infrastructure.
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Source: Lemonde