European Economic and Social Committee 1st FLiP FinEd Summit Financial Education in an Ageing Society Carlos Trias Pintó – Vienna, 6 October 2017

1. ROLE OF THE EESC CONSULTATIVE BODY AS OF 1957: BRIDGE BETWEEN CIVIL SOCIETY ORGANISATIONS AND EUROPEAN UNION INSTITUTIONS VIA STRUCTURED DIALOGUE MAIN ACTIVITY: “OPINIONS” ON LEGISLATIVE PROPOSALS LAUNCHED BY THE EUROPEAN COMMISSION, BUT ALSO “OWN- INITIATIVE OPINIONS” ON TOPICS CONSIDERED RELEVANT FOR CIVIL SOCIETY FINANCIAL EDUCATION ISSUES (Own-initiative opinion ON FINANCIAL EDUCATION: FINANCIAL EDUCATION FOR ALL – ECO/297 – BOOKLET on BEST PRACTICE)

2. A financial environment in transition Technological disruption: Fin Tech scenario: risks and opportunities for financial inclusion A challenging new regulatory framework: GOAL: in an increasingly digitalized environment, to foster financial inclusion and to mobilize public and private capital towards the real economy (mainly SMEs), all the while guaranteeing strong consumer protection: PRIIPS, MIFID II (implementation process), PSD2, Retail Financial Services Action Plan (EESC Opinion INT/822), Capital Market Union Mid Term Review (EESC Opinion ECO/437) A pan-European Personal Pension Product (PEPP), presented by the EC on 29 June (EESC Opinion ECO/440)

3. NEW CHALLENGES FOR PEOPLE AND INSTITUTIONS 3. NEW CHALLENGES FOR PEOPLE AND INSTITUTIONS (IN SUSTAINABLE FINANCIAL ISSUES) PEPP could mobilise private capital at the retail level safely (labels?) and with some impact: positive financial returns in the long term from sustainable initiatives (as part of the transition to a circular economy, and a low-carbon and resource-efficient economy) Europe’s challenge: To enable people to invest in funds with labels that guarantee both the sustainability of the associated investments and adequate monetary returns (new taxonomy of financial products) To increase global awareness for people > 40 and ageing people in a long-term perspective, updating educational materials, combining digital and financial literacy To improve long-term analysis and predictions (involvement of EU institutions) and to foster the EU institutions’ supervisory capacity “Brand Europe” of Sustainable Financial Literacy = improving the EU’s competitive advantage

THANK YOU carlos@triaswebb.e.telefonica.net European Economic and Social Committee "A bridge between civil society organisations and the EU institutions" THANK YOU carlos@triaswebb.e.telefonica.net