As we look ahead to the next 5-year term of the European Commission and European Parliament, it is fair to say that the European Union (EU) faces unprecedented challenges that will define the future for its citizens.

These challenges of our time – war, climate change, political instability, an ageing population, threats and opportunities from artificial intelligence – merit a comprehensive response and joined-up thinking. It is imperative that the EU continues to show strong leadership on the global stage regarding these issues. Similarly, continued EU stewardship is needed to ensure economic prosperity and social mobility for its citizens. 

Crucially, the investment industry has both a role and a responsibility here. As guardians of investors’ capital, we have an ideal viewpoint from which to offer our opinion. It is for this reason that we are putting forward this Policy Vision paper to contribute to the EU’s thought-leadership as the workplan and priorities for the next 5 years are being developed. The full potential of Europe’s capital markets remains to be realised. While progress has been made towards the development of the Capital Markets Union (CMU), much work remains to be done. 

We believe our recommendations here will go a long way towards achieving that goal. As a starting point, we would like to highlight that the alternative investment industry is global in nature, as indeed is modern global commerce. Investment fund managers invest not only in the EU but all over the world. And the investors who put their money into the investment funds which our members manage are also based in all corners of the world. In this light, we would urge the EU to continue to demonstrate global leadership on the important issues, consistent with the policy of open, strategic autonomy. Sustainable economic growth is predicated upon developing deep and liquid capital markets. Fragmentation and protectionism are enemies of this. 

With the right regulatory framework and incentives in place, we are confident that our members can continue investing and delivering capital to businesses and projects which are in need of financing. I look forward to working with you over the next 5 years to make this a reality.

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  Jack Inglis

  Chief Executive Officer, AIMA